Major ERP solution providers have expanded services to India - a country that is expected to spend an estimated $3.5 billion on enterprise software this year, according to Gartner. The Economic Times reported Gartner researchers expect India to be home to the fastest-growing enterprise software market for at least the next four years.
Enterprises in India are beginning to understand and use more sophisticated technologies, the Economic Times reported, and Oracle and SAP are focusing their services in the country where manufacturers and other industries could benefit from ERP systems. Oracle has a global sales revenue of $37 billion and SAP generates $18 billion, the article stated. The systems track and manage data generated from business processes and then use that information to improve efficiency and service. An Oracle spokesperson quoted by the newspaper said the company's ERP system can easily work in any environment, making adoption a smart business move by nearly every company.
Manufacturing companies may best be able to leverage ERP systems. In India, the manufacturing sector is expected to grow through the end of the year faster than in any previous quarter this year, My Digital FC reported. The manufacturing sector grew 2.9 percent in August alone, the article stated. This was after the industry saw declines in growth in June and July.
Companies that product ceramics, electronics and tires are likely to see the strongest growth, increasing business by 10 percent in the third quarter of the year, according to the My Digital FC article. Food, capital goods, cement, leather and footwear manufacturers are forecast to see moderate growth of at least 5 percent in the quarter.