Enterprise Resource Planning Market Overview:
The global enterprise resource planning market size reached US$ 50.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 101.0 Billion by 2032, exhibiting a growth rate (CAGR) of 7.9% during 2024-2032.
Enterprise Resource Planning Companies
Enterprise resource planning (ERP) is software that integrates the key functions needed to run an enterprise. With this software system, one can integrate planning, purchase inventory, sales, marketing, finance, and human resources. With ERP, processes are married into one single comprehensive system, allowing information to flow in the organization, thereby improving efficiency, data accuracy, and decisions. It allows a company to automate many back-office functions, such as technology, services, and human resources. This eradicates most of the expensive labor in operations, hence increasing productivity.
Top 11 Enterprise Resource Planning Companies:
- Epicor Software Corporation (KKR & Co. Inc.)
- International Business Machines Corporation
- Kronos Incorporated (Hellman & Friedman LLC)
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- The Sage Group Plc
- TOTVS S.A
- Unit4 (Advent International)
- Workday Inc.
- Yonyou Network Technology Co. Ltd.
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Technological advancements are also one factor driving the ERP market. The new wave of innovations like cloud, artificial intelligence, and the Internet of Things changed the way ERP systems are architected and, by that fact, made them more accessible and scalable to manage large volumes of data. Advancements like this enable the systems to better manage the huge volumes of data flowing down the modern technology pipe. Another factor that drives the ERP companies is their alliances and partnerships. For instance, in September 2023 – Oracle and Mastercard announced a new partnership to help enterprise customers automate end-to-end business-to-business (B2B) payment transactions. The partnership lets Oracle directly connect Oracle Fusion Cloud Enterprise Resource Planning (ERP) with banks to streamline and automate the B2B finance and payment process. Moreover, many companies desire simpler commercial payment experiences. Yet, disparate data, systems, and processes across the ecosystem hinder enterprises and their suppliers from transacting efficiently. Organizations need to walk the line with multiple regulations and standards, and it is an ERP system that will ensure proper reporting and audit trails. Besides this, organizations are turning to cloud ERP in greater numbers to standardize. By using cloud ERP to standardize their core processes, they can free up more time to focus on what differentiates them now, and what might differentiate them tomorrow. Furthermore, Gartner predicts that companies can cut costs by up to 30% in the coming years by using AI, machine learning, and RPA to automate processes. Moreover, modern ERP solutions help to protect sensitive business data from cyber threats and breaches through enhanced security solutions.
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