In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
The enterprise resource management market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. With the increase in innovations in technologies like AR, IoT, AI, predictive maintenance, digital twin, and telematics and global digitalization across various levels are embracing new opportunities for the organizations to optimize their relationships with customers are expected to fuel the growth of this market. Ministry of Corporate Affairs Of India, (MCA), stated that around 10,954 companies were registered in June 2020. Out of which 3,399 companies belonged to business service segment, followed by 2,360 in manufacturing, 1,499 in trading, 1,411 in community, personal & social services and 644 in construction.
During the COVID-19 period where all the industries saw a dip in their market trend, Enterprise Resource Management saw a significant increase in the trend. The COVID-19 pandemic pushed manufacturers to rapidly shift gears, from addressing work-from-home policies to managing the extreme swings in demand and uncertain supply chains. ERP keeps the entire industry in operation with its ability to sustain business operations through remote access, automated reporting, electronic data exchange, and real-time factory controls.
On the basis of deployment type, market is segmented into on-cloud and on-premise. On-premise is highly adopted by an organization that requires control over the security of information about companies and customers. This deployment is installed and hosted on organizations’ IT infrastructure and is managed by their internal IT staff. Unlike cloud deployment, on-premises deployment of enterprise resource management solutions requires high initial investment by organizations, but does not require incremental costs throughout the ownership.
On the basis of application, market is segmented into asset life management, inventory management, work order management, labor management, predictive maintenance, facility management, and others. Out of all these, asset lifecycle management adopts the highest share of the market as it comprises a few inter-management processes like comprehensive asset portfolio management, rigorous project execution, and effective and efficient asset management practices, which helps to provide desired outcomes. It is basically the process of optimizing profits generated throughout their life cycle. It reduces maintenance costs and improves the quality of IT services. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of industry size, market is segmented into small and medium scale industry and large scale industry. Where large scale holds a higher share in the market as they require global functionality and large scalability.
On the basis of vertical, market is segmented into manufacturing, retail, ITs and telecoms, military and defence, healthcare, government and others. Out of all these, manufacturing and retail hold the highest share, followed by defense and healthcare. Within these verticals, Enterprise resource management implementation may be used for supply chain management, product configuration, web-based ordering, financial accounting, human resource planning, project management, order processing, and others.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increase in technology adoption in the region. Digitization demand is driven by large enterprises and different initiatives of governments in the region. Digital India is a flagship program of the Government of India, visions to transform India into a digitally empowered society and knowledge economy. Industries in countries like Japan, China, India, and Korea are increasing, leading to the increased complexity of managing data, workload, and applications, which would act as a significant factor driving the adoption of enterprise resource management among enterprises in this region. The market in North America and Europe is evaluated to occupy the largest share in terms of revenue due to the presence of top vendors in that region.
The global enterprise resource management market is further classified on the basis of region as follows:
Our in-depth analysis of the global enterprise resource management market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Global digitalization is increasing across various verticals which is creating opportunities for the organizations to optimize relationship with customer and Increase in emerging technologies like AR, IoT, AI, Digital twin and others.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Substantial gap between customer expectations and solution delivered and with the increase in number of solution providers and major vendors, it is becoming difficult for the organizations to select right mix of solution.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing digital globalization.
The major players dominating the Enterprise Resource Management Market are IBM, SAP, Oracle, Infor, IFS, ABB, Intelligent Process Solutions, Maintenance Connection, Aveva, Aptean, Emanit, CGI, Rfgen Software, Assetworks, Ultimo Software Solutions, UpKeep , among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by diployment type, vertical, industrial size, application and region.
With respect to application, the manufacturing and retail hold the largest market share owing to the growing preference digital globalization.
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