Dublin, April 22, 2024 (GLOBE NEWSWIRE) -- The "Cloud ERP Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global cloud ERP market is experiencing a robust growth trajectory, marking a significant rise from $72.75 billion in 2023 to an estimated $84.7 billion in 2024. This notable compound annual growth rate (CAGR) of 16.4% can be attributed to several factors including the rising demand for enterprise resource planning (ERP), the accelerated adoption of cloud computing, governmental advocacy for cloud ERP adoption, heightened awareness of cloud ERP benefits, and the forces of globalization.
Major trends observed in the market are shaping the future of cloud ERP, including the adoption of hybrid models, the integration of real-time analytics, the burgeoning momentum towards eco-friendly solutions, and innovative methodologies in software updates.
Prominent Market Development Propelled by Digital Economy and Industry-specific Demand
Looking ahead, the cloud ERP market is set to grow to an estimated value of $154.59 billion by 2028, with a continued CAGR of 16.2%. This forecast period is expected to witness sustained growth spurred by the flourishing digital economy, the heightened demand for industry-specific cloud ERP solutions, global corporate expansions, and the seamless integration with the Internet of Things (IoT).
Data Usage Surge Elevating Market Prospects
The unprecedented surge in data usage within cloud computing is one of the cornerstones of market growth. With organizations generating increasingly vast volumes of data, there is an escalating need for efficient data management and centralized platforms for overseeing varied business operations. Cloud ERP systems are well-positioned to meet these needs, thereby driving growth in the market.
Challenges in the Horizon: High Costs of ERP Solutions
While the market outlook remains optimistic, substantial costs associated with ERP solutions pose challenges to market growth. The expenses incurred in implementing these systems are considerable and vary widely, presenting a potential obstacle for businesses seeking to adopt cloud ERP technologies.
**Industry Leaders Forging Ahead with Innovation and Acquisitions**
Major companies within the cloud ERP sector are persistently innovating and expanding their product offerings. By integrating advanced technologies and conducting strategic acquisitions, these firms aim to reinforce their market presence and deliver cutting-edge products and services that will shape the future of cloud ERP.
Regional Insights and Future Outlook
North America held the dominant market share for cloud ERP in 2023, with extensive adoption across multiple sectors. As the market continues to evolve, entities worldwide can expect to observe significant developments and technological innovations that will contribute to the expansive growth of the cloud ERP sector over the forecast period. With comprehensive market statistics, this report elucidates the essence of the current and future market landscapes, guiding entities as they navigate the dynamic nature of the cloud ERP industry.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2028 - 2028 |
| Estimated Market Value (USD) in 2028 | $154.59 billion |
| Forecasted Market Value (USD) by 2028 | $154.59 billion |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Acumatica
- Deltek
- Epicor Software Corporation
- Genius Solutions Inc.
- Global Shop Solutions
- Hewlett-Packard Development Company L.P.
- IFS AB
- Infor
- International Business Machines (IBM) Corporation
- IQMS
- Microsoft Corporation
- MIE Solutions Inc.
- NetSuite Inc.
- Odoo
- Oracle Corporation
- Plex Systems Inc.
- QAD Inc.
- Ramco Systems Limited
- Rootstock Software ERP
- Sage Intacct Inc.
- SAP SE
- SYSPRO
- Tally Solutions Private Limited
- Tyler Technologies Inc.
- Unit4
- VIENNA Advantage
- Workday Inc.
For more information about this report visit https://www.researchandmarkets.com/r/dl2cwe
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