Dallas, Texas, Sept. 20, 2022 (GLOBE NEWSWIRE) — The Global Cloud ERP Market is expected to increase significantly during the forecast period owing to the increasing adoption of cloud computing, rising adoption of financial applications and cutting-edge digitization techniques. The elimination of superfluous tasks, the government’s strategy of using cutting-edge technologies, and the requirement for companies to build business processes are all contributing to the expansion of the market.
At a compound annual growth rate (CAGR) of 12.1% over the forecast period, the size of the global cloud ERP market is expected to grow from $54 billion to $178 billion by 2030.
Enterprise resource planning in the cloud, as a result of technological advances and the use of cloud computing, the industry growth is significant. Rather than being installed on-premises at a remote location for a business, Cloud ERP is enterprise resource planning (ERP) software that provides a distributed computing platform. It supports the management of multiple business functions of an organization including purchasing, inventory control, and customer relationship management (CRM). Numerous companies across a variety of consumer industries have adopted cloud ERP systems on a large scale.
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Global Cloud ERP Market Scope:
|length of study||2019-2030|
|Market size in 2030||$178 billion|
|section covered||by deployment, function, organization, vertical, by region,|
|covered by deployment||Private cloud, public cloud, hybrid cloud|
|function covered||Accounting, finance, inventory and order management, human resource management, sales and marketing|
|organization covered||small and medium-sized enterprises, large companies|
|Covered vertically||Manufacturing & Services, Retail, Public Utilities, BFSI, Healthcare, Other|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa & South America|
|Key players in profile||Plex Systems, QAD, Epicor, Sage Software, Workday, Unit4, Microsoft, IBM, Ramco Systems, IQMS, Software, Infor, Microsoft, SAP, Rootstock|
In today’s digitally connected world, companies have access to a considerable amount of data, which they collect from all available sources. Every business process generates unique data in a specific format, and organizations collect massive amounts of data in their day-to-day activities. Businesses implement analytics-based solutions to make inferences and decisions based on data to manage such a complex and enormous amount of data. As companies seek analytics-based solutions, big data and analytics are offering a new revenue stream for cloud ERP providers. Professionals around the world rely on analytics technologies to optimize resource utilization and increase operational agility and reliability.
The market size for the large enterprise segment is expected to be the largest during the forecast period. Large corporate organizations are defined as those with more than 1,000 employees. Large companies are expected to adopt cloud ERP solutions more often than SMBs. This is because companies can take advantage of the cloud ERP solution due to its low cost and great economies of scale. The huge R&D investments of large companies in the manufacturing sector enable them to use cutting-edge digital solutions such as cloud ERP to improve their business operations.
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During the projected term, the financial and accounting solutions segment is expected to grow the fastest. One of the most important business processes in any company is finance and accounting. Organizations are extremely cautious when handling financial data.
In 2021, the market share favored North America the most. In addition, cloud-based ERP solutions became more popular during the projected period due to technological advances in industry, government and retail. The rapidly growing IoT as well as the presence of various companies are also contributing to the growth of this market. The cloud-based ERP market is expected to grow fastest in Asia Pacific, followed by LAMEA.
For example, Acumatica and IFS merged in June 2019. It can benefit from the sharing of resources, skills and tactics provided by them while maintaining full autonomy and traversing high development paths without jeopardizing business operations or brand equity.
Important points from the table of contents:
2. Research methodology
3. Market Outlook
4. Cloud ERP Market by Component, 2022-2029 (Billion USD)
5. Cloud ERP Market by Function, 2022-2029 (Billion USD)
6. Cloud ERP Market by Organization, 2022-2029 (Billion USD)
7. Cloud ERP Market by Industry, 2022-2029 (Billion USD)
8. Cloud ERP Market by Region 2022-2029 (Billion USD)
9. Competitive Landscape
10. Company Profiles
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