Research Nester released a report titled “Enterprise Resource Management Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global enterprise resource management market in terms of market segmentation by deployment type, industry size, application, vertical and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The enterprise resource management market is projected to grow with a moderate CAGR during the forecast period, i.e., 2021-2029 on account of the increasing industries, innovations in technologies like AR, IoT, AI, predictive maintenance, digital twin, and telematics and global digitalization.
According to the report of Ministry of Corporate Affairs (MCA); 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.
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.
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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, ERP implementation may be used for supply chain management, product configuration, web-based ordering, financial accounting, human resource planning, project management, order processing, and others.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the enterprise resource management market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. 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.
Increase in number of industries, digital globalization and innovations in technology to Drive Market Growth
Digital India is a flagship program of the Government of India, visions to transform India into a digitally empowered society and knowledge economy.
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 are the predominant factors for the growth of enterprise resource management market. 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. Enterprise resource management 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.
This report also provides the existing competitive scenario of some of the key players of the global enterprise resource management which includes company profiling of IBM, SAP, Oracle, Infor, IFS, ABB, Intelligent Process Solutions, Maintenance Connection, Aveva, Aptean, Emanit, CGI, Rfgen Software, Assetworks, Ultimo Software Solutions, UpKeep, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global enterprise resource management market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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