Growing adoption of ERP solutions by organizations and the booming IT industry is expected to drive the demand for the India Enterprise resource planning Market in the forecast period, FY2024-FY2028.
According to TechSci Research report, “India Enterprise resource planning Market By Field Strength (High- By Region, Competition Forecast & Opportunities, FY2028", the India enterprise resource planning market is anticipated to witness impressive growth during the forecast period, FY2024-FY2028. Factors such as rapid technological advancements and the rise in the demand for data-driven decision-making solutions are primarily driving the market demand. Enterprise resource planning is software that is used to manage the company's financial, supply chain, manufacturing, reporting, operations, and human resource activities. It brings all the different processes together under a single platform and offers data connectivity, productivity tools, and e-commerce and customer engagement solutions. The enterprise resource planning solutions drive the optimal performance of the organizations and increase the productivity of employees.
However, concerns regarding the confidential data loss and the high implementation cost of ERP solutions may restrain the India enterprise resource planning market growth in the forecast period.
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The India enterprise resource planning market is segmented into component, deployment type, function, end user, enterprise, regional distribution, and competitive landscape. Based on component, the market is divided into software and services. The software segment is expected to capture the highest market share in the forecast period, FY2024-FY2028. The increased adoption of enterprise resource planning software in organizations to manage and store the data is driving the segment demand. Also, the integration of big data analytics technology and the growing focus on providing a personalized experience to end-users are expected to influence the market demand in the next five years.
Based on deployment type, the market is bifurcated into on-premises and cloud. The on-premises deployment model is expected to hold the largest market share in the forecast period. The on-premises-based ERP solutions provide enterprises with an easier way to manage their operation and resources.
Based on function, the market is divided into finance, human resource, customer management, inventory management, supply chain, and others. The financial management solutions are expected to account for a significant market share in the forecast period. Enterprise resource planning software offers several features such as streamlined business process, budgeting, planning, forecasting, and others. The companies offering financial services have become reliant on solutions that can comply with government data, accountability regulations, and operations.
Based on end user, the market is divided into manufacturing, BFSI, healthcare, retail, government & utilities, IT & telecom, and others. The manufacturing industry is among the largest end-user of enterprise resource planning software. The government of India is introducing initiatives and attracting foreign direct investments to support the manufacturing sector of the country. Such as, in FY2021, India received funds worth US$ 30 billion, and the government approved the PLI scheme worth Rs. 26,058 crores for the auto and drone industry. The growing manufacturing industry is expected to fuel the demand for enterprise resource planning solutions that can increase the operational efficiency of organizations.
Based on the enterprise, the market is divided into medium, large, and small. Large enterprises are expected to capture the highest market share in the forecast period. The need for the central collection of data under wide distribution and increased operational efficiency is expected to drive the demand for large enterprises. Moreover, the ability of enterprise resource planning solutions to manage the central organization and its subsidiaries is further expected to contribute to the market growth.
Major market players operating in the India enterprise resource planning market are:
- IBM India Pvt Ltd
- SAP India
- Oracle India Private Limited
- The Sage Group India
- Microsoft India Private Limited
- Infor (India) Private Limited
- Epicor Software India Private Limited
- ESI Software (India) Private Limited
- Workday, Inc.
- Syspro Software Company
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“The emergence of the cloud-based ERP solutions, which allows the enterprises to store the data on shared computing resources, is expected to create new growth avenues for India enterprise resource planning market. They allow the organizations to upload and access data on any device in real-time and help companies share the information across different divisions. Cloud-based solutions also lower the upfront costs to purchase infrastructure and give the business flexibility and scalability to handle their operations efficiently. Furthermore, the rise in the number of start-ups offering enterprise resource planning solutions at affordable rates and the growing IT industry is expected to propel the growth of India enterprise resource planning market till FY2028” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Enterprise Resource Planning Market By Component (Software and Services), By Deployment Type (On-Premises and Cloud), By Function (Finance, Human Resource, Customer Management, Inventory Management, Supply Chain, Others), By End User (Manufacturing, BFSI, Healthcare, Retail, Government & Utilities, It & Telecom, Others), By Enterprise (Medium, Large and Small), By Region, Competition Forecast & Opportunities, FY2028”, has evaluated the future growth potential of India enterprise resource planning market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India enterprise resource planning market.
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