As per Future Market Insights, growing need for operational transparency and efficiency in business process to drive the growth of ERP software market in the coming years.
Cloud-based ERP software helps business to create complete report on their daily operational activity. With cloud-based ERP software, firms can easily monitor the company expenditure, profits and losses, and returns on investments (ROI).
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Furthermore, cloud-based ERP software provides KPI reports for performance analysis. ERP software systems provide tools like data visualization, utilizing real-time data sets and others. Companies can use ERP software solutions to fix issues in real time. Most of the cloud-based ERP software providers offer uptime rates.
Key Takeaways: ERP Software Market
- By deployment mode, the on-premise ERP software segment has emerged dominant, growing at a CAGR of close to 7%between 2022 2032.
- By enterprise size, the demand for ERP software solutions from small mid-sized enterprises (SMEs) is estimated to be growing at higher rate than large enterprises.
- By business function, the financial management industry is showcasing high growth and is expected to hold dominant market share by 2032. However, the supply chain management industry is projected to showcase a tremendous growth of close to 11.4% between 2022 2032.
- By industry, the IT telecom industry will hold the highest market share by 2032. However, the BFSI industry is projected to showcase impressive growth at around 11.8% CAGR between 2022 2032.
- By region, North America held the highest market share of around 32% in 2021, but South Asia Pacific will showcase growth at a higher rate of ~12.8% during the forecast period.
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