Global Market Research Insights Report: March 2017

Friday 31 March 2017

Personal Protective Equipment Market is expected to reach USD 68.69 billion by 2024

The global personal protective equipment market is expected to reach USD 68.69 billion by 2024, according to a new report by Grand View Research, Inc. Rising awareness towards worker health and safety along with increasing industrial fatalities in rising economies of India, Vietnam, and China owing to lack of protective gear is anticipated to drive the global market over the forecast period.

Technological innovation, coupled with shifting consumer preference towards protective equipment which combines fashion with safety is further estimated to drive market expansion. Executive management in industrial firms has been becoming proactive regarding employee health & safety. The stringent regulatory framework in economies such as the U.S. and the UK has been forcing companies to follow strict safety norms to avoid occupational hazards.

Safety gloves dominated the global PPE demand accounting for over 23% of total revenue in 2015. According to OSHA, over 40% of the industrial fatalities and accidents are related to hand injuries. An increasing number of hand cuts, arm injuries, and abrasions in the workplace may be attributed to the high demand of this segment.

Hand protection products such as durable & disposable gloves find application in industries such as food, pharmaceuticals, manufacturing, construction, and chemicals, to safeguard the risk of hand injuries in the shop floor. Rising instances of hand injuries including severe abrasions, punctures, chemical & thermal burns, and cuts at the workplace are expected to fuel product demand in near future.

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Further key findings from the study suggest:

The global personal protective equipment demand was valued at USD 38.38 billion in 2015 and is expected to reach USD 68.69 billion by 2024, growing at a CAGR of 6.7% from 2016 to 2024
Respiratory protection market was worth USD 5.10 billion in 2015 and is anticipated to witness notable growth over the next eight years on account of increasing requirement in mining, fire services, and emergency response, military & law enforcement, and healthcare.
Chemical defending garments were the leading protective clothing segment in 2015. Stringent regulations coupled with growing chemicals and petrochemicals industries particularly in North America and the Middle East have contributed significantly towards the product commercialization.
Manufacturing was the leading end-use segment and accounted for over 20% of total market revenue in 2015. Transportation is expected to witness the highest growth of 7.1% from 2016 to 2024. Increasing automobile production in Asia Pacific is expected to drive this segment.
Europe was the major PPE consumer and accounted for 33.8% of global revenue in 2015 owing to stringent safety regulations coupled with significant demand in oil & gas, transportation and service industries. Asia Pacific is expected to witness the highest growth of 7.5% over the forecast period.
Key companies operating in the global personal protective equipment industry include Ansell Ltd, 3M Company, Honeywell, Alpha Pro Tech Limited, Avon Rubber PLC, COFRA Srl, Oftenrich Holdings Company Ltd., Uvex Safety Group, and Rock Fall Limited.

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About Grand View Research:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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Thursday 30 March 2017

Food Service Equipment Market is expected to reach USD 56.0 billion by 2024

The global food service equipment market is expected to reach USD 56.0 billion by 2024, according to a new report by Grand View Research, Inc. Increasing use of cost-effective and energy-efficient products to reduce the energy consumption is expected to offer lucrative opportunities to the market over the forecast period.

Food service equipment plays a key role in the hospitality sector. Increasing demand from restaurants, hotels and food chains is contributing to the industry growth. Moreover, regulations and standards set by the food regulatory authorities are enabling manufacturers to develop equipment compliant with these standards.

Increasing sanitation, hygiene and less time-consuming requirements are attributing to the adoption of these equipment among households. Also, the upgraded products not only reduce the energy expenses but also are eco-friendly.

Changing consumer lifestyle and rising disposable income are the major factors driving market growth. The increase in labor cost in developing countries is attracting the demand for washware equipment among households. Changing food habits of the working class population has led to increase in demand for ready to eat and processes food. This has resulted in the expansion of hypermarkets and retail outlets leading to rise in demand for refrigeration and storage equipment.

Moreover, continuous advancements in cooling technologies and increased restriction on the use of CFCs has accentuated the demand for frequent upgradation in products. Increasing awareness to save water and electricity has also contributed to growing demand for low-energy consuming products.

