Cloud Enterprise Resource Planning (ERP) Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3428
Cloud ERP Market size will register an exponential gain during the forecast period propelled by advancement in technology and IoT. Traditionally, back-end process management was being hosted in different database and required batch updates. It was difficult to manage operations as it had a separate module for each backend process. To overcome the problems faced due to the conventional back-end process system, organizations are adopting ERP solutions.
The cloud ERP market is growing due to the ease of use and cost-efficient & stable solutions. The cloud software is hosted on a vendor’s server and accessed through a web browser. The growing organizations want to use ERP as a multi-tiered strategy, prompting its market to grow. The rise in the demand to improve operational efficiency and streamline business processes will drive the cloud market. Organizations are facing problems to run the origination efficiently due to the complexity and rapid changes in business models. To address this challenge, organizations are adopting ERP solutions.
The increasing demand for cloud-based services is fostering the demand for the cloud ERP market. The demand for cloud-based solutions is due to its hassle-free deployment, low cost, and flexibility. The advantages provided by cloud-based services over on-premise services are attracting organizations to adopt cloud-based services. The adoption of big data analytics by organizations is also driving the cloud ERP market. Most of the organizations are adopting big data solutions to manage data and understand trends in the market. The integration of big data into the ERP solution provides faster information delivery, improved scheduling, accurate forecasting, quality assurance, and expanded customer profiling. The advantages provided by big data and ERP are making organizations to adopt ERP solutions.
SMEs are demanding ERP solutions to streamline their business operations efficiently. They are adopting the cloud ERP due to its cost-effectiveness and hassle-free deployment. To be in competition and provide better customer experience, businesses are adopting ERP solutions.
The adoption of cloud-based ERP is high in functions such as finance & accounting, sales & marketing, inventory & order management, and human capital management. The use of ERP in the banking sector is high due to an increase in the number of financial frauds. A cloud ERP solution helps enterprises to understand the digital world and maintain operational efficiency. The cloud ERP market is witnessing high growth in sales & marketing due to the increasing number of digital channels and complexities in sales channels. Additionally, the rising need to improve employee performance is increasing the demand for ERP solutions.
The cloud ERP market is spread across various industry verticals such as BFSI, manufacturing, government & public sector, retail, healthcare, aerospace & defense, and IT & telecom. It is majorly used in the BFSI sector to provide better customer experience. It is used to manage the sensitive data of customers with its features such as secure transaction, live operational following, and investigation & evaluation. Additionally, cloud ERP is used in the retail sector to forecast the demand by analyzing the past and future trends of customers. This helps to gain customer satisfaction, maximize sales, and reduce inventory costs.
North America dominates in the cloud ERP market due to the high rate of adoption of new technologies such as cloud, mobility, big data, IoT, and analytics. The availability of key players in the region supports the growth of the ERP market. The APAC region is forecast to grow due to the transformation of developing countries into business hubs. Additionally, the emergence of various small & mid-size businesses in the region will propel the growth of the market.
Some of the vendors operating in the cloud ERP market are Oracle, SAP, Microsoft, Infor, Sage Group Plc., NetSuite Inc. TOTVS, IBM, Rootstock, Acumatica, Ramco Systems, and IQMS. The players are innovating their existing products to enhance customer offerings. For instance, in April 2019, Oracle updated its NetSuite with new analytics and cloud capabilities. The product update aims at enhancing user engagement across digital commerce, finance, HR, supply chain, and marketing domains. Similarly, in January 2017, Microsoft announced its new product Microsoft Dynamics NAV launch. The new product launch intends to increase the ERP product line.
Cloud ERP Market, By Component, 2014-2025 (USD Million)
Cloud ERP Market, By Function, 2014-2025 (USD Million)
- Human Capital Management (HCM)
- Sales and Marketing
- Finance and Accounting
- Order Management
Cloud ERP Market, By Application, 2014-2025 (USD Million)
- IT& Telecom
- Government and Public Utility
- Aerospace and Defense
The above information has been provided for the following regions and countries:
- North America
- Australia & New Zealand (ANZ)
- South Korea
- Latin America
- South Africa
- Epicor Systems
- Microsoft Corp.
- Microsoft Corp.
- Netsuite Inc.
- Oracle Corp.
- Plex Systems
- Ramco Systems
- Sage Software
- SAP AG
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