Chicago, Aug. 09, 2023 (GLOBE NEWSWIRE) -- The global Cloud ERP Market to grow from USD 64.7 billion in 2022 to USD 130.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.0% during the forecast period, according to a new report by MarketsandMarkets™. The major factors driving the growth of the Cloud ERP Market include surge in adoption of cloud-based solutions and services across verticals, higher investment by government as well in this market across regions, unified enterprise-wide integration approach.
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375 - Tables
51 - Figures
254 - Pages
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Scope of the Report
| Report Metric | Details |
| Market size available for years | 2017–2027 |
| Base year considered | 2021 |
| Forecast period | 2022–2027 |
| Forecast units | Million/Billion (USD) |
| Segments covered | Component, business function, organization size, vertical and region |
| Geographies covered | North America, Asia Pacific, Europe, Middle East & Africa, and Latin America |
| Companies covered | Microsoft(US), Oracle (US), SAP (Germany), IFS (Sweden), Infor (US), Sage software (UK), Workday (US), Plex systems (US), Ramco systems (India), Epicor (US), Tally solutions (India), Odoo (Belgium) and many more. |
The Services segment is estimated to account for a larger CAGR during the forecast period. Services includes integration and implementation, training and support, and consulting. Services play a crucial role in the Cloud ERP Market as these services help in the before and after the deployment of Cloud ERP solutions to the clients. Various phases, such as planning, deploying, maintaining, and upgrading Cloud ERP solutions, service providers assist their clients. The following chapter explains the importance of Cloud ERP services, such as integration and implementation, training and support, and consulting.
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The Government and public sector segment is expected to experience significant growth during the forecast period. Government and public-sector organizations are increasingly witnessing the adoption of cloud ERP solutions. This vertical is mandated to focus on maintaining the security of citizens' critical data, delivering the required services in less time, and regularly addressing citizens’ grievances and issues. Various functions, such as tax collection, safety, public interest, sharing of critical data on international levels, and education, are the focus areas for this vertical, leading to the adoption of cloud ERP solutions. The US federal government has implemented Cloud ERP solutions because of policy and technological changes. Legacy federal applications require an upgrade, and so in 2020, the government passed The Modernizing Government Technology Act of 2020 (MGT Act), which authorizes each federal agency with a chief financial officer to establish IT system modernization and working capital fund to improve, retire, or replace existing IT systems and so enhance security and efficiency.
The geographic analysis of the Cloud ERP Market is mainly segmented into 5 regions, namely, North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Middle East and Africa region is estimated to experience rapid growth during the forecast period. In the Middle East and Africa region, the BFSI, government and public, and energy and utility verticals are shifting toward the adoption of cloud IT services rapidly as organizations working in these regulated verticals are focusing on investing in real-time service resolutions. Cloud technology has become a major component of the IT planning of companies that require less IT infrastructure setup and capital planning. Companies operating in the region have learned to utilize cloud computing. Syspro is a Cloud ERP vendor in the region and is extensively working on nascent Cloud ERP solutions while offering standardized services to the users/clients. Service-focused companies in countries, such as the UAE and South Africa, have adopted cloud ERP applications to improve the first-time fix rate and gain a higher return on IT investment.
Top Companies in Cloud ERP Market:
Some prominent players across all service types profiled in the Cloud ERP Market study include Microsoft (US), Oracle (US), SAP (Germany), IFS (Sweden), Infor (US), Sage software (UK), Workday (US), Plex systems (US), Ramco systems (India), Epicor (US), Tally solutions (India), Odoo (Belgium), Tyler technologies (US), Syspro (South Africa), Acumatica (US), Brightpearl (UK), Deltek (US), QAD Inc. (US), Openpro (US), DELMIAworks (US), 3i Infotech (India).
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Top Trends in Global Cloud ERP Market:
- Traditional on-premise ERP systems were being significantly replaced by cloud-based solutions in the cloud ERP industry. Due to advantages including scalability, cost-effectiveness, flexibility, and simpler access to real-time data, organisations were embracing cloud-based ERP packages at an increasing rate.
- Artificial intelligence (AI) and machine learning (ML) capabilities are being included by cloud ERP providers into their products. These technologies were being utilised to improve decision-making, automate repetitive jobs, estimate demand and inventory levels, and optimise processes.
- In order to meet the particular requirements and difficulties experienced by different sectors, cloud ERP vendors concentrated on providing industry-specific solutions. This development made it possible for businesses to use ERP systems that were specifically designed to meet their needs, streamlining processes and increasing productivity.
- The user interfaces and mobile ERP applications were getting better. In order to enable workers to work remotely and keep connected while on the go, businesses sought ERP solutions that could be accessed and used on mobile devices.
- Data security and compliance were of utmost importance to organisations as a result of the growing movement of crucial corporate data to the cloud. Vendors of cloud-based ERP systems have increased their focus on putting strong security measures in place and making sure they are in line with data protection laws.
- In order to assist businesses get the most out of their ERP investments, cloud ERP companies placed a strong emphasis on user support and training services. ERP adoption was successful due in large part to its usability and simplicity of deployment.
- ERP solutions that are flexible and customizable are crucial as businesses expand and change. ERP solutions that are cloud-based were created to scale up or down as necessary to fit organisations' changing needs.
- Environmental sustainability was becoming more significant in business operations, and several Cloud ERP providers were providing green ERP programmes. These programmes sought to support businesses in adopting eco-friendly practises, reducing waste, and making the most use of their resources.
Key Industry Development:
- The rapid adoption of cloud-based ERP solutions by companies of all sizes was one of the most important industry trends. Businesses were beginning to recognise the benefits of cloud-based ERP, including lower costs for IT infrastructure, scalability, improved data accessibility, and quicker installation timelines.
- Vendors of cloud-based ERP systems are actively incorporating AI and ML capabilities into their products. This innovation aims to enhance decision-making, process automation, predictive insights, and data analysis. AI-driven features were being used to streamline processes, spot patterns, and boost system effectiveness.
- Industry-specific ERP solutions suited to the particular requirements of distinct sectors are increasingly being offered by vendors. With more specialised functionality and greater alignment with certain processes, this method gave firms the option to select ERP systems tailored to their particular industry.
- Some businesses are implementing hybrid cloud ERP models that combine cloud-based and on-premise solutions. The use of the cloud for less important tasks or to enable remote access enables businesses to keep sensitive data on-premise.
- Businesses migrating their operations to the cloud continue to prioritise data security and compliance as top priorities. Vendors of cloud-based ERP systems gave the adoption of strong security controls, encryption techniques, and compliance frameworks top priority in order to assure data protection and comply with industry standards.
- Cloud ERP suppliers were attempting to integrate their systems with e-commerce platforms and customer relationship management (CRM) software as firms sought end-to-end solutions. Operations were made more efficient as a result of the improved data flow between various business departments.
- Vendors of cloud-based ERP systems were concentrating on boosting user interfaces and experiences. This advancement sought to improve the usability and accessibility of ERP systems, enabling users to easily access vital data and complete tasks on mobile devices.
- Businesses might now get real-time insights into their operations thanks to the integration of advanced analytics and reporting features in cloud ERP platforms. This advancement aided businesses in data-driven decision-making, performance gap identification, and quick market response.
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