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Further key findings from the study suggest:

Kitchen service equipment is estimated to reach over 28% by 2024 and growing at a CAGR of over 4.0% from 2016 to 2024. Rising trend of nuclear families is expected to boost the demand for these products. Moreover, the shift from conventional to smart appliances is anticipated to contribute to the segment growth.
Refrigeration segment is expected to grow at a CAGR of over 4.2% from 2016 to 2024. This growth can be attributed to continuous improvements in energy consumption standards for these devices and rising need for processed food in developing countries.
The North America food service equipment industry is expected to remain the largest market owing to the widespread adoption of technologically advanced devices. The regional industry is projected to account for over 38% by 2024, growing at a CAGR of over 3.5% from 2016 to 2024.
Food service equipment vendors are evolving new business models to meet customer demands by offering cost-effective, energy-efficient and technologically advanced products.
Key players in the food service equipment market include Ali Group, ITW, Dover Corporation, Middleby Corporation and Manitowoc Company Inc. Competition for food service equipment providers is particularly intense and increasingly focused on pricing.

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In Flight Entertainment And Connectivity Market size is expected to reach USD 9.82 billion by 2024

The global In-Flight Entertainment And Connectivity (IFEC) market size is expected to reach USD 9.82 billion by 2024, according to a new report by Grand View Research, Inc. The emergence of BYOD and development of novel wireless solutions are expected to boost market growth. The increasing commercial aviation & fleet expansion have further bolstered industry growth. Growing availability of HD content across dynamic platforms are expected to increase IFEC systems’ demand.

These systems can be categorized on the basis of product into hardware, connectivity, and content. Hardware is divided into portable and fixed while content is classified as streamed and stored. The portable hardware segment is expected to grow at a remarkable pace owing to the enhanced customer experience the devices offer.

Recent administrative regulations pertaining to the IFEC integration into aircraft in countries such as the U.S. are further expected to throttle industry growth. These regulations restrict the in-flight entertainment & connectivity integration to a certain degree to offer safe travel to passengers by minimizing the possibility of mishaps associated with the cabling and weight of these systems.

However, the IFEC system associated costs of content services and procurement costs are expected to pose challenges for the industry. The recent BYOD trend across industries, along with the advent of wireless portable electronic devices across dynamic sectors, is expected to impel the global IFEC market growth.

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Further key findings from the study suggest:

Opportunities are presented by the market owing to the launch of innovations such as high throughput satellites in the Ka band and Ku band. This innovation is expected to increase the data speeds for connectivity and make the service provision cost efficient. With pressure rising in the airline sector as the major players are adopting cabin connectivity, other players need to adopt it to stay competitive.
The number of narrow body application planes in North America and Asia Pacific is multiplying with intense competition in the airlines industry, as a result of which the demand for these systems is to be significant in this segment. The U.S. and Canada are attractive markets on account of high flight connectivity and development in the technology followed by Europe.
The Asia Pacific in-flight entertainment and connectivity industry is expected to grow at a CAGR of close to 20% from 2016 to 2024. As the industry is dynamic, upgrades of the existing infrastructure incur high operational costs, installation time, and certification requirements. For embedded systems, it is thus necessary to ensure high returns on investment made in the infrastructure. The Bring Your Own Devices (BYOD) segment imposes logistical requirements and the need for updating & maintaining consistency across the fleet increases technological complexity.
Key industry participants include Cobham Plc., Global Eagle Entertainment Inc., Lufthansa Systems AG, Iridium Communications Inc., Thales Group S.A., OnAir, Viasat Inc., Gogo LLC, Panasonic Avionics Corporation, and Zodiac Aerospace S.A. The hardware suppliers are anticipated to dominate the content delivery industry to offer exclusive content, along with creating new revenue streams for airlines. In addition, they concentrate on evolving data storage competencies or collaborating with data centers to increase data volumes.

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Grand View Research, Inc

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Neurology Devices Market is expected to reach USD 10.8 billion by 2022

Global neurology devices market is expected to reach USD 10.8 billion by 2022, according to a new report by Grand View Research, Inc. This expected growth in demand can be ascribed to growing need for development of different neurostimulation techniques with efficient and accurate algorithms for treatment of several CNS associated disorders.

