Pune, India., Sept. 15, 2023 (GLOBE NEWSWIRE) -- Cloud Enterprise Resource Planning (ERP) is a system that runs on a vendor’s cloud platform instead of an enterprise’s in-house network, allowing the enterprise to access the system over the Internet. It integrates and automates essential operational and financial business functions and is a single data source for inventory, order and supply chain management. It also aids in procurement, production, distribution, and fulfillment. The software is accessed over the Internet and thus just requires a connection and a browser. Thus, as a company's information technology (IT) backbone, cloud ERP software provides advanced functionality for all the core processes in an enterprise.
Cloud ERP Market in terms of revenue was estimated to be worth $59.12 billion in 2022 and is poised to reach $138.34 billion by 2030, growing at a CAGR of 11.2% from 2022 to 2030 according to a new report published by The Insight Partners.
The growth of the Cloud ERP market is driven by the increased request for advanced systems for analyzing business operations in real-time and growing digitalization by SMEs. However, the lack of robust customization options is expected to hinder the market's growth.
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Browse Comprehensive TOC on "Cloud ERP Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis– Component (Solutions and Services); Business Function (Finance & Accounting, Payroll Management, Procurement & Order Management, Enterprise Performance Management, and Others); Organization Size (Large Enterprises and SMEs); Vertical (Aerospace & Defense, BFSI, Education, Government & Public Sector, Healthcare, IT & Telecom, Manufacturing, Retail & e-Commerce, and Others), and Geography"
Global Cloud ERP Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 59.12 Billion in 2022 |
| Market Size Value by | USD 138.34 Billion by 2030 |
| Growth rate | CAGR of 11.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Component, Business Function, Organization Size, Vertical, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
The adoption of solutions offered by cloud ERP market players is high in most developed nations. In today’s business environment, cloud ERP has become essential to business infrastructure. As businesses compete in the online marketplace, various processes such as accounting, warehouses, databases, documents, and spreadsheets. that were once separate can now be streamlined into a common interface for instantaneous, across-the-board access by authorized personnel. Cloud ERP benefits range from reduced overhead and streamlined processes easier accessibility and mobility, lower onsite space requirement, and removal of manual upkeep and periodic hardware updates. It also offers advanced data security and faster real-time data analysis. Such factors have led to the widespread adoption of cloud ERP globally.
The absence of customization in some solutions offered by cloud ERP market players can be a major disadvantage for businesses requiring a more customized approach. While the cloud-based system is faster to implement, some pre-designed models may not meet the business's exact specifications. However, cloud ERP is highly scalable compared to an on-premise ERP system that requires more time and labor to make changes and updates. On-premise systems also require additional hardware and software assets which can be costly in the long run. With cloud ERP, however, companies can make instant alterations without investing in additional infrastructure or personnel, thus offering easier scalability and allowing businesses to keep up with their changing needs without further investments.
Integration of various critical business functionalities and growing digitalization amongst enterprises from all verticals has fueled the growth of North America's cloud ERP market size. The US and Canada have a strong culture of technological innovation and adoption. The enterprises are open to embracing new technologies that improve their daily functioning and enhance their operations. Integrating advanced features that allow for improved agility and better visibility into cash flow has contributed to the country's fast-growing cloud ERP market share. Additionally, the US benefits from a well-developed distribution network and a competitive market landscape. Cloud ERP market players in the country have capitalized on the growing interest in cloud ERPs by offering a varied range of product options and promoting their benefits through effective marketing strategies. This accessibility and availability of cloud ERPs have played a significant role in driving their adoption and market growth in the region. Moreover, while all midsize companies have some type of accounting system, many of these systems fail to deliver immediate cash flow and vital profitability information. They often don’t meet the current needs of the business or integrate with other systems. Such challenges have further boosted the uptake of solutions offered by cloud ERP market players by midsized and small enterprises in the region.
Increased Consumer Appeal for Real-Time Analytics Provides Lucrative Opportunities for Global Cloud ERP Market :
Cloud ERP offers real-time analytics that let companies visualize vital information as it becomes available. As data from various functions accumulate, this information is readily available for the enterprise to undertake important decisions in the course of business. For companies in the realm of manufacturing, cloud ERP facilitates process optimization by providing analytics in real time. With more and more players offering tailor-made “lighter” solutions for medium and small enterprises, such enterprises' uptake of cloud ERP is expected to increase manifold and offer cloud ERP market growth opportunities.
