CHICAGO, Oct. 20, 2023 /PRNewswire/ -- Future trends in the Cloud ERP Market include an emphasis on industry-specific solutions, an increase in the integration of cutting-edge technology, and a dedication to offering safe, logical, and data-driven tools to assist businesses in their digital transformation efforts.
The Cloud ERP Market size is expected to grow from USD 72.2 billion in 2023 to USD 130.5 billion by 2028 at a compound annual growth rate (CAGR) of 12.6% during the forecast period, according to a new report by MarketsandMarkets. Cloud ERP solutions are designed to facilitate integration with other software and services. They often include open APIs (Application Programming Interfaces) and connectors that make connecting the ERP system with a wide range of third-party applications relatively straightforward. This capability allows businesses to create a more comprehensive and interconnected technology ecosystem, integrating ERP with customer relationship management (CRM) systems, e-commerce platforms, analytics tools, and other applications that contribute to a more streamlined and efficient operation.
Browse in-depth TOC on "Cloud ERP Market"
260 - Tables
59 - Figures
245 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2018-2028 |
Base year considered | 2022 |
Forecast period | 2023-2028 |
Forecast units | Value (USD Million/Billion) |
Segments Covered | Component, Business Function, Deployment Mode, Organization Size, Vertical, and Region |
Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
Companies Covered | Some of the significant Cloud ERP Market vendors are Oracle (US), Microsoft (US), SAP (Germany), Workday (US), Infor (US), IFS (Sweden), Plex Systems (US), Epicor Software Corporation (US), Sage Group (UK), Ramco Systems (India), QAD (US), Tally Solutions (India), Odoo (Belgium), SYSPRO (South Africa), Tyler Technologies (US). |
Moreover, customer relationship management (CRM) and project management are integral components of a comprehensive cloud ERP solution. CRM enhances customer interactions by centralizing and analyzing customer data, enabling better sales and service. This data integration with ERP improves decision-making, inventory management, and demand forecasting. Project management within ERP facilitates efficient resource allocation, task tracking, and collaboration, ensuring project timelines and budgets are met. When integrated into a cloud ERP system, both CRM and project management modules benefit from real-time data access, scalability, and accessibility from anywhere, which streamlines operations, boosts productivity, and drives growth. Combining CRM and project management with a cloud ERP solution helps businesses improve customer relationships, streamline processes, and enhance organizational efficiency.
By component, the services segment is expected to capture the highest CAGR during the forecast period.
The component segment of the Cloud ERP Market is segmented into solutions and services. The services segment is estimated to hold the highest CAGR during the forecasted period. Services are categorized into managed services and professional services. The services segment in the Cloud ERP Market plays a crucial role in complementing the software solutions by offering a wide array of training, support, and maintenance, implementation & integration, and consulting & advisory services. This segment is instrumental in helping organizations adopt and maximize cloud ERP systems' benefits. Service providers assist businesses in effectively deploying ERP solutions, tailoring them to specific organizational needs, and ensuring seamless integration with existing infrastructure. They offer training programs to empower users, facilitate data migration, and provide strategic guidance to align ERP strategies with business objectives. These services are instrumental in helping organizations harness the full potential of cloud ERP, enabling streamlined operations, data-driven decision-making, and long-term scalability while ensuring compliance and data security.
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Based on deployment Mode, the public cloud segment is expected to account for the largest market share during the forecast period.
The Cloud ERP Market, by deployment mode, is segmented into public and private cloud. It is expected that during the forecast period, the public cloud segment is estimated to account for the largest market size and share in the Cloud ERP Market. Public cloud deployment is pivotal in the Cloud ERP Market, revolutionizing how businesses manage their operations and data. Cloud ERP systems, hosted on public cloud infrastructure provided by industry giants such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP), offer several key advantages. First and foremost, they eliminate the need for significant upfront hardware and software investments, making ERP solutions more accessible to organizations of all sizes. This democratization of ERP technology allows smaller enterprises to compete on a level playing field with larger counterparts.
Additionally, public cloud deployment ensures scalability and flexibility. Businesses can quickly scale their ERP resources up or down based on their changing needs, avoiding the inefficiencies of overprovisioning or the limitations of underprovisioning. Moreover, the global presence of public cloud providers ensures high availability and disaster recovery capabilities, reducing downtime risks and enhancing business continuity.
Moreover, security and compliance are also strengthened through public cloud ERP deployments, as major cloud providers invest heavily in robust security measures and compliance certifications, often exceeding what individual organizations can afford or manage on their own. This instills confidence in customers that their sensitive data is well-protected.
