Dallas, Texas, Sept. 20, 2022 (GLOBE NEWSWIRE) -- The global cloud ERP market is predicted to rise significantly over the forecast period as a result of rising cloud computing adoption, growing adoption of financial applications, and cutting-edge digitalization techniques. The elimination of superfluous tasks, the government's strategy for using cutting-edge technologies, and the requirement for businesses to build business processes are all contributing to the market's expansion.
At a Compound Annual Growth Rate (CAGR) of 12.1% over the projected period, the size of the global Cloud ERP market is anticipated to increase from USD 54 billion to USD 178 billion by 2030.
Enterprise resource planning on the cloud, as a result of technological advancements and the use of cloud computing, industry growth is growing substantially. Instead of being installed on-premises at a remote location for a company, cloud ERP is enterprise resource planning (ERP) software is designed to offer a distributed computing platform. It supports an organization's management of several business functions, including purchasing, inventory control, and customer relationship management (CRM). Numerous firms in a variety of end-use industries have adopted cloud ERP systems on a big scale.
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Global Cloud ERP market Scope:
| Metrics | Details |
| Study Period | 2019-2030 |
| Market Size in 2030 | USD 178 billion |
| Segment Covered | by Deployment, Function, Organization, Vertical, By Region, |
| by Deployment Covered | private cloud, public cloud, hybrid cloud |
| Function Covered | accounting, finance, inventory and order management, human capital management, sales and marketing |
| Organization Covered | small and medium enterprises, large enterprises |
| Vertical Covered | manufacturing & services, retail, government utilities, BFSI, healthcare, other |
| Regions Covered | North America, Europe, Asia Pacific, Middle East, and Africa and South America |
| Key Players Profiled | Plex Systems, QAD, Epicor, Sage Software, Workday, Unit4, Microsoft, IBM, Ramco Systems, IQMS, Software, Infor, Microsoft, SAP, Rootstock |
Enterprises have access to a sizable amount of data in today's digitally connected world, which they are gathering from every available source. Every business process generates unique data in a specific format, and enterprises collect enormous amounts of data from their daily activities. Enterprises are implementing analytics-based solutions to make inferences and decision-based on data in order to manage such a complex and an enormous number of data. As businesses hunt for analytics-based solutions, big data and analytics provide cloud ERP vendors with a new source of revenue. Professionals all around the world rely on analytics technologies to optimize asset use and boost operational agility and dependability.
The market size for the large enterprise segment is expected to be the largest during the forecasted period. Large enterprise organizations are defined as those with more than 1,000 employees. Large businesses are expected to utilize cloud ERP solutions more frequently than SMEs. This is because businesses may use the advantages of the cloud ERP solution because of its low cost and great economies of scale. The enormous R&D investments made by large businesses in the manufacturing sector enable them to use cutting-edge digital solutions, such as cloud ERP, to enhance their business operations.
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During the projected term, it is predicted that the financial and accounting solutions segment will grow the fastest. One of the most crucial business processes in any corporation is finance and accounting. Businesses employ extreme prudence while handling financial data.
In 2021, the market share most heavily favored North America. Additionally, during the projected period, cloud-based ERP solutions increased in popularity in industry, government, and retail due to technological advancements. Rapidly growing IoT as well as the presence of various enterprises are also contributed to the growth of this market. The market for cloud-based ERP is anticipated to expand at the quickest rate in Asia-Pacific, followed by LAMEA.
For instance, Acumatica and IFS teamed up in June 2019. It can gain from sharing resources, skills, and tactics supplied by them, while still retaining full autonomy and experiencing high development trajectories without jeopardizing business operations or brand equity.
Major Points from Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Cloud ERP Market by Component, 2022-2029 (USD Billion)
5. Cloud ERP Market by Function, 2022-2029 (USD Billion)
6. Cloud ERP Market by Organization, 2022-2029 (USD Billion)
7. Cloud ERP Market by Vertical, 2022-2029 (USD Billion)
8. Cloud ERP Market by Region 2022-2029 (USD Billion)
9. Competitive Landscape
10. Company Profiles
11. Appendix
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