Sarasota, FL -- (SBWIRE) -- 01/02/2019 -- Zion Market Research has published a new report titled "Enterprise Resource Planning Technologies Market by Deployment (Cloud, On-Premises, and Hybrid), by Application (Customer Relationship Management, Supply Chain Management, Supplier Relationship Management, Finance & Accounting Management, Human Resource Management, Risk Management, Project Portfolio Management, and Manufacturing), by Organization Size (Small- and Medium-Sized Enterprises (SMEs) and Large Enterprises), and by End-Use Industry (IT & Telecom, BFSI, Government Sector, Retail, Manufacturing, Healthcare, Transportation, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024". According to the report, the global enterprise resource planning technologies market accounted for USD 30.7 billion in 2017 and is expected to reach USD 48.7 billion globally by 2024, with a CAGR of around 6.8% between 2018 and 2024.

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Technological advancements made in the banking sector have led to the growing demand for enterprise resource planning technologies. These technologies deal with complex processes and provide tools for additional security. In 2017, the global adoption of FinTech vendors for payment services increased to 50% from 18% in 2015. Banks and other financial institutes need to maintain confidentiality related to their customer transactions along with complying with stringent regulations. This, in turn, has led banks to opt for enterprise resource planning solutions, as they help in synchronizing and integrating various financial processes. For instance, in 2017, "The Bank of America" opted for Oracle's cloud-based ERP solutions for its global general ledger and broker-dealer systems. These aforementioned factors are anticipated to propel the enterprise resource planning technologies market in the future.

The growing manufacturing sector is likely to support enterprise resource planning technologies market over the forecast timeframe. Huge investments to automate various manufacturing processes are anticipated to accelerate expand this global market over the ensuing years. Certain applications where technological investments were made include IoT, modeling and simulation, cloud computing. ERP solutions help manufacturers in product planning, purchase of raw materials, and make production capacity estimates along with predicting the manufacturing process span. In 2017, the U.S. tech giants, such as Alphabet Inc., Facebook, Apple, Microsoft, and Amazon, spent a total of USD 80 billion in manufacturing equipment. Thus, the growing technological usage in the manufacturing sector is likely to propel the enterprise resource planning technologies market in the years to come.

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The organization size segment of the global enterprise resource planning technologies market is segmented into small- and medium-sized enterprises (SMEs) and large enterprises. Large enterprises are expected to hold a substantial share in the enterprise resource planning technologies market globally over the forecast time period, as they help streamline various processes. By application, this market is divided into customer relationship management, supply chain management, supplier relationship management, finance and accounting management, human resource management, risk management, project portfolio management, and manufacturing. Finance and accounting management is projected to witness considerable growth in the future, owing to the increasing demand for finance and management solutions to reduce additional costs.

Europe is expected to witness considerable growth in the global enterprise resource planning technologies market in the future. Germany and UK are likely to lead the regional market over the forecast time period. Technological breakthroughs in the automotive sector are anticipated to contribute notably toward this regional market's expansion. In Latin America, Brazil is anticipated to be the key revenue contributor due to the huge investments made to automate various banking services in the region.

Some of the major players operating in the global enterprise resource planning technologies market are Oracle Corporation, Microsoft Corporation, IBM Corporation, SAP SE, Infor, Sage Group Plc, NetSuite Inc., SYSPRO, Unit4, and TOTVS S.A., among others.

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This report segments the global enterprise resource planning technologies market into:

Global Enterprise Resource Planning Technologies Market: Deployment Segment Analysis

Cloud
On-Premises
Hybrid
Global Enterprise Resource Planning Technologies Market: Application Segment Analysis

Customer Relationship Management
Supply Chain Management
Supplier Relationship Management
Finance & Accounting Management
Human Resource Management
Risk Management
Project Portfolio Management
Manufacturing
Global Enterprise Resource Planning Technologies Market: Organization Size Segment Analysis

Small- and Medium-Sized Enterprises (SMEs)
Large Enterprises
Global Enterprise Resource Planning Technologies Market: End-Use Industry Segment Analysis

IT & Telecom
BFSI
Government Sector
Retail
Manufacturing
Healthcare
Transportation
Others
Global Enterprise Resource Planning Technologies Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa