Cloud ERP Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030

 

Cloud ERP Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Deployment Type (Public, Private and Hybrid), By Functionality Type (Financial Management, Human Resource Management, Supply Chain Management, Customer Relationship Management (CRM), Manufacturing, Inventory Management), By End-user (Manufacturing, Retail, Healthcare, Finance, Education, Service Sector), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

 

The global cloud ERP market was valued at USD 63,983.4 Million in 2022 and is anticipated to reach a value of USD 149,167.6 Million by 2030 expanding at a CAGR of 11.3% between 2023 and 2030.

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Cloud ERP is an enterprise software used by various businesses to streamline their functions, operations and departments such as finance, human resource, supply chain, manufacturing, customer care. Cloud ERP uses cloud computing technology. The global cloud ERP market offers cloud based ERP solutions to various organization across the globe. It very often serves to a diverse range of commercial sectors which includes healthcare, retail, manufacturing, finance, education and so on. This solution is not limited to these industries but goes way beyond the boundaries of traditional sectors of the market. Organizations can choose three types of deployment modules, i.e., public cloud, private cloud and hybrid cloud, based on their preferences and budget. If public cloud offers cost effectiveness, the private cloud and hybrid cloud provides greater control and customization.

Cloud ERP Market Major Driving Forces

Cost Effectiveness: The affordability of this service is one of the key drivers of this industry. With advancements in technology, particularly in IT infrastructure, cloud ERP systems are becoming more and more economically feasible on a regular basis.

Enhanced Security: Leading cloud ERP industries are investing heavily on security measures which often surpasses the capability of individual organization. This robust security infrastructure is getting traction from various organizations to adopt cloud ERP.

Rapid Implementation: In comparison to traditional ERP system, the cloud based ERP system is relatively much more swift and lacks complexity in implementation. As a result, this technology can quickly begin optimizing corporate procedures and gives an advantage over competitors.

Accessibility and Mobility: Employees can access business data and applications from anywhere in the world with just internet connectivity, making it much more accessible than traditional ERP.  

Cloud ERP Market Key Opportunities

Small and Medium-sized Enterprises (SMEs) Adoption: The cost effectiveness and better accessibility of cloud based ERP solutions is making it very popular among the SMEs which shows deep penetration of cloud ERP solution into the market. Vendors can target this customer base tailoring it according to their needs

Industry-specific Solutions: Companies that are providing industry-specific solutions are getting more traction from the businesses which presents a very unique opportunity to the companies offering cloud ERP solutions. Companies specialized in a specific sector of the market such as manufacturing or healthcare or retail are preferred.

Integration with Emerging Technologies: Integration of cutting edge technologies such as artificial intelligence (AI), IOT, block chain and others presents a significant opportunity to bring advanced analytics, automation, and predictive capabilities into cloud ERP solutions.

Cloud ERP Market Key Trends

·         The industry-specific solution is bringing specialization into the cloud ERP market. This is one of the key trends in this market.

·         Integration of artificial intelligence (AI) is bringing advance analytics and higher automation into this market.

·         Blockchain technology has been explored for its ability to improve ERP system security and transparency.

·         Hybrid cloud ERP solutions, which combine on-premises and cloud-based capabilities, are being preferred by certain businesses.

·         Subscription-based pricing models are becoming more common among cloud ERP providers, providing businesses with greater cost management and scalability options.

Region-wise Market Insights

North America accounted for the largest market share at 40.2% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 12.1% between 2023 and 2030.

 

The North America region, particularly in the USA and Canada, is witnessing the surge in the deployment of cloud based ERP solutions owing to the robust IT infrastructure, tech-savvy business environment and strong focus on innovation. The Silicon Valley located in San Francisco bay area is one such region which has a huge demand for cloud ERP solutions. 

Europe is a region which is characterized by complex rules and regulations. These strict regulations accelerated the adoption of cloud ERP particularly in the countries such as the United Kingdom, Germany and France. These countries have excellent IT infrastructure and are keen on investing in to make it even better.

Asia- Pacific region is experiencing rapid growth in cloud ERP market owing to rapid industrialization and urbanization particularly in countries such as China and India. In India, Bengaluru is known as the Silicon Valley of the east owing to its robust IT infrastructure and as one of the leading IT service providers in the world. The adoption of mobile technologies and the quickly expanding e-commerce industry in the region have also increased the demand for cloud ERP solutions.

Latin America holds a great potential for cloud ERP in the future. The region is undergoing digital transformation and modernization of business processes which is also its key driver, especially in countries such as Brazil.

In Middle East, big economies such as the UAE and Saudi Arabia provide an opportunistic market for cloud ERP solutions. Whereas, Africa, though undergoing turmoil, is witnessing an upswing in Cloud ERP adoption, particularly in Nigeria and South Africa. The market is primarily driven by the need to modernize and streamline business operations.

Market Competition Landscape

The global cloud ERP market is characterized by high degree of competition among a large number of vendors. Key players in global cloud ERP market engage in strategies aimed at gaining a competitive edge. Established brands leverage their reputation for quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

The SAP SE is a German multinational software company which offers business software and technology services including cloud ERP solutions. SAP is known for its huge customer base and has expertise in the integration of AI, automation and analytics with its cloud ERP solutions. On the other hand, the USA based company, Oracle Corporation is known for its scalability and security. Besides this, the industry-specific cloud ERP solutions are Infor's niche; they provide customized solutions for manufacturing, healthcare, retail, and other sectors.

Several companies operate in global cloud ERP market, including leading players such as:-

·         Systems, Applications & Products in data processing Societas Europaea (SAP SE)

·         Oracle Corporation

·         Microsoft Corporation

·         Infor

·         NetSuite (Oracle NetSuite)

·         Workday, Inc.

·         Epicor Software Corporation

·         Acumatica

·         Industrial and Financial Systems (IFS)

·         Sage Group

·         Plex Systems

·         Unit4

·         Syspro

·         IQMS (Dassault Systèmes)

·         Rootstock Software

Contact Us:

Ms. Shalaka Dubey

Senior Sales Manager

Congruence Market Insights

Palo Alto, CA 94301, United States

Phone: +1 650-646-2623

Email: sales@congruencemarketinsights.com

 

 

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