Education ERP Market To Reach Over $14-Bn in 2020
The Education ERP Market is growing rapidly, according to a report published by MarketsandMarkets, which predicts the education ERP segment to grow from $6.40 Billion in 2015 to $14.22 Billion in 2020, at a CAGR of 17.3% during the forecast period. The software solutions included in this segment are SIS/HR/Payroll, financial management, placement management, transport management, enrollment and admissions and other administrative services.
A school and college management software allows an institution to efficiently manage the business process across various departments, thereby, improving the communication and collaboration across departments and divisions. With education ERP systems, administrative modules are managed by software that allows administrators and supervisors to easily access reports and student information, said the report.
However, the report also notes that as technology continues to advance, it brings with it modern prospects and challenges for educators and learners. The biggest challenges for institutions are the difficulties in integrating the ERP systems with the internal systems and the restricted customization options available in the ERP module.
Consolidated management of the student information saves the budget and time required to manage administrative activities. Information depository of education ERP, which is accessible to the students, faculty, and parents, sometimes creates connectivity complications, problems in sustaining & streamlining software, and technological issues. Some vendors may also find it challenging to direct through the education ERP program due to unclear instructions and lack of knowledge about the usage of these systems.
According to the study, the market consists of various large and niche players who provide proficient software solutions such as SIS, HR/payroll, financial management, placement management, transport management and enrolment and admissions. The key vendors in this market are Blackbaud, NetSuite, SAP, Oracle, UNIT4, Epicor, and Infor.
The MarketsandMarkets report states that the major forces driving this market are the demand for automated management of business processes in academic institutions and the need for better functionality of administrative modules. However, it is anticipated that the major vendors would face tough competition from the local vendors from diverse regions, especially in the field of school management software solutions. The educational institutions, colleges, and universities are strategically deploying applications to promote efficient automation and integration of business processes, states the report.
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