Rise in incidence of cerebral stroke and other severe disorders such as Alzheimer’s disease, epilepsy, and Parkinsonism is expected to fuel demand of neurology devices thereby driving industry growth. According to National Institute of Neurological Disorders and Stroke (NINDS), approximately 50 million Americans are affected due to these disorders leading to high economic & disease costs burden for medical expenses coupled with loss of productivity. The industry is expected to witness a considerable increase in demand for CNS related therapeutic procedures over the forecast period.

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Further key findings from the study suggest:

Neurostimulation devices accounted for over 50% of the revenue generated in the market for 2014. This large share can be attributed to the growing number of chronic CNS disorders, a globally ageing population and development of minimally invasive neurological and faster acting stimulation devices that attract higher market usage and penetration in the neurology devices market.
Neurosurgery segment including ultrasonic aspirators, stereotactic systems, neuroendoscopes, and aneurysm clips are expected to witness considerable growth over the forecast period due to their essential nature of use in tumor removal and brain cell damage repair surgeries.
North America dominated the market in 2014, with revenue estimated at over USD 2,400 million. Presence of sophisticated healthcare infrastructure, favorable government initiatives pertaining to pharmaceutical R&D, cancer research, neurological R&D investment, and the presence of a considerably large CNS disorder patient base are some drivers of this market.
Asia Pacific is expected to witness lucrative CAGR of over 8.0% from 2015 to 2022 due to the presence of high-unmet medical needs coupled with rapidly rising healthcare R&D investment, and growing medical expenditures in emerging economies such as India and China. Supportive government initiatives pertaining to increasing investments by manufacturers and governments in neuro-informatics and high untapped market opportunities are the important factors accounting for the expected growth of market in this region over the forecast period.
Key participants of the neurology devices market include Johnson and Johnson, B.Braun Melsungen AG, Boston Scientific Corporation, St. Jude Medical Inc Covidien PLC, Medtronic Inc., Johnson & Johnson, Magstim Co Ltd., W.L. Gore & Associates Inc., Integra Life Sciences Holdings Corp., Stryker Corp.
Market participants are involved in R&D for development of advanced stimulation and neuromodulation techniques with minimally invasive procedures that are more preferable to the patients. Furthermore, collaborations with university as well as non-university based institutes that are engaged in neuroscience research are expected to boost sector growth in the coming years.

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Multiple Sclerosis Therapeutics Market is expected to reach USD 24.8 billion by 2024

The global multiple sclerosis therapeutics market is expected to reach USD 24.8 billion by 2024 according to a new report by Grand View Research, Inc.

The presence of high unmet clinical needs in developing regions is one of the highest impact rendering drivers of the multiple sclerosis therapeutics market. Many organizations over the globe are actively involved in spreading awareness among people regarding progressive multiple sclerosis and the symptoms associated with it. Some notable examples include the National Multiple Sclerosis Society (NMSS) in the U.S., Multiple Sclerosis International Federation in Canada, European Multiple Sclerosis Platform (EMSP), and the Multiple Sclerosis Society (MSC).

Reimbursement programs are also anticipated to enhance the penetration of multiple sclerosis drugs. For instance, In June 2014, Biogen Idec Canada, announced that its TECFIDERA drug for the treatment of MS is available for reimbursement in British Colombia through B.C PharmaCare.

The introduction of novel therapeutics with minimal dosage requirement and cost-effectiveness is further expected to favor market growth. For, instance Lemtrada by Sanofi needs to be administered 3-5 times per year as compared to Copaxone, which requires daily administration.

