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The Rapid Adoption of Cloud-based ERP Solutions to Drive Growth in the Enterprise Resource Planning Market

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Enterprise resource planning refers to integrated applications that help manage business processes and functions like procurement, project management, inventory, distribution, financials, and human resource management. ERP solutions provide a unified interface for multiple business functions of an organization and help avoid data redundancy. The ERP modules such as supply chain management, customer relationship management, and human capital management help organizations streamline operations and achieve better visibility across all departments. Growing digital transformation of businesses and move towards cloud-based deployment models have been fueling adoption of ERP systems globally.

The enterprise resource planning (ERP) market is estimated to be valued at US$ 53.99 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the enterprise resource planning market are WuXi AppTec, Inc., Lineage Cell Therapeutics, Inc., HEALIOS K.K., Lonza, Merck KGaA., Takara Bio Inc., Sumitomo Dainippon Pharma Co., LTD, Fujifilm Holdings Corporation, Thermo Fisher Scientific, Inc., Astellas Pharma Inc. Growing demand from small and medium enterprises for integrated business solutions to improve operational efficiency is expected to drive market growth. Technological advancements including artificial intelligence, machine learning, analytics, and cloud computing are allowing ERP providers to offer more flexible, scalable, and customizable solutions.

Market Trends

The migration of ERP solutions to cloud-based platforms is gaining significant traction as cloud deployment helps reduce upfront capital costs and provides easy access to solutions from any location. Vendors are focusing on developing industry-specific and function-specific ERP products to better address the needs of organizations in different sectors. Customers are increasingly looking for capabilities like predictive analysis and automation in ERP systems to gain real-time insights and make data-driven decisions.

Market Opportunities
The advancements in technologies such as robotic process automation, Internet of Things, and cognitive computing provide opportunities for ERP vendors to integrate these capabilities into their product offerings. Growing demand for SaaS-based and functionality-rich ERP systems from large enterprises presents lucrative growth prospects. Partnership with cloud and analytics players can help ERP providers strengthen their product proposition.

Impact of COVID-19 on Global Enterprise Resource Planning Market

The COVID-19 pandemic has significantly impacted the growth of the enterprise resource planning (ERP) market. As businesses were forced to shift to remote working models during the lockdowns imposed across the globe, the demand for ERP solutions increased drastically. Companies needed ERP systems that could support their remote workforce by enabling access to business-critical data and facilitating collaboration between teams located in different geographic locations. This drove many organizations to either implement new ERP systems or upgrade their existing ones to enable cloud-based deployment and enhance mobility features. However, in the initial months of the pandemic, implementation and upgrade activities faced delays due to supply chain disruptions and lockdown restrictions. Many vendors also witnessed a decline in new license revenues as customers prioritized immediate business continuity over long-term digital transformation projects.

As the pandemic continued, the demand stabilized and vendors started witnessing growth due to increased investments by companies in cloud ERP and analytics solutions to digitalize operations, support hybrid working, and gain real-time insights for better decision making. The pandemic has made it evident for organizations across industries about the importance of digital transformation and mobile ERP systems. Going forward, vendors are expected to focus on cloud consulting, managed services and analytics capabilities within their ERP offerings to help customers derive maximum benefits from their investments. Businesses will also emphasize on upgrades that facilitate remote asset management, supply chain resilience, and compliance with evolving regulatory policies.

North America accounts for the largest share of the global enterprise resource planning market due to early technology adoption by organizations in the region. Asia Pacific is expected to be the fastest growing market owing to increasing digital transformation initiatives by companies across countries like China, India and Japan. Rapid industrialization and growing need to optimize operational efficiency have been driving investments in ERP solutions in Asia Pacific. Countries like Australia, South Korea and several Southeast Asian nations have emerged as high potential markets and offer lucrative opportunities for vendors.

Get More Insights On This Topic: https://www.pressreleasebulletin.com/enterprise-resource-planning-market-forecast-outlook-trend-2023-2030/

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