TECH SUPPLIER Jun 2020 - Market Forecast - Doc # US46551320
Worldwide Enterprise Resource Management Applications Forecast, 2020–2024
By: Mickey North RizzaProgram Vice President, Enterprise Applications and Digital Commerce, Kevin PermenterResearch Manager, Enterprise Applications, Juliana BeauvaisResearch Manager, Enterprise Applications, Jordan JewellResearch Manager, Digital Commerce and Enterprise Applications
This IDC study examines the market for enterprise resource management (ERM) software, which is forecast to grow at a five-year CAGR of 3.9%. The market is expected to see sustained growth through the forecast period and is driven by the demand for public cloud, modern UIs, intelligent applications, and intuitive personalized user experiences. The demand for cloud software contrasts greatly with that for on-premises applications. Digital transformation initiatives aimed at bringing business applications into the modern world are creating interest in cloud offerings and new technology partnerships. However, the on-premises software market remains important as medium-sized and large enterprises are still maintaining their existing software until contracts run out and they have a full digital transformation strategy.
"The COVID-19 pandemic has refocused organizations to digital workflows, innovation, and remote employee technology. Organizations are now focused on targeted investments to fill in ERM portfolio gaps to accommodate a new normal and set up longer-term investment strategies for a complete portfolio of technology that is modern and digital," says Mickey North Rizza, program vice president, Enterprise Applications and Digital Commerce at IDC.
Enterprise asset management, Enterprise resource management applications, Financial resource management, Human capital management, Innovation accelerators, Order management, Procurement, Project and portfolio management
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