Enterprise Resource Planning (ERP) Software Market Size, Share, Growth Analysis, By Deployment Type(On-Premises, Cloud), By Function(HR, Supply Chain, Others), By Enterprise Size(Large Enterprises, Medium Enterprises, Small Enterprises), By Vertical(Manufacturing & Services, BFSI, Healthcare, Retail), By Region - Industry Forecast 2024-2031

Enterprise Resource Planning (ERP) Software Market size was valued at USD 45.82 billion in 2019 and is poised to grow from USD 49.28 billion in 2023 to USD 90.63 billion by 2031, growing at a CAGR of 9.1% in the forecast period (2024-2031).

The development is attributed to elements like the expanding demand for data-driven decision-making, the rising usage of mobile and cloud apps, and the growing requirement for operational efficiency and transparency in business processes. Through an enterprise resource planning software inventory costs can be reduced by 25-30% and raw material costs by about 15% when ERP software is implemented in businesses. The program guarantees a seamless exchange of information across functional boundaries, improving efficiency and decision-making. Over the projected period, growth in the number of SMEs in developing nations like China, India, and Brazil is expected to increase product demand. 
It is expected that the uptake of IT technology in these economies will alter customer behaviour and increase the use of ERP software rather than manual processes.

The availability of mobile device integration and low infrastructure costs are expected to drive up demand for cloud services. Businesses are prepared to spend money on cloud-connected mobile applications that make it easier to synchronize, update, and manage documents. Since the COVID-19 pandemic, there has been a growth in demand for cloud-based ERP solutions, particularly from small-and medium-sized firms which is expected to present a number of opportunities for market participants. 

The market for ERP software is expanding as a result of a boom in the adoption of cloud and mobile applications. Companies can now implement a single platform that oversees all operations thanks to the growth in business apps and the volume of data generated by various supply chains. The enterprise resource planning software market has grown as a result of rising automation and technological deployments in the supply chain management process, which has also increased the demand for ERP systems.

US Enterprise Resource Planning (ERP) Software Market is poised to grow at a sustainable CAGR for the next forecast year.