In 2017, the top 10 ERP software vendors accounted for nearly 31.7% of the global ERP applications market which grew 0.4% to approach nearly $82.6 billion in ERP license, maintenance and subscription revenues. The ERP applications market includes both ERP Financial Management & ERP Services and Operations applications.
Last year SAP led the pack with nearly 7% market share riding on a 6.4% jump in ERP license, maintenance and subscription revenues. Oracle was #2, followed by Intuit , FIS Global and Fiserv.
We ask the simple question: Who’s buying ERP applications from whom and why? And we provide the answers – supported by decades of research – to our clients around the world. (Sample from our Apps Database)
Through our forecast period, the ERP applications market is expected to reach $85.9 billion by 2022, compared with $82.6 billion in 2017 at a compound annual growth rate of 0.8%.
| Exhibit 2: Worldwide ERP Software Market 2017-2022 Forecast, $M | |||
|---|---|---|---|
| Year | 2017 | 2022 | 2017-2022 CAGR, % |
| Total | 82630 | 85998 | 0.80% |
Source: Apps Run The World, December 2018
Top 10 ERP Software Vendors
ERP Financial Management software covers finance-specific business processes such as accounts payable, accounts receivable, general ledger, and fixed asset accounting, as well as online functions such as invoicing, factoring, electronic payments and financial reporting. FM applications revenues represent a major contributor to the Enterprise Resource Planning market as part of our market sizing exercise.
ERP Services and Operations Management covers integrated applications suites designed to automate a range of business processes from back-office operations to financial management and from sales order capture to customer information management. Currently ERP also covers functions not being addressed by other functional markets. Examples include Environment and Health and Safety, Governance, Risk and Compliance, as well as industry-specific applicatons for 21 verticals.
Buoyed by NetSuite, Workday and Xero, the ERP FM market has never looked more promising, but incumbents are fighting back with quick conversion toolkits, GL upgrades and embedded analytics for easy reporting.
Industry-specific ERP applications continue to exert considerable influence over direction of enterprise applications market, but growth remains muted because of entrenched presence of legacy systems.
Here are the rankings of the top 10 ERP software vendors in 2017 and their market shares.
| Rank | Vendor | 2016 ERP Apps Revenues, $M | 2017 ERP Apps Revenues, $M | YoY Growth | 2017 ERP Market Share, % | Recent Developments |
|---|---|---|---|---|---|---|
| 1 | SAP | Subscribe | Subscribe | 6.40% | Subscribe | SAP was on track to sign more than 10,000 customers for its next-generation ERP S/4HANA by end of 2018 with 40% of the latest additions being considered net new wins for the vendor. |
| 2 | Oracle | Subscribe | Subscribe | 3.41% | Subscribe | Oracle has signed more than 22,000 Cloud ERP customers including nearly 6,000 for Oracle ERP Cloud and 16,000 for NetSuite. Each quarter Oracle is migrating at least 200 customers of its on-premise ERP systems like E-Business Suite to the Cloud. |
| 3 | Intuit Inc. | Subscribe | Subscribe | 14.15% | Subscribe | QuickBooks Online subscribers now top 3.6 million, up from 1.6 million in 2016. Meanwhile, Intuit strengthened working capital management and payment offerings for SMBs, along with same-day payroll processing. |
| 4 | FIS Global | Subscribe | Subscribe | -9.15% | Subscribe | FIS sees low single-digit growth for its ERP apps for banks and FIs aided by its maintenance revenues. Cloud migration is a work in progress. |
| 5 | Fiserv | Subscribe | Subscribe | 3.48% | Subscribe | Acquired the debit card processing, ATM Managed Services and MoneyPass surcharge free network of Elan Financial Services, a unit of U.S. Bancorp. |
