Enterprise Resource Planning (ERP) was first introduced in the 1960s, and to date, it’s the main tool for managing a business’s financial, operational, and strategic decisions. ERP is a sophisticated software application designed to help large enterprises manage their businesses more efficiently.
Are you looking to add ERP Systems to your collection of data tools? For your business or personal use, both the ways, ERP statistics can help you assemble up-to-date ERP market information. Using the ERP statistics in 2023, you can easily calculate actionable business results.
What is the ERP Statistics?
There are thousands of ERP software products available from which a user can choose the most appropriate. Irrespective of the vast options available, businesses struggle to pick the right one for their needs. Are you also experiencing this problem?
ERP statistics in 2023 are one of the significant (if not the main) sources to help you solve this problem. ERP is a complex and sophisticated category of software that large enterprises usually implement.
ERP Stats in 2022: An Overview
Before having a look at the ERP stats for 2023, you must have a brief knowledge of 2022. The year 2022, unfortunately, did not stand its possibility of being a memorable one for ERP statistics.
In 2022, the ERP software market was expected to grow to $96.04 billion. The ERP Statistics in 2022 also indicated that the market has grown by 8.5% yearly until 2015 and is expected to grow at an annual rate of 7.1% from 2016 to 2020. But, the overall growth rate did not fall to 100 percent. It was just at an average growth rate of 5.2 percent.
Top ERP Statistic Trends for 2023
- Money is Too Tight to Mention
Cost-cutting will be a considerable concern for every business, big or small. In 2023, all business sectors will have to accept and encounter the same hurdles in operating their ERP systems. ERP vendors are expected to turn up with additional modules. And these modules will help users operate their Enterprise Resource Planning applications efficiently.
The stats also suggest that ERP software must be updated to be more responsive & engaging with the changes in the supply chain, costs, payroll, labor sapping, exchange rates, etc. An ERP will be reliable only when it includes Planning & Budgeting or Financial Planning & Analysis (FP&A) as the center of product that predicts, alerts, models, and suggests in no time. The suggestions will all be based on the impacts on budgets.
- New-age ERP Systems to Enter a New Level
The emerging and latest technology is expected to revolutionize enterprise resource planning systems significantly in 2023. AI – Artificial Intelligence will soon help ERP customers to conduct meetings, automated responses, and more. Furthermore, ERP vendors will introduce interfaces for the Internet of Things.
Even in a situation where the economy got paralyzed, fewer jobs were available, and technology became the major concern, businesses will still use ERP systems. Why? Because the companies have already begun to accept intelligent automation. This AI & automation will be the cause to improve the productivity of businesses through the integration of data and technology.
- Holiday Retail Sales Facilitates Economic Optimism
The Holiday sales of 2023 are soon out, and many ERP vendors are already planning to release new ERP applications. The market size for ERP software development was more in the holiday sales than in other months. Businesses will continue to buy more branded, high-quality products. The businesses will not only buy during the holidays but also throughout October, November, and December.
As per the ERP Statistics 2023, the stakes seem to be much higher. If the results exceed expectations, it could be much more optimistic in 2023. Also, many retail businesses are striving to increase the number of stores throughout the world. Thus, the Ascent Point of Sale in 2023 will be different from what it was in previous years.
- Dabbling and Grappling with Sustainability
The new trend of 2023 will structure a sustainable supply chain. It’s a complex yet fascinating subject. And this subject, for a long time, has been at the center of corporate sustainability efforts. Sustainability will come in two ways: First, there is the increasing customer demand for greener products by 2023. Secondly, there are changes in technology, which have resulted in supply chain cost reduction and improvement. ERP vendors will produce more apps and programs for sustainability management in the coming years.
What Are Some of the Top ERP Statistics in 2023?
The ERP statistic reports are quite complex, even if you’re a professional. Why? It is because innumerable changes are happening in the market in 2023. Thus, it isn’t easy to come up with a precise estimate. But some things are for sure. And below, we have highlighted some of the ERP statistics for 2023:
- The software industry is expected to grow at an annual rate of 10.3% from 2021 to 2023. With the larger degree of deployment of cloud and enterprise applications, software spending worldwide will surge.
- The top 20 ERP software vendors contributed almost 90% of the total market share in 2022. The ERP software market is expected to bounce at a CAGR of 8% and earn a total sum of $181.5 billion from 2021 to 2023.
- Rising investments in cloud services will boost strategic and operational transformation. Cloud computing will be a dominant technology in 2023, and the software spending on cloud implementations is expected to grow 20.7% to $591.8 billion in 2023.
- ERP data is expected to grow at an annual rate of 2% until 2021 and then accelerate at an annual rate of 7% from 2023 to 2028.
Now that you have reached the end of the blog remember one thing. All these ERP statistics do not give accurate projections of ERP in 2022 or 2023. But they are highly dependable when predicting the future market trends of ERP software.
So, if you hold back from making predictions, do as much research as possible. With the help of these research works, you can be fully equipped with the knowledge and skills essential for analyzing and conquering new challenges for your company.