The demand recorded in the market will grow at a CAGR of about 8.8% from 2022 to 2032, according to Future Industry Insights’ (FMI’s) estimate of the Enterprise Resource Planning (ERP) software market. By the end of 2022, the market is predicted to be worth US$ 54,179.8 Mn, according to the analysis.

As per Future Market Insights, growing need for operational transparency and efficiency in business process to drive the growth of ERP software market in the coming years.

Cloud-based ERP software helps business to create complete report on their daily operational activity. With cloud-based ERP software, firms can easily monitor the company expenditure, profits and losses, and returns on investments (ROI).

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Furthermore, cloud-based ERP software provides KPI reports for performance analysis. ERP software systems provide tools like data visualization, utilizing real-time data sets and others. Companies can use ERP software solutions to fix issues in real time. Most of the cloud-based ERP software providers offer uptime rates.

Key Takeaways: ERP Software Market

·         By deployment mode, the on-premise ERP software segment has emerged dominant, growing at a CAGR of close to 7.7% between 2022 & 2032.

·         By enterprise size, the demand for ERP software solutions from small & mid-sized enterprises (SMEs) is estimated to be growing at higher rate than large enterprises.

·         By business function, the financial management industry is showcasing high growth and is expected to hold dominant market share by 2032. However, the supply chain management industry is projected to showcase a tremendous growth of close to 11.4% between 2022 & 2032.

·         By industry, the IT & telecom industry will hold the highest market share by 2032. However, the BFSI industry is projected to showcase impressive growth at around 11.8% CAGR between 2022 & 2032.

·         By region, North America held the highest market share of around 32% in 2021, but South Asia & Pacific will showcase growth at a higher rate of ~12.8% during the forecast period.

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