| 6 | Cerner Corporation | Subscribe | Subscribe | 6.34% | Subscribe | While Cerner focuses on digitally transforming healthcare providers, it also relies heavily on provider-sponsored health plans for population health and government sales to entities like Department of Defense and Veterans Affairs. |
| 7 | Microsoft | Subscribe | Subscribe | 1.10% | Subscribe | Migrating legacy AX, C5, GP, NAV, and SL to Dynamics 365 for the Cloud remains the top priority for Microsoft’s evolving enterprise apps strategy. |
| 8 | SS&C Technologies | Subscribe | Subscribe | 15.03% | Subscribe | Acquired Intralinks for secure collaboration and EZE Software for investment management solutions. |
| 9 | Infor | Subscribe | Subscribe | 7.22% | Subscribe | Acquired Vivonet for ERP apps for hospitality industry with point-of-sale and inventory and procurement functionality. |
| 10 | Constellation Software Inc. | Subscribe | Subscribe | 16.65% | Subscribe | For its latest nine-month period, CSI saw 24% growth in total revenues mostly through acquisitions. Organic growth was in low single digit. |
| Subtotal | Subscribe | Subscribe | 5.17% | Subscribe | ||
| Other | Subscribe | Subscribe | -1.61% | Subscribe | ||
| Total | Subscribe | Subscribe | 0.44% | Subscribe |
Source: Apps Run The World, December 2018
Custom data cuts related to the ERP Applications market are available:
- Top 400 ERP Applications Vendors and Market Forecast 2017-2022
- 2017 ERP Applications Market By Industry (21 Verticals)
- 2017 ERP Applications Market By Functional Market (16 Markets)
- 2017 ERP Applications Market By Country (USA + 45 countries)
- 2017 ERP Applications Market By Region (Americas, EMEA, APAC)
- 2017 ERP Applications Market By Revenue Type (License, Services, Hardware, Support and Maintenance, Cloud)
- 2017 ERP Applications Applications Market By Customer Size (revenue, employee count, asset)
- 2017 ERP Applications Market By Channel (Direct vs Direct)
- 2017 ERP Applications Market By Product
Exhibit 4 shows the enterprise applications market by functional area. The highest growth functional markets revolve around smaller segments like eCommerce, Enterprise Performance Management, Sales Performance Management and Treasury and Risk, where first movers remain less established than those that for decades have been entrenched in functional areas like ERP, CRM and PLM.
ERP Win/Loss Analysis As Part Of Enterprise Applications Buyer Insight Customer Database
On the buyer side, customers are investing in ERP applications based on new features and capabilities that are expected to replace their existing legacy systems. In many cases, competitive upgrades and replacements that could have a profound impact on future market-share changes will become more widespread.
Since 2010, our global team of researchers have been studying the patterns of the latest ERP software purchases by customers around the world, aggregating massive amounts of data points that form the basis of our forecast assumptions and perhaps the rise and fall of certain vendors and their products on a quarterly basis.
Updated continuously, our database features extensive win/loss analysis. Each year our research team identifies tens of thousands of these ERP customer wins and losses from public and proprietary sources.
The research results are being incorporated into regular updates in our Enterprise Applications Buyer Insight Customer Database. You can access the Quarterly Win/Loss Analysis Scoreboard and our Enterprise Applications Buyer Insight Customer Database by becoming a subscriber.
| Customer | Industry | Empl. | Revenue | Country | Vendor | New Product |
| Community Health Center of Lubbock | Healthcare | 141 | $20.0M | United States | Blackbaud | Blackbaud Financial Edge NXT |
| University of South Alabama Health System | Healthcare | 3600 | $400.0M | United States | Cerner Corporation | Cerner Millennium |
| UHS | Healthcare | 83000 | $10.41B | United States | Cerner Corporation | Cerner Millennium Revenue Cycle Management |
