Erp Software Market Share, Size, Trends and Forecasts to 2022

Global ERP Software market is expected to reach USD 48.22 billion by 2022, according to a new report by Grand View Research, Inc. Growing demand from aerospace & defense, government utilities, and retail is expected to augment growth over the next seven years. In addition, extensive R&D and technological advancements in deployment methods to reduce cost is expected to fuel growth over the forecast period.

Technology advancement has been a major factor challenging industry growth. Cloud-based applications have been highly adopted to reduce deployment costs. Furthermore, facilities including easy access to ERP software via mobile phones helps stay in contact to business related information, thus facilitating real-time decision making which is expected to increase market demand over the next seven years.

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Further key findings from the report suggest:

On-premise deployment model was valued at over USD 17,010.0 million in 2014. Organizations use and store ERP software on their own hardware at their premises, reducing dependency on third party vendor. These factors have led to increased demand for on-premise deployment software in the market, thus, is expected to drive product need over the forecast period.

Finance function segment is expected to grow at a CAGR over 7.0% from 2015 to 2022. Growing emergence of financial businesses and service sector would provide lucrative growth opportunities for the ERP software market. Most of the businesses are expected to implement financial ERP module over the next few years to improve their business efficiency and productivity which is expected to be key driver for growth.

Manufacturing & services was valued at over USD 5,110.0 million in 2014. This sector uses ERP for a wide range of business functions such as monitoring of daily operations, tracking day-to-day performances, collaborating with multiple departments to improve...