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Further key findings from the study suggest:

The dominant drug class segment in 2015 was immunomodulators. Avonex, Betaseron, Copaxone, and Rebif were the key drugs capturing over 75% of market share in 2015.The introduction of Tecifedra, an oral immunomodulatory drug in 2015 has been a major breakthrough in this segment.
The declining revenue of Copaxone, Gilenya, Avonex, and Tysabri is forecasted by considering the factors such as limited usage rates of these drugs owing to the availability of highly potent FDA-approved oral drugs, Aubigio and Tecfidera
Immunosuppressant,on the other hand, is expected to witness significant growth of over 18.0%. The presence of a strong drug pipeline and its expected commercialization in the coming six years are some factors expected to drive market growth
In 2015, the injectable drugs market held the largest share owing to high prescription rates & price
North America dominated the overall multiple sclerosis therapeutics market with revenue estimates at over 13.0 billion in 2015. The increasing prevalence of multiple sclerosis, the introduction of new drugs, and high prices of drugs, such as Tysabri and Aubagio in the U.S., are some factors responsible for its dominance.
Major companies operating in this market are Biogen Idec, Teva Pharmaceuticals, Bayer Healthcare, Pfizer, Sanofi Aventis, Merck, Novartis, and AbbVie. Market players are upgrading the product portfolio by launching generic versions to sustain its market position. For instance, in 2015, Novartis launched a generic version of Copaxone named Glatopa in the U.S.

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Therapeutic Bed Market is expected to reach USD 4.1 billion by 2024

The global therapeutic bed market is expected to reach USD 4.1 billion by 2024, according to a new report by Grand View Research, Inc. The growing geriatric population base coupled with the rising cases of obesity, chronic conditions, and viral infections are expected to boost market growth over the forecast period.

As per the U.S. Bureau of Labor Statistics, the rank of home health aides and personal care aides is expected to increase to 13.0 million in 2020 (a 70.0% increase from 2010), thereby increasing the demand for home care. This growth is expected to increase the sale of household therapeutic beds and propel growth over the forecast period. Considering that the treatment costs at home are lower than other settings, many patients are now preferring home healthcare, thus, ultimately increasing the demand for therapeutic beds in these facilities.

Another macro factor promoting the Therapeutic Bed Market is the increase in the volume of healthcare settings across the globe. With the help of this grant, 17 new hospitals and the expansion of 137 hospitals and primary health centers are anticipated, thereby increasing the sale of therapeutic beds. Similarly, in Qatar, the number of hospital beds is expected to rise from 4,980 in 2013 to 5,725 in 2018. These expansions are expected to create new avenues for market players to capitalize on.

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Further key findings from the study suggest:

The household bed segment is identified as the fastest growing. The growing penetration of home healthcare services for preventive care, post-operative care, and for long-term chronic therapies are expected to drive the growth over the forecast period.
Clinical beds have been further sub-segmented into regular, ICU, pediatric, birthing, bariatric, low air loss, and other beds. Bariatric beds are expected to gain the highest application in regions such as the U.S., Canada, the UK, and Germany due to the rising number of obese population.
North America is expected to dominate the overall market throughout the forecast period, owing to the presence of well-developed primary, secondary, tertiary care hospitals, the presence of a well-developed reimbursement network, government funding, and high public and private expenditure in the hospitals sector
Asia Pacific is anticipated to be the fastest growing region. The market is expected to grow at a CAGR of about 7.0% over the forecast period. The hospital to beds ratio is below the WHO standards in several Asia Pacific countries and the governments are investing significant resources to improve the healthcare infrastructure in this region.
Key players of the industry include Invacare Corporation, Hill-Rom, Inc., Stryker Corporation, ArjoHuntleigh, Gendron, Inc., Hard Manufacturing Co., Bakare, Medline Industries, Sunrise Medical, and GF Health Products, Inc. Most of these companies have been in the business for over a decade and are bringing in expertise and technological advancement that are expected to help them sustain over the forecast period.
In order to curb competition, major market players are working towards the acquisition of emerging entrants. For instance, in January 2015, Stryker Corporation acquired the assets of CHG hospital Beds, Inc., a privately held company to enhance the low height bed designs portfolio.

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Consumer Drone Market size is expected to reach USD 4.19 billion by 2024

The global consumer drone market size is expected to reach USD 4.19 billion by 2024, according to a new report by Grand View Research, Inc. The substantial growth prospects of the market can be attributed to surging eminence of drone flying as hobby initiatives such as UAV photography and racing. Administrative support through permitting drone flying for non-commercial purposes in select geographies is stimulating the growth of global consumer drone market.