| ExxonMobil | Education | 69600 | $238.00B | United States | Chrome River Technologies | Chrome River Expense Management |
| Indiana University | Oil and Gas | 19000 | $3.00B | United States | Chrome River Technologies | Chrome River Expense Management |
| University of Minnesota System | Education | 30000 | $3.80B | United States | Chrome River Technologies | Chrome River Expense Management |
| Cracknell Limited | Construction and Real Estate | 230 | $45.0M | United Arab Emirates | Deltek | Deltek ERP |
| DPS Group Global | Construction and Real Estate | 1200 | $300.0M | Ireland | Deltek | Deltek ERP |
| ILF Consulting Engineers | Professional Services | 2000 | $200.0M | Austria | Deltek | Deltek ERP |
| Columbus Capital Lending | Banking and Financial Services | 195 | $60.0M | United States | Ellie Mae | Ellie Mae’s Encompass |
| CJT Koolcarb, Inc | Manufacturing | 120 | $10.0M | United States | Epicor | Epicor Cloud ERP |
| TASI Group | Manufacturing | 800 | $120.0M | United States | Epicor | Epicor Cloud ERP |
| Vinnell Arabia | Distribution | 1200 | $100.0M | Saudi Arabia | Epicor | Epicor Cloud ERP |
| Xplore Technologies | Manufacturing | 100 | $87.0M | United States | Epicor | Epicor Cloud ERP |
| Equatorial Coca-Cola Bottling Company | Retail | 6000 | $686.0M | Spain | Epicor | Epicor ERP |
| Havelock AHI | Construction and Real Estate | 800 | $500.0M | Bahrain | Epicor | Epicor ERP |
| Customers Bank | Banking and Financial Services | 822 | $445.0M | United States | FIS Global | FIS Core Banking |
| Waterlogic International | Consumer Packaged Goods | 500 | $100.0M | United Kingdom | IFS Industrial and Financial Systems AB | IFS ERP |
| Mattex Group | Manufacturing | 800 | $120.0M | United Arab Emirates | Infor | Infor CloudSuite Fashion |
| Watami Co | Retail | 2825 | $843.0M | Japan | Infor | Infor CloudSuite Food & Beverage |
| Capital Region Medical Center (CRMC) | Healthcare | 1600 | $200.0M | United States | Infor | Infor CloudSuite Healthcare |
| CHRISTUS Health | Healthcare | 33000 | $4.92B | United States | Infor | Infor CloudSuite Healthcare |
| Xometry | Manufacturing | 140 | $20.0M | United States | Infor | Infor CloudSuite Industrial (Syteline) |
| Alila Hotels and Resorts | Leisure and Hospitality | 5800 | $1.10B | Singapore | Infor | Infor Hospitality Management |
| Vienna House | Leisure and Hospitality | 2400 | $214.0M | Austria | Infor | Infor Hospitality Management |
| Rosenbauer Group | Retail | 3100 | $870.0M | Austria | Infor | Infor LN |
| Valmet | Professional Services | 12300 | $3.30B | Finland | Infor | Infor LN |
| The Pavilions Hotels & Resorts | Leisure and Hospitality | 150 | $20.0M | China | Infor | Infor SunSystems |
| Travelodge | Leisure and Hospitality | 10000 | $816.0M | United Kingdom | Infor | Infor SunSystems |
| Horizon Pharma plc | Life Sciences | 1010 | $1.06B | Ireland | Medidata Solutions | Medidata Clinical Cloud |
| Santen Pharmaceutical | Life Sciences | 3805 | $225.0M | Japan | Medidata Solutions | Medidata Edge CTMS |
| Ann Summers | Retail | 1332 | $133.0M | United Kingdom | Microsoft | Microsoft Dynamics 365 for Finance and Operations |
| Towergate Insurance | Insurance | 5000 | $430.0M | United Kingdom | Microsoft | Microsoft Dynamics 365 for Finance and Operations |
| Umbra Group | Aerospace and Defense | 1200 | $200.0M | Italy | Microsoft | Microsoft Dynamics 365 for Finance and Operations |
| Universal Pegasus International | Oil and Gas | 1500 | $1.75B | United States | Microsoft | Microsoft Dynamics 365 for Finance and Operations |
| Alliance Pharma plc | Life Sciences | 200 | $136.6M | United Kingdom | Microsoft | Microsoft Dynamics AX |
| British Medical Association | Non Profit | 600 | $106.0M | United Kingdom | Microsoft | Microsoft Dynamics NAV |
| Bankrate, Inc | Banking and Financial Services | 384 | $434.0M | United States | NetSuite | NetSuite OneWorld |
| ROLI | Media | 157 | $70.0M | United Kingdom | NetSuite | NetSuite OneWorld |
