Enterprise Resource Planning

WILMINGTON, DE, UNITED STATES, February 7, 2024 /EINPresswire.com/ -- As per a report published by Allied Market Research, the global ERP Market Analysis is expected to gather a revenue of $117.09 billion by 2030. The market registered $43.72 billion in 2020 and is estimated to grow at a CAGR of 10.0% during the 2021-2030 period.

The report provides a comprehensive study of the latest market trends, leading investment pockets, and the competitive scenario of the market.

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ERP software solutions are designed to help small and medium-sized enterprises to manage their business operations while improving collaboration, compliance, productivity, and risk management. Furthermore, ERP software solutions are often used by business organizations, as they provide businesses a more efficient tool for planning and streamlining their business processes all from a single platform. ERP software solutions assist businesses in reducing operational expenses, enhancing decision making process, thereby increasing overall sales and customer experience. Furthermore, key factors that drives the growth of the ERP market include rise in need for operational efficiency and transparency in business processes and increase in demand for ERP software from small and medium enterprises boost the growth of the global ERP industry.

Growing demand for ERP software from small and medium enterprises, along with increasing adoption of cloud and mobile applications is predicted to push the growth of the global enterprise resource planning market.

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The growing adoption of ERP software by SMEs and increasing demand for cloud and mobile applications are the two main factors driving the growth of the global enterprise resource planning market. Also, the rising need to enhance transparency and operational efficiency in business processes has led to strengthening the position of the market. However, the high implementation cost of ERP software technology might restrain the growth of the market. Nonetheless, the changing nature of contemporary business models might create new growth opportunities for the market in the coming period.

The report offers a detailed analysis of major companies of the market including NetSuite Inc., Oracle Corporation, Microsoft Corporation, Infor, IBM Corporation, SAP SE, Sage Group Plc., Syspro, TOTVS S.A., Unit4.

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Key Industry Development -

June 2023 - SAP and Bain partnered to help enterprises drive cloud-enabled ERP transformation. They would help the companies to maximize the impact of cloud-enabled ERP transformation. By bringing together solutions like RISE with SAP and Bain’s business-led transformation expertise, the partnership aimed to enable clients to reach their business goals faster and achieve their full ERP potential.

January 2023 - ESSCO Technologies Incorporated, a leading value-added distributor and solutions provider for the wireless industry, announced the successful launch of its new Enterprise Resource Planning (ERP) system.

October 2021 - Shopify launched a global ERP program. Microsoft, Oracle NetSuite, Infor, Acumatica, and Brightpearl partner with Shopify to help high-volume merchants connect ERP systems with commerce capabilities. It allowed select Enterprise Resource Planning (ERP) partners to build direct integrations into the Shopify App Store.

February 2021 - Bed Bath & Beyond Inc. announced that it has selected Oracle as its Enterprise Resource Planning (ERP) technology provider. Oracle Cloud would provide real-time financial, supply chain and merchandising solutions, replacing the Company's legacy suite of technology systems and delivering new data, insights and planning capabilities.

December 2020 - Aramco announced a strategic alliance with SAP Saudi Arabia to expand the digitalization of its Enterprise Resource Planning (ERP) systems. The agreement with SAP was another step in Aramco’s digital transformation journey, paving the way for further integration of new technologies in a rapidly evolving technological landscape. The SAP ERP system will deepen the deployment of innovative IR4.0 technologies including cloud-based services, embedded analytics, mobility, machine learning, artificial intelligence, advanced analytics and Internet-of-Things solutions.

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