Enterprise resource planning (ERP) is essentially business management software which provides an integrated view of business processes. The software can be used by companies to collect, store, manage and further interpret data from various business activities. Some of the basic activities that can be streamlined using ERP include product planning, cost determination, service delivery, inventory management, marketing, sales, shipping, and payment.
The global ERP software market is currently faced with enormous demand as it provides a comprehensive set of pre-integrated data management functions, which tie all the information together across the organization. ERP software comprises many modules such as HR, marketing, finance, and sales among others. The integration of business activities is done effectively after the implementation of ERP software, which drives the demand for ERP software in the global market.
Current Trends in Global ERP Software Market – Cloud is the Future
As per research analysts, cloud-based ERP is anticipated to gain velocity in the near future in public as well as private sector. The lower costs and high speed has already attracted large number of users to adopt cloud-based solutions. Owing to which, in the coming years, the cloud concept is expected to remain dominant for IT spending.
Another rising trend of the global market is the use of tablets and smart phones that have replaced big-screen computers. Many vendors have come up with innovative and feasible ways for employees to achieve this and further promoting the adoption of mobile solutions. In the near future, businesses will be making use of ERP system in their smartphones not only for reading reports but for other crucial business processes.
Observing the increasing hype around social media, many key vendors have capitalized their initiative by inculcating social media integrative in their respective ERP systems.
Prominent Players of the Global ERP Software Market
The global ERP software market is dominated by many industry giants such as Oracle, SAP, Microsoft, NetSuite, Openbravo, Epicor, and Sage to list a few. The key vendors of the global ERP software market receive high scores for most of evaluation criteria and offer excellent value to companies. These market players have a strong market presence and are generally known as the trends setters of the global industry. The emerging market players are starting to gain a firm foothold in the market place by balancing vendor and product attributes.
Leading ERP software providers are facing stiff competition owing to the rising profits through cloud-based ERP system in the near future. Some of the key market players such as Microsoft, Oracle, and SAP are launching new ERP products that can be accessed with ease on mobile phones, tablets, and other devices.
These software giants are putting in efforts to develop new innovative ERP system which can be further delivered from a third party vendor’s platform. The global ERP software market is rising substantially exhibiting a shift towards SaaS – Software as a Service model. The global ERP software market is driven by companies that are focusing on cloud-based SaaS system and are responsive and agile in changing needs of their business model.