| Sunmoon Food Company | Consumer Packaged Goods | 700 | $45.0M | Singapore | NetSuite | NetSuite OneWorld |
| Unilab | Life Sciences | 6000 | $1.10B | Philippines | NetSuite | NetSuite OneWorld |
| SAIC | Professional Services | 15000 | $4.30B | United States | NetSuite | Netsuite OpenAir |
| Prophet | Professional Services | 550 | $30.0M | United States | Oracle | NetSuite OneWorld Professional Services Automation |
| Adventist Health | Healthcare | 35000 | $3.60B | United States | Oracle | Oracle ERP Cloud |
| Arcadis | Construction and Real Estate | 27000 | $3.40B | Netherlands | Oracle | Oracle ERP Cloud |
| athenahealth | Professional Services | 4668 | $924.0M | United States | Oracle | Oracle ERP Cloud |
| Caesars Entertainment | Leisure and Hospitality | 65000 | $4.85B | United States | Oracle | Oracle ERP Cloud |
| Kentucky State University | Education | 1600 | $53.0M | United States | Oracle | Oracle ERP Cloud |
| San Bernardino Community College District | Education | 14253 | $12.37B | United States | Oracle | Oracle ERP Cloud |
| The CSL Group Inc | Transportation | 1000 | $250.0M | Canada | Oracle | Oracle ERP Cloud |
| UW Health | Healthcare | 18000 | $2.90B | United States | Oracle | Oracle ERP Cloud |
| West Midlands Police | Insurance | 10884 | $728.0M | United Kingdom | Oracle | Oracle ERP Cloud |
| De La Rue | Distribution | 3500 | $603.0M | United Kingdom | SAP | SAP Business ByDesign |
| HMD Global Oy | Manufacturing | 600 | $2.06B | Finland | SAP | SAP Business ByDesign |
| StepStone | Professional Services | 900 | $262.0M | Germany | SAP | SAP Business ByDesign |
| Otsuka Pharmaceuticals Europe | Life Sciences | 600 | $132.0M | United Kingdom | SAP | SAP Business One HANA |
| Accenture | Professional services | 449000 | $34.85B | Ireland | SAP | SAP Business Suite on HANA |
| Arquia Banca | Banking and Financial Services | 170 | $20.0M | Spain | SAP | SAP Core Banking |
| PZ Cussons | Consumer Packaged Goods | 4520 | $1.07B | United Kingdom | SAP | SAP ERP ECC 6.0 |
| ABeam | Consumer Packaged Goods | 4961 | $660.0M | Japan | SAP | SAP S/4 HANA |
| APG Groep N.V. | Banking and Financial Services | 4000 | $1.20B | Netherlands | SAP | SAP S/4 HANA |
| Arm Limited | Professional services | 6250 | $1.35B | United Kingdom | SAP | SAP S/4 HANA |
| Associated British Ports | Transportation | 2432 | $550.0M | United Kingdom | SAP | SAP S/4 HANA |
| Ballance Agri-Nutrients | Retail | 728 | $547.0M | New Zealand | SAP | SAP S/4 HANA |
| Berry Bros. & Rudd | Consumer Packaged Goods | 450 | $100.0M | United Kingdom | SAP | SAP S/4 HANA |
| Burra Foods Australia | Consumer Packaged Goods | 187 | $230.0M | Australia | SAP | SAP S/4 HANA |
| Centrica | Utility | 60000 | $36.50B | United Kingdom | SAP | SAP S/4 HANA |
| Chimelong Group Co. Ltd. | Leisure and Hospitality | 10000 | $950.0M | China | SAP | SAP S/4 HANA |
| Choví Food Group | Consumer Packaged Goods | 135 | $45.9M | Spain | SAP | SAP S/4 HANA |
| Delaware International | Professional services | 1800 | $263.0M | Belgium | SAP | SAP S/4 HANA |
| DEUTZ | Construction and Real Estate | 3754 | $1.48B | Germany | SAP | SAP S/4 HANA |
| doTERRA | Retail | 2300 | $1.50B | United States | SAP | SAP S/4 HANA |
| Greggs plc | Consumer Packaged Goods | 21734 | $1.24B | United Kingdom | SAP | SAP S/4 HANA |
| Hershey | Consumer Packaged Goods | 22000 | $7.40B | United States | SAP | SAP S/4 HANA |
| Indus Motor Company | Automotive | 3200 | $1.05B | Pakistan | SAP | SAP S/4 HANA |
| JFE Steel Corporation | Manufacturing | 43874 | $30.00B | Japan | SAP | SAP S/4 HANA |
| JTI | Consumer Packaged Goods | 40000 | $10.50B | Switzerland | SAP | SAP S/4 HANA |
| KENGEE | Consumer Packaged Goods | 3000 | $500.0M | China | SAP | SAP S/4 HANA |
| Liberty Speciality Markets | Insurance | 1700 | $200.0M | United Kingdom | SAP | SAP S/4 HANA |
| Manna Pro Products LLC | Utility | 250 | $250.0M | United States | SAP | SAP S/4 HANA |
| Microsoft | Professional services | 131300 | $110.00B | United States | SAP | SAP S/4 HANA |
