Trends, Developments, Opportunities, Manufacture Size, and Future Forecasts
Enterprise Resource Planning (ERP) software is one of the most effective tools that made its way into the corporate sector. The extensive reliance on manual and paper-based systems takes a toll on companies, preventing them from generating high profits or expanding their horizons. The introduction of ERP made it stress-free and straightforward for companies to automate tedious operations and increase productivity, efficiency, and excellence.
Given the numerous benefits of this comprehensive business management tool, over the past 40 years, the ERP market has only grown. The market, in 2018, touched the $35-billion mark and the rapid growth led to a prediction that the ERP market would reach around $50-billion. While the development is still expected, the outbreak of COVID-19 has in many ways impacted it.
The ERP software market is expected to reach $78.41 billion within the next five to six years, growth at the rate of 10.2% CAGR.
There are innumerable reasons behind this tool’s immense success. By helping eliminate the manual systems across a company and replacing paper-based documentation with efficient automation, ERP software serves as a comprehensive solution for businesses. Not only does a company gets a chance to manage operations through an ERP integration seamlessly, but it also lets them establish a perfectly traceable system. This is critical for businesses in this tech-driven era where they have to deal with tech-savvy, well-informed, and highly conscious modern consumers.
While addressing the demands of companies is one reason behind the popularity of ERPs, there is another thing about this software that contributes to the market’s growth. As the world advances, the competitiveness of the industry increases. ERP is one of the software that is adapting to the changing demographics of the world.
The developers are continuously introducing new developments to help companies compete in this super-saturated market. Even the year 2021 brought with it several additional features in the ERP world. These new ERP trends are here to help companies take the lead in the market by having completely streamlined operations, high efficiency, and productivity.
Cloud is the Perfect Player Today
The concept of cloud computing, storage, and management has been around for decades. It is high time that this technology becomes part of every individual as well as company. Considering the popularity of the cloud, the ERP software developers have now decided to adopt the cloud to make things simple and convenient for business owners.
Even the vendors at present are offering cloud-based solutions to companies. As the cloud makes its way into the ERP world, this software has begun ruling the cloud-based model.
To improve the ERP software and make things way easier and simpler, the developers are all in for stepping into the world of the cloud this year!
Artificial Intelligence (AI) is the Future
One thing that the world needs to embrace is AI technology. This technology is ruling the world, and there is no denying there. The researchers are still figuring out ways to integrate AI into the ERP, but all other sectors enjoy the amazing benefits this technology brings to a company’s doorstep.
In addition to assisting companies flawlessly manage their operations, ERP works wonders when it comes to big data analytics and data mining. There are countless ways companies can utilize ERPs to improve their productivity.
Increased Adoption of Mobile Apps
The tech-savvy consumers are always on their phones. From taking calls to ordering food, everything is usually done through smartphones or other mobile devices. Modern consumers do not usually use their PCs to search; instead, they use their mobile devices at all times. ERP software is one of those tools that welcome automation.
At present, the developers have shifted their eyes and attention towards the demands of the users. They are working on adding the highest peaks of convenience. 2021 will be about the increased adoption of mobile apps that can change the game. There are several other trends that the ERP software market is going to experience. Besides being a top data management tool for the company, the modern ERPs will provide an in-depth data pool leading to powerful analytics. ERPs are the future of business management. The sooner companies embrace it, the better it is for their growth!
