Cloud Enterprise Resource Planning (ERP) Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3428
Cloud ERP Market size is projected to account for significant valuation through 2027, fueled by ongoing advancements in IoT and technology worldwide. Some of the other factors that add to the growth spectrum are, its ability to improve operational efficiency and streamline the business processes, escalating adoption during the Covid-19 realm, and increased deployment of cloud-based solutions worldwide.
Reports suggest that the advent of big data and analytics is expected to come out as a strong growth opportunity for the overall cloud ERP market over 2021 to 2027.
Based on the component, cloud enterprise resource planning market is segmented into services and solutions. Of these, the rising demand for cloud-based solutions is expected to propel the overall market growth in the ensuing years. The demand is mainly due to its hassle-free deployment, flexibility, and low cost. Moreover, cloud ERP services are also likely to gain major impetus in the near future. The merits offered by these over on-premise services are apparently attracting various organizations in deploying cloud-based services and big data analytics, in an attempt to manage data and analyze the trends in the market.
Cloud ERP solutions are expected to hold major prominence in finance and accounting. Cloud ERP for finance and accounting is developed to be integrated, comprehensive, and highly scalable for vivid companies worldwide. It boasts of features like payables and assets, and ledger and analytics, enabling the enterprises to manage customer data centrally, receive and apply for customer payments, create customer invoices, and much more. Cloud ERP also gathers financial data and generates reports and financial statements.
The BFSI sector is anticipated to accrue substantial gains across the overall cloud ERP market as these solutions are being predominantly used to offer better customer experience. Meanwhile, it is also being used to manage the sensitive and crucial data of customers with its features like live operational following, secure transaction, and evaluation and investigation.
In terms of the regional landscape, North America cloud ERP market is touted to generate significant revenue from 2021 to 2027, subject to the rising adoption of cloud-based solutions, a surge in IoT adoption, and presence of a large number of enterprises.
On the other hand, APAC market is slated to depict considerable gains through 2027, given the elevating penetration of internet and growing adoption of ERP applications in government agencies. More so, SMEs in the region have been calling in for the need of technologically advanced solutions to manage functions and departments, fostering the adoption of cloud ERP solutions.
Cloud ERP industry is highly consolidated and boasts of the presence of some of the prominent players including Oracle Cloud, Microsoft Corporation, SAP, NetSuite Inc. (Oracle Corporation), Sage Group Plc, IBM, and others. These companies are taking up immense efforts to stand a level apart in the overall cloud ERP market space. For instance, Telecom Egypt has selected IBM to help develop an open hybrid cloud strategy that is intended to modernize the former’s operations and accelerate its digital transformation endeavor.
Similarly, Oracle ERP Cloud has recently announced expanding its digital assistants to interact with AI-type systems in an attempt to move the conversation parallelly.
COVID -19 Impact on Cloud ERP market growth prospects
Amidst the ongoing coronavirus pandemic, businesses are now making use of cloud ERPs effectively to create resilient and disaster-averse systems across the globe. A gradual shift from brick and mortar stores or on-premise working to working from home, has produced an innate need for cloud ERP systems across various industries.
Cloud ERP Market, By Component
Market, By Function
- Human Capital Management (HCM)
- Sales and Marketing
- Finance and Accounting
- Order Management
Market, By Application
- 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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