| MINISO Co. Ltd. | Retail | 10000 | $1.80B | Japan | SAP | SAP S/4 HANA |
| Moderna Therapeutics | Life Sciences | 600 | $910.0M | United States | SAP | SAP S/4 HANA |
| Northern Gas Networks | Utility | 2658 | $200.0M | United Kingdom | SAP | SAP S/4 HANA |
| Penti | Retail | 3000 | $600.0M | Turkey | SAP | SAP S/4 HANA |
| Pets at Home | Distribution | 7500 | $1.11B | United Kingdom | SAP | SAP S/4 HANA |
| pladis Global | Consumer Packaged Goods | 26000 | $6.00B | United Kingdom | SAP | SAP S/4 HANA |
| Quorn Foods | Consumer Packaged Goods | 650 | $100.0M | United Kingdom | SAP | SAP S/4 HANA |
| Salvatore Ferragamo | Consumer Packaged Goods | 4000 | $1.39B | Italy | SAP | SAP S/4 HANA |
| Schnellecke | Distribution | 19000 | $1.20B | Germany | SAP | SAP S/4 HANA |
| Scotts Miracle-Gro Company | Consumer Packaged Goods | 5500 | $2.80B | United Kingdom | SAP | SAP S/4 HANA |
| Standard Chartered | Banking and Financial Services | 86000 | $14.50B | United Kingdom | SAP | SAP S/4 HANA |
| Stockland | Construction and Real Estate | 1440 | $2.60B | Australia | SAP | SAP S/4 HANA |
| The Coca-Cola Company | Consumer Packaged Goods | 61800 | $35.41B | United States | SAP | SAP S/4 HANA |
| The Emirates Group | Transportation | 103363 | $27.88B | United Arab Emirates | SAP | SAP S/4 HANA |
| thyssenkrupp | Utility | 158000 | $47.54B | Germany | SAP | SAP S/4 HANA |
| Toyota Motor Corporation | Automotive | 369124 | $264.70B | Japan | SAP | SAP S/4 HANA |
| Transport for London | Transportation | 23478 | $2.00B | United Kingdom | SAP | SAP S/4 HANA |
| Travelopia | Professional Services | 4013 | $1.33B | United Kingdom | SAP | SAP S/4 HANA |
| Vaillant Group | Retail | 13000 | $2.76B | Germany | SAP | SAP S/4 HANA |
| Vectus Industries Limited | Construction and Real Estate | 1300 | $75.0M | India | SAP | SAP S/4 HANA |
| Veolia ANZ | Professional services | 4000 | $1.10B | Australia | SAP | SAP S/4 HANA |
| Waberer’s International Nyrt | Distribution | 7600 | $675.0M | Hungary | SAP | SAP S/4 HANA |
| Welcome Break | Consumer Packaged Goods | 4500 | $834.0M | United Kingdom | SAP | SAP S/4 HANA |
| Booking.com | Professional Services | 15000 | $2.20B | Netherlands | SAP | SAP S/4HANA Finance |
| City of Irving | Education | 2300 | $308.0M | United States | Tyler Technologies | Minus ERP |
| Community ISD | Education | 300 | $30.0M | United States | Tyler Technologies | Minus ERP |
| Pittsburgh Public Schools | Professional Services | 5000 | $578.0M | United States | Tyler Technologies | Minus ERP |
| Aberdeen Airport | Transportation | 2500 | $950.0M | United Kingdom | UNIT4 | Unit4 Business World |
| Buckinghamshire New University | Education | 932 | $65.0M | United Kingdom | UNIT4 | Unit4 Business World |
| Peab | Professional Services | 13187 | $4.36B | Sweden | UNIT4 | Unit4 Business World |
| Study Group | Education | 3325 | $380.0M | United Kingdom | UNIT4 | Unit4 Business World |
| University of Waterloo | Education | 2500 | $800.0M | Canada | UNIT4 | Unit4 Business World |
| Wellcome Trust Sanger Institute | Education | 900 | $80.0M | United Kingdom | UNIT4 | Unit4 Business World |
| Cheshire West and Chester Council | Government | 11386 | $708.0M | United Kingdom | UNIT4 | Unit4 Business World On! |
| Grant Thornton UK | Professional Services | 8500 | $1.31B | United Kingdom | UNIT4 | Unit4 Business World On! |
| Saving Places | Non Profit | 350 | $61.0M | United States | UNIT4 | Unit4 Business World On! |
| Shropshire Council | Government | 12000 | $270.0M | United Kingdom | UNIT4 | Unit4 Business World On! |
| University of London | Education | 11000 | $299.0M | United Kingdom | UNIT4 | Unit4 Business World On! |
| IMC Worldwide | Education | 500 | $212.0M | United Kingdom | UNIT4 | Unit4 PSA Suite |
| Buckinghamshire New University | Education | 932 | $65.0M | United Kingdom | UNIT4 | Unit4 Student Management |
| Dublin Business School | Education | 400 | $35.0M | United Kingdom | UNIT4 | Unit4 Student Management |
