Enterprise Resource Planning (ERP) is business management software that binds the different corporate functions and enables a company to efficiently manage its resources. A striking feature of ERP is its ability to integrate organizational activities. The market is made up of varied businesses sizes. Such systems help boost competitiveness and improve the operating process. Globalization, regulatory compliance and centralization have been the key drivers for ERP investment by large corporations. Small business segments have also positively contributed to the market in order to meet new customer requirements. Large companies benefit from ERP software as it helps to manage their day-to-day operations more efficiently.
It is anticipated that cloud computing will facilitate market growth. Other growth factors include new emerging markets, penetration of new industry, economic growth, acquisition of small software companies by larger ERP companies, expansion of ERP product portfolio to cater new vertical markets. The restraint for the market’s growth, however, lie in the high cost of implementation and high degree of competition within the market forcing companies towards constant innovation in order to gain market share. Recession has also been one of the growth inhibiting factors as it reduced the spending on IT services by different public and private sectors.
The ERP market can be segmented as per type and size of industry such as large companies that require global functionality and large scalability, upper mid-market companies that require multinational functionality with less scalability, lower mid-market companies that require multinational functionality with minimal scalability and smaller businesses that have a single location and hence require standardized packages with low complexity. ERP market can also be segmented on the type of vertical it caters to such as manufacturing, software solutions, insurance, hospitality, healthcare, education, governmental, pharmaceutical, automotive and others. Within these verticals it may be used for supply chain management, product configuration, web-based ordering, financial accounting, human resource planning, project management, order processing and others.
North America and Europe are the leading market regions due to the presence of top vendors. New market opportunities can be seen in countries such as Malaysia, Australia, South Korea, Japan. The major players are SAP, Oracle Corporation, Sage Group, Microsoft Corporation, BAAN Company (now part of Infor), Kronos Inc., JD Edwards, QAD Inc., Consona Corporation, Epicor, IFS AB, Totvs, Concur Technologies, Software Systems Associate Inc., YonYou Software Co. Ltd., UNIT4 N.V. The fastest growing ERP vendors include Workday Inc., Ventyx, Cornerstone OnDemand, WorkForce Software and NetSuite Inc.
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