Consumer UAVs have gained prominence owing to their ability of high-resolution image and video capturing, dynamic novel design concept, as well as adequate operational intervals. Upcoming favorable initiatives by regulatory bodies, such as Federal Aviation Authority (FAA) and European Aviation Safety Agency (EASA), and increasing governmental spending on such advanced UAVs are anticipated to drive the industry growth over the forecast period.

An emerging trend in the industry is the development of drones with hydrogen fuel cells that in the back end conserve energy and supply power to UAVs, thereby enabling longer flight hours. Furthermore, dynamic concept design and enhanced flight capability of UAVs have revolutionized the gaming, electronics, and associated hobby markets.

Aerial photography enthusiasts are profoundly accepting drones in complimenting their hobby of exploring and capturing dynamic images and videos. The introduction of high-resolution HD 4K cameras and advanced Gimbal systems by manufacturers are presumed to boost the adoption of UAVs in photography and nature exploration.

However, smaller flight time due to shorter battery life of drones, as well as registration obligations, to regulate the issuance of official drone registration certificate in select geographies are anticipated to challenge the industry growth over the forecast period.

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Further key findings from the study suggest:

Multi-rotor drones dominated the overall market, both in terms of revenue and volume. They accounted for over 85% of the overall volume share in 2015 and are poised to witness significant growth over the next eight years. Multi-rotor drones are increasingly used in racing and photography applications. The ability to perform under extreme conditions and development of various innovative applications are the primary factors driving the increased adoption of multi-rotor drones.
Nano drones are anticipated to witness significant growth over the forecast period, growing at a CAGR of over 30% from 2016 to 2024. The growth in demand for nano drones can be attributed to their portability and efficient application in photography and security applications. These small-sized drones incorporate a low cost of maintenance, operation, and production. Manufacturers are increasingly integrating nano drones with gimbaled sensors to provide effective controlling and extend its application base.
Projected to grow at an estimated CAGR of close to 30%, from 2016 to 2024, prosumer application segment dominated the overall market share, both in terms of volume and revenue in 2015. Rapid increase in aerial photography can be attributed to the growth of photography as a hobby and aligned technologies. Moreover, FPV racing is being increasingly promoted as a recreational hobby in some regions owing to rising adoption of UAVs in the gaming segment.
Drones’ demand in toy/hobbyist application was estimated to be over 270 thousand units in 2015 and is presumed to witness substantial growth in the near future. It is envisioned to surpass prosumer application segment in terms of volume by 2018. The growth in this segment can be attributed to increasing adoption of drone flying as a hobby initiative and customized UAV fabrication.
Asia Pacific is anticipated to witness considerable growth over the next eight years, growing at a CAGR of close to 35% from 2016 to 2024. The region incorporates substantial growth potential owing to the increasing development of innovative technology solutions for drones and aiming to manufacture them at a lower cost. Increasing investments by Japan and China for the development of multifunctional drones for various applications is expected to drive the regional industry growth in the recent future.

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Wednesday 29 March 2017

Pressure Sensitive Tape Market is projected to reach over USD 69.26 billion over the forecast period

The global pressure sensitive tape industry is projected to reach over USD 69.26 billion over the forecast period. This factor can be majorly attributed to growing demand for corrugated materials used in packaging owing to their property of high resilience and protection. There is a rising demand for corrugated boxes primarily in developing countries including India, Brazil, and China which is expected to trigger market expansion.

Demand for carton sealing tape segment is projected to experience growth on account of rising apprehensions concerning environmental friendly packaging solutions due to stringent government rules and regulations. Also, consumption of the product has observed a significant growth in the past few years owing to its compatibility with various sterilization forms and non-toxic nature. New growth opportunities are expected in this industry in the foreseeable future on account of the introduction of eco-friendly recovery technologies that are highly efficient and are used widely in the adhesive coating.

In 2014, demand for the product was 41.44 billion square meters at the global level. Emerging economies namely Malaysia, India, Saudi Arabia, Vietnam, China, and Mexico are expected to witness substantial market gains by volume owing to growth in the construction industry.

