Pune, India, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The global Cloud ERP Market size was valued at USD 43.60 billion in 2022 and is projected to reach USD 140.14 billion by 2030, exhibiting a CAGR of 15.9% during the forecast period. Fortune Business Insights presents this information in their report titled "Global Cloud ERP Market Forecast, 2023-2030."
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Cloud ERP is an ERP software, which runs on the cloud platform of the providers. This software works with a combination of technologies connected by high-speed internet networks. High demand for cloud ERP software in small and mid-sized businesses is driving market growth during the forecast period.
Notable Industry Development:
October 2022- Deloitte introduced Oracle MyCloud ERP to boost growth and help private companies propel business transformation with the modern integrated SaaS Cloud platform of Oracle. Oracle MyCloud ERP allows companies to access Oracle Cloud products and Deloitte support services for a monthly fee.
Key Takeaways
- Cloud ERP Market size in North America was USD 17.30 billion in 2022
- Increase in Work-From-Home, E-Commerce, and Online Retail Post Pandemic Augmented Market Growth
- Growing Use of Hybrid Cloud ERP Systems to Aid Hybrid Cloud Segment Growth
- Financial & Account Management Segment to Grow Due to its Potential to Recognize Invoices and Revenues
Discover the Leading Players Featured in the Report:
“Companies leading the global Cloud ERP Market are Oracle Corporation (U.S.), Infor (U.S.), Microsoft Corporation (U.S.), Acumatica (U.S.), Epicor (U.S.), Workday (U.S.), SAP SE (Germany), Intuit Inc. (U.S.), Sage (U.K.), IFS (Sweden)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 15.9% |
| 2030 Value Projection | USD 140.14 billion |
| Base Year | 2022 |
| Cloud ERP Market Size in 2022 | USD 43.60 billion |
| Historical Data for | 2017 to 2021 |
| No. of Pages | 150 |
| Segments covered | Deployment, Function, Organization Type, Industry and Geography |
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Drivers and Restraints:
Increasing Need to Implement Advanced ERP Solutions to Drive Market Growth
The need to implement advanced ERP solutions containing advanced analytics features is increasing across several countries, as it can identify disruptions and delays, further driving market growth. The cloud ERP provides real-time insights into different aspects of the companies, further enabling quick and more informed decision-making.
However, the customization of cloud-based ERP solutions might be challenging for companies looking for substantial customization, hindering market growth during the forecast period.
Segmentation
By Deployment
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Function
- Financial & Account Management
- Order & Procurement Management
- Human Capital Management
- Enterprises Performance Management
- Others
By Industry
- Distribution
- Manufacturing
- Construction
- Healthcare
- E-Commerce & Retail
- BFSI
- IT & Telecom
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
Rapid Cloud Technologies Use to Boost Market Growth in North America
North America holds the highest market share and was valued at USD 17.30 billion. The growth is attributed to the rapid use of cloud technologies to improve business process efficiency.
Asia Pacific is estimated to grow at the highest CAGR during the projected period due to the growing number of startups and SMEs in the region.
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Competitive Landscape:
Growing Partnerships and Collaborations Among Key Players to Aid Market Growth
The key players in the market are collaborating with similar companies to boost the financial gains of both parties, further driving market growth. The key players are also introducing new ERP solutions to strengthen their market position.
FAQs
How big is the Cloud ERP Market?
The Cloud ERP Market size was USD 43.60 billion in 2022. It is expected to reach USD 140.14 billion by 2030.
How fast is the Cloud ERP Market growing?
The Cloud ERP Market will exhibit a CAGR of 15.9% during the forecast period, 2023-2030.
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