Market demand is expected to be driven by growing technological advances and increasing adoption of ERP software by businesses in the region to ensure transparency in financial transactions. In 2014, the local ERP software implementation model accounted for more than 60.0% of total revenue due to a variety of benefits, including high data security and continuous monitoring across organizations, which reduced dependence on third-party vendors. Mid-sized companies are the largest end-customers, accounting for more than 40% of total share in 2014, driven by factors such as minimizing production costs, improving operational efficiency and on-time product delivery. This segment uses ERP software for a wide range of business processes, such as customer service, inventory management, production planning, daily performance management, daily operations monitoring, and interdepartmental collaboration. The global market for ERP software is expected to grow significantly over the next seven years due to its growing application in the defense, aerospace, retail, and utility sectors. Europe and Asia Pacific are expected to witness rapid growth in the ERP software market owing to increasing number of enterprises and booming manufacturing industries. Finance was the largest segment of the market, accounting for over 22% in 2014, and is expected to grow at over 7% from 2015 to 2022. Over the forecast period, market demand is expected to be driven by government initiatives, especially in emerging Asia-Pacific economies, in the area of IT infrastructure development. ERP software as a financial function facilitates the management of various financial activities such as cash flow management, asset management, accounting, and investments. Cloud adoption was the second largest segment in 2014 due to the adoption of mobile devices along with lower infrastructure requirements. Manufacturing and services were valued at $5.11 billion in 2014, representing more than 15% of revenue share in 2014. Strict government regulation and organizational compliance led to higher market demand, allowing for high productivity and lower complexity. COVID-19 will increase demand for flexible and agile work styles and promote communication services that improve work-life balance. North America accounted for more than 40 percent of global industry revenues and accounted for about $11.33 billion in 2014. The increase in the number of people working from home has increased demand for online video playback, downloading and video conferencing, which has led to increased network traffic and data consumption. Utilities are expected to take a significant share due to the growing adoption of IT infrastructure.
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