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Global Cloud ERP Market: Segmental Overview
Based on components, the cloud ERP market is bifurcated into solutions and services. The solutions segment held the largest cloud ERP market share in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period. Based on business function, the cloud ERP market is segmented into finance & accounting, payroll management, procurement & order management, enterprise performance management, and others. The finance & accounting segment held the largest cloud ERP market share in 2022 and is also anticipated to register the highest CAGR during the forecast period. The cloud ERP market is bifurcated by organization size into large enterprises and SMEs. The large enterprises segment held the largest cloud ERP market share in 2022, whereas the SMEs segment is estimated to register the highest CAGR during the forecast period. On the basis of vertical, the cloud ERP market is segmented into aerospace & defense, BFSI, education, government & public sector, healthcare, IT & telecom, manufacturing, retail & e-commerce, and others. The BFSI segment held the largest cloud ERP market share in 2022, whereas the retail & e-commerce segment is assessed to register the highest CAGR during the forecast period.
Global Cloud ERP Market: Competitive Landscape
Epicor Software Corporation, IFS AB, Intuit Inc, Microsoft Corporation, Oracle Corporation, Plex Systems Inc, QAD Inc, Sage Group Plc, SAP SE, and Workday Inc are a few of the key cloud ERP market players. Oracle cloud ERP market share is one of the most significant, followed by that of Intuit, Microsoft, SAP and Workday. The leading cloud ERP market players focus on feature upgrades, expansion and diversification, collaboration, and acquisition strategies, which enable them to grab new business opportunities.
Global Cloud ERP Market - Key Industry Dynamics:
Drivers:
- Increased Appeal For Real-Time Analysis of Business Operations
- Surge in Adoption of Digitalization by SMEs
Restraints:
- Lack of Robust Customization Options
Opportunities:
- Rapid Digitalization In Developing Nations
- Ongoing Shift Towards Cloud-Based Solutions
Future Trends:
- Integration of Artificial Intelligence (AI) and Internet of Things (IoT)
- Collaborative and Two-Tier ERP
- Composable ERP
Recent Developments:
- In August 2023: Avalara Inc, a prominent tax compliance automation software provider and a member of Oracle Partner Network (OPN), announced an expanded collaboration with Oracle to create a fast, easy, accurate, and automated touchless tax compliance experience in Oracle Fusion Cloud. The new solution is expected to remove unnecessary challenges and inefficiencies in tax compliance through the automation of tax processes and enable organizations to embrace automation and innovation for increased productivity, lowering costs, and better enterprise management.
- In March 2023: SAP launched a Cloud ERP offering targeted towards midsized companies, GROW with SAP, based on the company’s highly successful RISE with SAP offering for larger enterprises. The solution was designed specifically to aid midsized companies in taking full advantage of cloud ERP and all the benefits cloud solutions offer. GROW with SAP is expected to provide a business technology platform for midsized enterprises and allow them to define their apps and processes in a cloud-native way.
- In March 2023: IFFCO eBazar Ltd, an agricultural input retail chain, announced implementing Oracle Fusion Cloud ERP and consolidating its multiple finance systems onto the integrated finance platform to unify its finance operations and drive greater efficiency and productivity.
- In February 2023: QAD Inc acquired Redzone, a provider of connected workforce solutions for manufacturing. QAD is a Thoma Bravo portfolio company and provides advanced manufacturing and supply chain solutions in the cloud to enable the Adaptive Enterprise. In December 2022, QAD acquired Livejourney, a provider of a real-time process mining and predictive modeling solution designed to discover, monitor and improve business processes. Both acquisitions aimed to support the Adaptive Enterprise Applications product suite and enable QAD customers to drive rapid, tangible increases in empowerment, retention and productivity on the frontline.
- In October 2022: Oracle Corporation launched a new service, Oracle B2B Commerce, that integrates and automates end-to-end business-to-business (B2B) transactions. It eliminates the disparate systems, processes, and data integration challenges that make B2B transactions complex by connecting ~40,000 sellers, buyers, and service providers via Oracle Cloud ERP. It also provided integrations with J.P. Morgan's Payments business, including the firm's treasury services, commercial card, trade, merchant services, and logistics services integration through the FedEx Compatible program.
Go through further research published by The Insight Partners:
Cloud-based Enterprise Resource Planning (ERP) Market - Global Analysis and Forecast to 2030
Cloud Computing Market - Global Analysis and Forecast to 2028
ERP Software Market - Global Analysis and Forecast to 2030
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