The global ERP market is set to be worth more than $48 billion by 2022, according to new research.

Researchers said the market “is anticipated to witness tremendous gains” with increasing technological advancements and more organisations adopting ERP solutions identified as key drivers of growth.

The report also identifies defence & aerospace, retail and government utility sectors as the three main sectors that are expected to augment market demand.

As part of their research, a number of different factors were analysed. Researchers considered different deployment options, the various functions included in the software, industries most likely to adopt ERP, types of end-users and several geographic regions.

It found that integrated finance and HR tools would be the functions organisations were most keen to use.

Europe and Asia were the two largest territories that will provide a platform of growth for the market. Researchers said that a “booming manufacturing industry” and “government initiatives” would see the popularity of ERP increase amongst all types of organisations.

As part of their research, the report authors also analysed historical ERP data. They found that back in 2014, the global ERP market was worth around $17bn with on-premise solution accounting for 60% of overall revenue back in 2014.

Manufacturing firms had the largest revenue share of 15% back in 2014, with medium-sized organisation the largest group of end users. Northern America contributed to largest revenue share with more than 40% of ERP solutions used or implemented in the States.

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