Grand View Research, a market research and consulting firm, has predicted that the enterprise resource planning software market will reach $48.22 billion by 2022. This presents significant growth from the $27.65 billion market reported in 2014. 

Growing demand

Among the drivers for this growth is the need for the transparency and efficiency that ERP systems offer. Industries such as retail, aerospace, defense and utilities are quickly implementing business management software systems to centralize data and optimize production. Growing investments in research should also help ERP developers continue to improve costs and deployment process, which should increase ERP adoption. 

Technological advancements

New technologies have also helped to drive market growth. Advances in cloud computing and mobile technology have made ERP systems more flexible, easier to adopt and more cost-effective. By storing their data in the cloud, companies have been able to scale more rapidly without maintaining expensive hardware on-premise. Using ERP on mobile devices has granted employees more freedom and more control, allowing them to access real-time data and make smart decisions. 

SMB Growth

The study found that medium-sized businesses in particular will be fueling growth for ERP software. As these companies grow larger, they will need to adopt scalable programs. ERP software is modular and adaptable to enterprises of different types and sizes, making the technology a great fit for many types of organizations. 

Diversity

ERP software continues to grow because it serves so many functions. From inventory management software to manufacturing software, ERP serves every part of the organization. Centralizing data for every department helps to break down silos and improve cross-functional communications. 

At Accent Software, we can help your enterprise implement an ERP system that improves efficiency and transparency. We're proud Microsoft partners, and we help SMBs use Microsoft Dynamics NAV for their business intelligence. Contact us to learn more about how we can help.