Enterprise Resource Management Market Highlights 2020-2029
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.
Enterprise Resource Management Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation:
Our in-depth analysis of the global enterprise resource management market includes the following segments:
By Deployment Type
- On cloud
- Others
By Industry Size Type
- Small and Medium Enterprises
- Large Enterprises
By Application Type
- Asset life management
- Inventory management
- Work order management
- Labour management
- Predictive maintenance
- Facility management
- Others
By Vertical Type
- Manufacturing
- Retail
- Its and Telecom
- Military and Defence
- Healthcare
- Government
- Others
Growth Drivers
- Global Digitalization is Increasing Across Various Verticals
- Increase in Emerging Technologies, such as, AR, IoT, AI, Digital twin and Others
Challenges
- Substantial Gap Between Customer Expectations and Solution Delivered
Top Featured Companies Dominating the Market
- IBM
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Oracle
- Infor
- Intelligent Process Solutions
- Maintenance Connection
- Aptean
- Rfgen Software
- Assetworks
- Ultimo Software Solutions
- UpKeep