Construction & building are to grow at a CAGR of 5.9 % over the forecast period. Demand for the segment is expected to have a positive impact in MEA resulting from increasing foreign direct investments in hospitality, construction and real estate along with the development of commercial and residential offices. The market demand is projected to reach over 65.29 billion square meters over the next seven years.

A key driver in the masking tape industry is the growing consumption pattern from automotive and construction sector owing to properties including holding power, improved moisture resistance, better conformability and instant adhesion. Masking tape is therefore estimated to witness significant volume gains at a CAGR of 6.1% over the forecast period.

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Further key findings from the study suggest:

North America is expected to account for nearly 20.0% of global share revenue owing to growing up gradation and building activities in the US and infrastructure development in Mexico and Canada. Furthermore, growth in the US food & beverages sector is expected to make way for new avenues and opportunities for corrugated box packaging thereby impacting carton sealing tape market.
Asia Pacific demand, in 2014, was 20.36 billion square meters and is likely to emerge as the fastest growing regional market at a CAGR of 7.0% over the forecast period as a result of growing construction industry in the wake of population growth, government infrastructural plans, and urbanization. Ample availability of raw materials including PVC and polypropylene in China is projected to propel the market from 2015 to 2022.
Pressure sensitive tape industry is fragmented with the presence of various companies including Lintec, 3M, teas SE and Nitto Denko Corporation. They together constituted over 20.0% of the global market share in 2014. New launches include a product development by Saint-Gobain in April 2014. It is a double-sided acrylic tape with high performance, NORBOND A7300, and NORBOND A7200. In August 2015, Shurtape launched flatback paper tape which had a strong hold, moisture & humidity resistance.

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ERP Software Market is anticipated to witness tremendous gains over the next seven years

Global ERP software market is anticipated to witness tremendous gains over the next seven years on account of its increasing application in defense & aerospace, retail, and government utility sectors. The software enables organizations to function with transparency, increases productivity, and enables decision making. The industry is expected to be worth USD 48.22 billion in 2022.

ERP software as a finance function facilitates management of different financial activities including cash flow management, asset management, accounting, and investment. Finance was the largest segment of the market contributing to over 22.0% of the share in 2014 and is estimated to grow at a CAGR exceeding 7.0% from 2015 to 2022.

Human resource is likely to be the fastest growing functional segment owing to rapid organizational development and expansion. Automated HR processes are also expected to drive growth.

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Further key findings from the study suggest:

On-premise ERP software deployment model accounted for over 60.0% of the total revenue in 2014, owing to the various benefits offered including high data security and continuous control in the organizations, thereby reducing the dependency on third party vendors. The market was valued at USD 17.01 billion in 2014. Cloud deployment was the second largest segment in 2014 owing to the introduction of mobile devices coupled with lower infrastructure requirements.
Manufacturing & services were valued at USD 5.11 billion in 2014, capturing over 15.0% of the revenue share in 2014. This segment utilizes ERP software for a broad range of business activities including customer services, inventory management, production scheduling, day-to-day performance management, daily operations monitoring and inter-departmental collaboration. Government utilities are expected to capture a significant share due to rising adoption of IT infrastructure.
Medium-enterprises were the largest end-users, accounting for over 40.0% of the global share in 2014, owing to the factors including minimized production costs, increased operational efficiency, and timely product delivery. Stringent government regulations and compliances in organizations have augmented market demand thereby, achieving high productivity and reduced complexity.
North America contributed to over 40.0% of the revenues in the global industry and was valued at USD 11.33 billion in 2014. Increasing technological advancements and rising adoption of ERP software in the finance function by the enterprises in the region to achieve transparency in financial transactions is expected to augment the market demand.
Europe and Asia Pacific are projected to register a speedy growth in the ERP software market owing to the mounting number of enterprises and booming manufacturing industry. Government initiatives, particularly in the emerging economies of Asia Pacific for implementing IT infrastructure are expected to augment the market demand over the forecast period. Key players present in the industry includes IBM Corporation, Oracle Corporation, SAP SE, Sage Group Plc, Syspro, Unit4, Microsoft Corporation and NetSuite Inc.

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Grand View Research, Inc

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