| Manchester Metropolitan University | Education | 4500 | $620.0M | United Kingdom | UNIT4 | Unit4 Student Management |
| Swiss Education Group | Education | 706 | $100.0M | Switzerland | UNIT4 | Unit4 Student Management |
| A.F. Blakemore & Son Limited | HealthCare | 8100 | $1.71B | United Kingdom | Visma | Visma Retail Suite |
| Best Western Hotels & Resorts | Leisure and Hospitality | 5000 | $7.00B | United States | Workday | Workday Financial Management |
| Caliber Collision | Automotive | 2800 | $1.20B | United States | Workday | Workday Financial Management |
| Care.com | Professional Services | 600 | $146.0M | United States | Workday | Workday Financial Management |
| Denny’s | Leisure and Hospitality | 8900 | $529.0M | United States | Workday | Workday Financial Management |
| Point Loma Nazarene University | Education | 1250 | $300.0M | United States | Workday | Workday Financial Management |
| The Ohio State University | Education | 30000 | $4.00B | United States | Workday | Workday Financial Management |
| Zillow | Construction and Real Estate | 3334 | $1.08B | United States | Workday | Workday Financial Management |
Source: Apps Run The World, January 2019
Further Readings
An expanded version of this report covers the top 500+ ERP Financial Management Software Vendors and ERP Services and Operations Management Software Vendors , offering in-depth analysis of the market dynamics, vendors’ Strengths, Customers, Opportunities, Risks and Ecosystems as well as their ability to gain Shares (SCORES) within their respective space.
We also offer win-loss analysis of the quarterly wins of these top vendors and whether incumbents and upstarts pose any real threat to their standing amid shifting market requirements and user preferences.
More Enterprise Applications Research Findings
Based on the latest annual survey of 3,000+ enterprise software vendors, Apps Run The World is releasing a number of dedicated reports, which profile the world’s 500 largest Enterprise Applications Vendors (Apps Top 500) and the world’s 500 largest Cloud Applications Vendors (Cloud Top 500) ranked by their 2015-2016 product revenues.
Their 2016 results are being broken down, sorted and ranked across 16 functional areas(from Analytics to Treasury and Risk Management) and by 21 vertical industries(from Aerospace to Utility), as shown in our Taxonomy. Further breakdowns by subvertical, country, company size, etc. are available as custom data cuts per special request.
Research Methodology
Each year our global team of researchers conduct an annual survey of thousands of enterprise software vendors by contacting them directly on their latest quarterly and annual revenues by country, functional area, and vertical market.
We supplement their written responses with our own primary research to determine quarterly and yearly growth rates, In addition to customer wins to ascertain whether these are net new purchases or expansions of existing implementations.
Another dimension of our proactive research process is through continuous improvement of our customer database, which stores more than one million records on the enterprise software landscape of over 100,000 organizations around the world.
The database provides customer insight and contextual information on what types of enterprise software systems and other relevant technologies are they running and their propensity to invest further with their current or new suppliers as part of their overall IT transformation projects to stay competitive, fend off threats from disruptive forces, or comply with internal mandates to improve overall enterprise efficiency.
The result is a combination of supply-side data and demand-generation customer insight that allows our clients to better position themselves in anticipation of the next wave that will reshape the enterprise software marketplace for years to come.
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