2024 Predictions for Oracle ERP Marketplace

While each year closing leads to a new journey we find ourselves reflecting on 2023 and thinking forward into 2024. Heartland delivers consulting talent focused on the Oracle ERP marketplace that includes Oracle cloud, Oracle EBS, PeopleSoft, Oracle EPM, and JD Edwards Oracle technologies. 2022 was our most productive year with 60 new starts and 2023 saw much of the momentum continued coming in with revenue growth. The marketplace was bi-polar with moments of boom and moments of bust and we are sharing some details around our view of 2024 to help you.

Here are 7 predictions for 2024

1) Oracle Cloud is taking over and will grow. Out of 50 new engagements in 2023, over 2/3 are Oracle cloud related for Heartland. We expect this number to grow as Oracle's and our focus are aligned with Oracle cloud marketplace and new technologies/features and project work. We still deliver on premise resources, but the demand has steadily declined vs. Oracle cloud growth.

2) Resource demand will increase . Organizations are investing in Oracle products and their IT environments. We see consistent demand for resources and extensive volume of projects being planned for 2024. Project extensions with Oracle cloud and on premise ERP are consistent, constant, and valuable.

3) Resource supply will decrease. While this is happening gradually, we also see supply of resources decline as retirement attrition of baby boomers is taking shape. This may sound like a small portion of marketplace, but long term trends including smaller portion of people entering Oracle ERP marketplace and immigration restrictions have limited the volume of skilled labor recently creating synergies leading to less supply.

4) Compensation Rates will be flat. 2022 we saw competition and wage inflation, while 2023 saw a flattening and actual decrease in some skill sets. With unemployment forecasted to increase overall, we expect wages to remain flat for 2024 without nominal growth or loss.

5) Artificial Intelligence won't impact you in 2024, but it will in 2025. The media has a lot of hype in this area and we know it is coming, it is actually closer than you think. Chat gpt is a warm up and areas are going to start going live at scale in 2025. Watch out for AI, but won't see a major change in 2024.

6) The election won't matter as much as you think. While election years create uncertainty and stir political potential changes normally, this time it will be more benign than years past and won't have a major impact on economy like previous years.

7) There will be more focus on in-office jobs. We saw this change happen in a big way in 2023, but companies are moving back to the office and/or hybrid schedule and will see travel continue to return and in office be a requirement of employment in more and more companies.

While I can't tell you who will win the super bowl this year or if Mark Cuban is going to move the Dallas Mavericks out of Dallas, I am confident on these 7 predictions related to our marketplace!

We are looking forward to our 14th birthday in 2024 and are thankful and appreciative of the opportunity for our position in the marketplace. Please let us know where we can build a stronger partnership in 2024 and good luck!!