Delhi, Delhi/NCR -- (SBWIRE) -- 12/02/2019 -- Based on the latest insights in the report title " ERP Software Market by Component (Software and Service), Deployment Model (On-premise, Cloud, and Hybrid), Business Function (Finance, Human Resource (HR), Supply Chain, Customer Management, Inventory Management, Manufacturing Module, and Others), End User (Large Enterprises, Medium Enterprises, and Small Enterprises), and Industry Vertical (Manufacturing, BFSI, Healthcare, Retail & Distribution, Government & Utilities, IT & Telecom, Construction, Aerospace & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2026", by Report Ocean, the Market is projected to reach $78.40 billion by 2026, growing at a CAGR of 10.2%.

ERP's are gaining huge demand across the globe and is predicted to retain its position in the global market over the forecast period, reported by Report Ocean. ERP software offer effective streamlining and planning of data under a single platform, which facilitates in operational costs, enhances sales, and helps to improve decision-making. The adoption of ERP software will augment in the coming years, mainly due to the increasing focus of SMEs towards enhancing their business and operational process efficiency.

The surging need for transparency and operational efficiency in business procedure, surging demand for data-driven decision making, and rising adoption of mobile and cloud application across the globe are considered some of the major factors propelling the growth of the ERP software market during the anticipated timeframe.
ERP software assists in eliminating repetitive processes, thereby increasing efficiency. The software also offers integrated information at a single location, which facilitates in keeping data accurate, consistent, unique, and accurate. Moreover, a centralized database provides mobility to their users and offers forecasting tools which help in realistic estimates as well as effective forecasts.

On the contrary, high maintenance costs as well as high investment of open source applications are predicted to curtail the growth of the ERP software market globally. Despite such constraints, the rising demand for ERP software among SMEs coupled with technological advancements made in ERP are estimated to create new doors of opportunities for the market over the anticipated timeframe.

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Market Segmentation
The global ERP software market has been segmented on the basis of deployment model, component, industry vertical, business function, and end user.
By component, the global ERP software market is segmented into service and software.
By deployment model, the global ERP software market is bifurcated into on-premise, hybrid, and cloud.
By business function, the global ERP software market is classified into human resource (HR), finance, customer management, supply chain, manufacturing module, inventory management, and others.
Depending on end users, the global ERP software market is segmented into medium enterprises, large enterprises, and small enterprises.
The industry vertical comprises BFSI, manufacturing, retail & distribution, healthcare, IT & telecom, government & utilities, aerospace & defense, construction, and others.

Regional Analysis
Geographically, the global ERP software market spans across Europe, North America, Asia Pacific, and LAMEA.
Considering the global scenario, North America is likely to emerge as a prominent region globally, and its growth can be majorly attributed to the proliferation of several new industries, improving economy of the region, new emerging markets, and others. Businesses in North America are converting from on-premise to cloud enabled ERP software due to its low implementation cost and less maintenance. Moreover, the existence of a large number of cloud ERP solution vendors in Canada and the U.S. will provide lucrative opportunities for the regional market.
On the other hand, the Asia Pacific region is estimated to expand at the highest pace, mainly due to the presence of SMEs, which are highly adopting ERP software in order to manage their business processes in an effective manner.

Competitive Landscape
The chief players operational in the global ERP software market includes Oracle Corporation, SAP SE, Workday, Inc., Sage Software Solutions Pvt. Ltd., Epicor Software Corporation, Infor, Microsoft Corporation, SYSPRO, Deskera, and IFS.

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