Unveiling the Future of ERP Software: Trends, Predictions, and Growth Statistics
ERP software has come a long way since its inception in the 1990s. As technology continues to evolve at a rapid pace, ERP software is also evolving to keep up with changing business needs. In this blog post, we explore the latest trends and predictions for the future of ERP software, as well as key statistics that show how much the ERP market has grown in the last decade.
From greater integration with other technologies, cloud-based ERP software, and mobile ERP software, to more user-friendly interfaces and personalized ERP software, the future of ERP is exciting and full of potential. Whether you are a small business owner or a large enterprise, this blog post will provide insights into how ERP software can help you manage your operations, streamline processes, and make data-driven decisions.
Join us as we unveil the future of ERP software, explore the latest trends, and share key growth statistics that demonstrate the increasing importance of ERP software in modern business.
Before we look into the future lets glance back at the past. As stated, it was in the 1990’s when the term ERP came into existence. It was here when the revolutionary software combined all of the key business processes into a single integrated system, allowing companies to manage their operations more efficiently and effectively. Within the next 30 years the software would evolve to incorporate newer and more exciting functionalities such as supply chain management, customer relationship management, and product configuration.
Businesses immediately bought into this software. According to a report by “Grand View Research” by the year 2020 the global ERP software market was valued at €38.15 billion. A massive 33.5% of this market share is accounted by the manufacturing sector, this is the largest share of any sector followed by healthcare and retail. We here at Profitsflow work specifically in the manufacturing sector. We know from first-hand experience how competitive the sector is with each manufacturing company constantly trying to outperform their competitors by implementing the most efficient and powerful ERP solution. That is why our ERP solution EFACS E/8 is tailor made for the fast scaling manufacturing industry, so that organisations do not get left behind with their inefficient processes.
Now to the future. What direction is ERP heading in? Unsurprisingly the entire ERP market is racing upwards. According to the same study by Grand View Research by 2028 the global ERP market is expected to reach €78.40 billion. This is a compound annual growth rate of 9.8%. This is supported by a report carried out by “Allied Market Research” that found that the cloud-based ERP software market is expected to grow from €18.2 billion in 2020 to €48.81 billion by 2027. This is again is no surprise as we see every year how more and more companies are switching to cloud based solutions as they receive a multitude of benefits. If you would like to read more about these benefits you can click here.
So what does that mean for a business now in 2023? Essentially it looks like ERP solutions are not only here for the future but they will become an almost mandatory necessity if you are to become a thriving and recognised business. The good news is there are plenty of useful and affordable options out there for you. Aberdeen Group conducted a study in 2020 on manufacturing companies in Europe that found that 82% of respondents were using ERP software. These numbers will continue to rise. So it definitely is worth your time researching this topic as it could be the next big thing for your organisation.
To conclude, the future of ERP software is exciting and full of potential. As technology continues to evolve, we can expect to see ERP software become even more powerful, flexible, and user-friendly. From greater integration with other technologies to more personalized ERP systems, the future is bright for businesses that embrace ERP software as a critical tool for managing their operations and driving growth.
If you want to learn more about ERP or have any questions relating to this article feel free to email us at info@profitsflow.com or call us on 01-244-9580.