Market Trends of North America Enterprise Resource Planning Industry
This section covers the major market trends shaping the North America Enterprise Resource Planning Market according to our research experts:
Cloud ERP To Be a Major Market Attraction
The rapid shift to the cloud in the region drives the market growth for cloud enterprise resource planning (ERP). According to Epicor Software's Annual Insights Report last year, 94% of mid-sized essential businesses in the United States are adopting the cloud, up from the 25% that declared the cloud a strategic priority in 2020. In addition, 94% believed the cloud would help future-proof their businesses.
- Cloud ERP is one of the central investment strategies for manufacturers operating in the region. Using the cloud is like using an ERP warehouse management system (WMS) or other systems that do similar things.
- MHN partnered with Infor and Chartis Group to drive digital transformation across its delivery system. The project connects MHN's Cerner EHR and Infor ERP to make a single, integrated platform that will give real-time data to help with making decisions, giving good care to patients, and keeping costs down.
- Last year, NetSuite announced a new cloud ERP called the SuiteBanking solution to help customers with the automatic financial process with complete visibility into the cash flows. The solution is primarily designed for FinTech. The software is intended to be embedded in ERP systems, providing users with access to pay bills, send invoices, automate accounts receivable processes, and automate accounts payable processes.
- Moreover, in September last year, Unit4, a leader in enterprise cloud applications for people-centric organizations, announced that Simcoe Muskoka Catholic District School Board and Durham Catholic District School Board had both selected Unit4 ERP and FP&A solutions for use by the Human Resources, Finance, Payroll, ICT, Facilities, Custodial, Academic, School Administrators, and Planning departments.
Spiceworks reports that respondents from North America and Europe predicted that productivity solutions would receive 13% of their company's IT budget by the end of last year for cloud-based and hosted services.
Artificial Intelligence and Machine Learning are Gaining Popularity as Emerging Technology in ERP
AI is being used to help in all these enterprise data processing areas. AI assists with the up-front heavy lifting needed in any system to create the correct data. Conversational bots let users talk or text with a system to generate orders, enter expense reports, update job status, confirm a product receipt in the warehouse, and perform other tasks. These bots can perform virtually any task that previously required a user to pull up a screen and key the data into the system.
- Furthermore, AI, which is now linked to ERP systems, assists people in making decisions, working faster, and making fewer mistakes.Operations research, software engineering, and computer science problems are partially solved with the help of artificial intelligence and will be offered in ERP software. Even parts of some tasks, such as accounts payable, will be done through an AI system.
- Most ERP players emerge from the North American region, and their investment activities drive the market's growth. The rapid development of ERP systems with the adoption of artificial intelligence and machine capabilities is also expected to drive the market for ERP in the region. AI helps in delivering more insights with improved processes. Last year, Oracle updated its ERP and EPM with machine learning enhancements, financial reporting tools, AI-powered risk management, and unified project management.
- Last year in July, SugarCRM, based in California, unveiled a new tool that can add "sentiment analysis" to the expanding suite of capabilities within SugarPredict AI. The tool will use natural language processing and AI to provide sales and service personnel with information about a customer's "emotional state and intent."
- Customers' experiences with artificial intelligence (AI) and robotic process automation (RPA) as of May last year in the United States were mostly positive. In fact, 16.7% of the professionals polled claimed that their client gave their AI-automated interaction a perfect score of 10. According to NTT's Global Customer Experience Benchmarking Report last year, 17.7% of respondents concluded that their customers were delighted with their interactions with robotics automation.