North America is projected to hold the largest market share during the forecast period.
The Cloud ERP Market by region has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. As per region, North America is estimated to account for the largest market share in the global Cloud ERP Market in 2023, and this trend is expected to continue during the forecast period. The Cloud ERP Market, encompassing a wide range of critical business functions, is pivotal in reshaping the North American business landscape. First and foremost, it serves as the backbone of digital transformation efforts, enabling organizations to modernize their operations across various sectors. From finance and human resources to supply chain and customer relationship management, cloud ERP systems streamline and integrate these functions, fostering agility and efficiency. In North America, where diverse industries flourish, this technology empowers businesses to adapt rapidly to market changes, scale operations as needed, and remain competitive globally.
Top Key Companies in Cloud ERP Market:
Some of the significant Cloud ERP Market vendors are Oracle (US), Microsoft (US), SAP (Germany), Workday (US), Infor (US), IFS (Sweden), Plex Systems (US), Epicor Software Corporation (US), Sage Group (UK), Ramco Systems (India), QAD (US), Tally Solutions (India), Odoo (Belgium), SYSPRO (South Africa), Tyler Technologies (US), MIE Solutions (US), Acumatica (US), Genius Solutions (Canada), Deltek (US).
Recent developments:
- In September 2023, Oracle announced the Fusion Data Intelligence Platform, a next-generation data, analytics, and AI platform that would help Oracle Fusion Cloud Applications customers achieve better business outcomes by combining data-driven insights with intelligent decisions and actions. This new platform, an evolution of the Oracle Fusion Analytics Warehouse product, would deliver business data-as-a-service with automated data pipelines, 360-degree data models for key business entities, rich interactive analytics, AI/ML models, and intelligent applications.
- In July 2023, Microsoft recently introduced Dynamics 365 Copilot, the world's first AI copilot integrated into CRM and ERP applications in the cloud, designed to augment workflows, uncover insights, identify the subsequent best actions, and reduce time spent on administrative tasks. Organizations relying on on-premise applications would struggle to compete with peers embracing these AI-powered technologies in the cloud.
- In February 2023, Infor introduced an ERP software solution for manufacturers in complex, make-to-order, and engineer-to-order industries. Infor LX was developed by Infor, a global enterprise software company known for its robust functionality tailored to meet the unique requirements of manufacturing businesses. Infor LX covered many business functions, including financial management, manufacturing operations, supply chain management, CRM, HCM, and more. This breadth of functionality enables organizations to manage various operations within a single integrated system.
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Cloud ERP Market Advantages:
- Since businesses only pay for cloud services on a subscription basis, cloud ERP eliminates the need for on-premises gear and lowers up-front capital expenses.
- Cloud ERP solutions may be readily scaled by businesses to meet expansion needs, whether they need to expand to new locations, increase users, or incorporate new capabilities.
- The accessibility of cloud ERP systems from any location with an internet connection encourages remote work, international collaboration, and mobile access to vital corporate data.
- Since cloud ERP systems are often easier to setup than conventional on-premises solutions, businesses can start operating more quickly.
- Organisations can always receive the newest features and security patches because cloud ERP providers take care of system updates and maintenance.
- As a large portion of system maintenance and support is handled by cloud ERP providers, businesses can cut back on their IT staff and infrastructure costs.
- To protect sensitive corporate data, cloud ERP providers make significant investments in security features like data encryption, access controls, and compliance certifications.
- Disaster recovery and data backup services are frequently offered by cloud ERP providers, ensuring data availability and integrity in the case of a system failure or emergency.
- Real-time data access made possible by cloud ERP systems enables better decision-making by giving current details on corporate activities.
- A seamless data transfer across systems is made possible by the integration that cloud ERP solutions frequently offer with other cloud-based apps and services.
Report Objectives
- To define, describe, and forecast the Cloud ERP Market based on component (solutions and services), business function, deployment mode, organization size, vertical, and region
- To provide detailed information about the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the Cloud ERP Market
- To analyze the recession impact on components, verticals, and regions across the globe
- To analyze the market with respect to individual growth trends, prospects, and contributions to the Cloud ERP Market
- To forecast the market size of five main regions: North America, Europe, Asia Pacific (APAC), the Middle East & and Africa (MEA), and Latin America
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Cloud ERP Market
- To profile the key players in the Cloud ERP Market and comprehensively analyze their core competencies in each microsegment
- To analyze the competitive developments, such as agreements, alliances, joint ventures, and mergers and acquisitions, in the Cloud ERP Market
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