More than ever, enterprise resource planning (ERP) is a crucial tool in the success of any business, which is why forecasters anticipate sustained growth in the ERP software market. They expect it to surpass $90 billion by 2028, with a CAGR of 9.2%.
In 2021, the ERP software market grew to more than $50 billion, with the requirement for effective and affordable solutions among enterprises and organizations driving much of the growth. Some of the notable providers fighting for ERP superiority are Oracle, SAP, Deltek, and Microsoft. But if the market is expected to nearly double in little more than five years, it’s still anyone’s game to win.
Driven partly by the COVID-19 pandemic, businesses are rushing to adopt cloud-based infrastructures, strategies, and solutions, hoping to adapt with remote workers and overall market insecurity. Keeping an enterprise’s resources precisely and meticulously controlled is a necessity, which major players in the ERP market (including IBM, Workday, and Infor) recognize. To stay relevant and competitive, companies are shifting away from on-premises solutions and racing to the cloud. Similarly, the ERP software market will be defined by those companies that best adapt to their customers’ ever-changing needs.