This blog post originally appeared on the Bizmology blog on Nov. 4, 2014.
The enterprise resource planning (ERP) software market has traditionally been dominated by Tier 1 vendors such as SAP and Oracle. However, the emergence of cloud-based, SaaS ERP applications has led to Tier 2 players making inroads through innovation and increased market share, which has resulted in fierce competition. Among the fastest-growing participants in the ERP space are Tier 2 players such as Workday and Workforce Software. Learn more about trends and opportunities in our new Enterprise Resource Planning Software industry profile.
Enterprise Resource Planning Software ($25 billion annual global revenue) is one of six new industry reports added by First Research editors in October. First Research has an ongoing process of adding new industry content; see my colleague Amy Schein’s recent post to learn about profiles added in September. First Research customers use our industry insight to better understand business in a given market.
Take a look at some of the trends, challenges, and opportunities from our newest profiles.
Accounting & Finance Software (U.S. is a large market)
Business Intelligence — Interest in business intelligence gives accounting and finance software vendors the opportunity to offer tools that can help customers collect and organize data and use it to improve their businesses. For example, clients may want to generate custom reports or dashboards incorporating financial metrics. Business intelligence and financial management software may be sold together or integrated into broader enterprise resource planning (ERP) applications.
Asphalt Products Manufacturing ($22 billion annual U.S. revenue)
Roofing Material Trends — Asphalt shingles will remain the dominant roofing material in new residential construction. But the use of modified bitumens, which are reinforced sheets of glass fiber, polyester, and/or polyethylene that have been factory-coated into roll roofing, has grown rapidly. Metal roofing today is well-accepted in commercial buildings and becoming more common in residential structures. Energy-saving cool roofs, which use highly reflective materials instead of sun-absorbing black materials, are gaining popularity in some areas as well, creating competition for asphalt roofing product companies.
Database & File Management Software (U.S. is a large market)
NoSQL Development — Although relational data management remains the most prevalent model for databases, adoption of nonrelational, or NoSQL, databases is increasing. Proponents of NoSQL systems tout greater scalability and flexibility, easier administration, and less expensive hardware requirements compared to relational DBMS. Providers of relational DBMS, some of which also provide NoSQL products, argue that the models are complementary, and relational databases remain the preferred technology for applications such as transaction processing and large-scale data warehousing.
Diagnostic Substance Manufacturing ($13 billion annual U.S. revenue)
Infectious Disease Outbreaks — The use of diagnostic tests is a crucial time-saver in the effective management and containment of infectious disease outbreaks. Increased global cases of HIV, flu, and malaria during 2013 resulted in a 17 percent increase in sales of infectious disease tests for one major manufacturer. International aid organizations such as the World Health Organization and the Gates Foundation promote the use of point-of-care tests to monitor disease outbreaks in developing nations.
Multimedia, Graphics & Publishing Software ($15 billion global market)
Data Visualization Tools — As more content is published online and via social and mobile platforms, the use of charts, graphs, maps, and infographics is becoming a more popular way to present data. To meet demand for visual data, multimedia, graphics, and publishing software providers are developing new tools. Recent examples include ZingChart, a tool for building interactive Flash or HTML5 charts, and InstantAtlas, which enables the creation of visualizations around map data.
More about First Research
First Research now offers insight on more than 450 industries to help guide professionals in their business decisions. Profiles contain a comprehensive set of data in an easy-to-digest format. In a hurry? Our call-prep sheet is a popular way to quickly get up to speed on an industry.