However, availability of open-source ERP applications and high implementation cost of ERP software technology hamper in the growth of ERP market. In addition, surge in adoption of cloud and mobile applications is positively impacting the growth of the ERP market. Rise in need for operational efficiency and transparency in business processes and increase in demand for ERP software from small & medium enterprises boost the growth of the global ERP market. Hence, the companies are expected to invest heavily in the ERP software. Moreover, during the post pandemic, companies will focus more on solutions, which will support advanced planning and mitigate the impact of similar events in the future. This is attributable to rise in digital transformation trend in the enterprises, upsurge in demand for ERP solutions that are hosted or managed in the cloud, and rapid increase in problems due to disruption of the supply chain in the manufacturing sector. The outbreak of COVID-19 is anticipated to provide remunerative opportunities for the market expansion during the forecast period. These modules can be customized to meet the needs of the organization.
An ERP software is made up of numerous software modules, each of which focuses on a certain business activity such as material purchasing, inventory control, accounting, finance, and HR. Presently, an ERP solution’s business functions have shifted from minor aid and planning operations to entire business process integration, involving crucial responsibilities such as hiring and decision-making. Enterprise resource planning (ERP) solutions are used by companies to help them manage their business operations and processes more efficiently. The global enterprise resource planning market was valued at $43.72 billion in 2020, and is projected to reach $117.09 billion by 2030, growing at a CAGR of 10.0% from 2021 to 2030. Enterprise Resource Planning (Erp) Market Statistics: 2027
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