ERP market is anticipated to garner approximately 41.69 billion in sales by 2020. Besides this, the market would register a CAGR of 7.2 percent during the forecast period 2014 -2020.
ERP (or Enterprise Resource Planning) is a software used for managing business process. The software enables a company access a system of highly integrated application, which manages not only the business but also automates certain back office activities. This software facilitates the integration with resources, business function, supplier and customer of the organization. The assemblage of utilities and features in an enterprises resource planning system can generally be categorized into two: front office functions and back office functions.
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Key Market Players
This software is also responsible for increasing productivity by reducing expenses and enabling the enterprises get potential ROI. The software can integrate high volume of data as well as processes across a many departments and geographies.
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Based on the type of deployment, the enterprise resource planning segment is further categorized into on -premise deployment and cloud deployment. The on -premise software deployment is anticipated to occupy a major ERP market share of about 57 percent by 2020. However, to back new business models, companies are now integrating, legacy enterprise resource planning and cloud based applications. This has paved way for hybrid systems that can serve to new user demands. Besides this, feature that enable customer access such enterprise applications from smartphones or other mobile devices is expected to increase in terms of adoption rate. So, with growing market size, cloud based system are expected to register a CAGR of about 10 percent during the forecast period of 2014 -2020.
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