Cloud ERP Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Cloud ERP or cloud enterprise resource planning refers to using cloud computing platforms and services for making business operations better and smoother. The introduction of these services has led to process transformation for several organizations and companies. Known as one of the leading technologies of the modern world, cloud computing entails usage of internet for storing records, documents, tools, and shared computing records. Adoption of this technology has allowed companies to host their complete computing infrastructure on virtual platforms through remote data centers. Today, cloud ERP is used for managing human capital, finance, and several other important aspects of a business.
In the coming years, analysts visualize that intelligent usage of cloud ERP application will reduce operational expenses. A key advantage of using these solutions will be the ability for organizations, businesses, and institutes to avoid the need to purchase servers, storage hardware, and thereby reduce the expenditure required for maintaining them. Despite the several benefits of using cloud ERP solutions, the technology comes with its set of disadvantages.
The downside of deploying ERP software is the issue of integration of company’s legacy systems and ERP modules. Solutions that are designed to ensure this smooth transfer are expected to open up several new markets for the global cloud ERP market in the near future. Yet another key factor likely to support the growth of the global market is the confidence enjoyed by companies that their data is backed up at all times and that the solution comes with a disaster recovery plan.
The global cloud enterprise resource planning (ERP) market is expected to display double-digit growth rate in the coming years. Businesses are increasingly integrating cloud-based ERP applications with conventional ones, thereby creating hybrid ERP systems that can support new business models and can be scaled to serve new customer demands.
The cloud ERP market can be segmented by function, organization site, component, deployment mode, vertical, and region. In terms of function, finance is projected to display the highest growth rate in the coming years; this is mainly due to the need for efficient and reliable management of different financial activities such as assets management, cash flow management, accounting, and investments. However, operations stood as the largest function segment in the recent years due to the exponentially increasing demand for such solutions from various industry verticals for the execution of business processes.
In terms of component, managed services is expected to display the highest growth rate in the coming years, while professional services is expected to account for the largest share of the overall market. Furthermore, consulting professional services is expected to exhibit the highest growth rate in the coming years. In the recent past, implementation services accounted for a major share in the cloud professional services market due to the complexities involved in their integration with existing systems.
The report on the global cloud ERP market looks into the various growth factors and market opportunities along with factors holding back the market’s growth. The meticulous segmentation of the market covered in this report helps to comprehend the growth prospects of different segments, which in turn, assist to make strategic moves in this industry.
The rising adoption of cloud services and mobile applications along with the increasing demand from small and medium enterprises (SMEs) to attain optimum business process efficiency and transparency are the major factors driving the global cloud ERP market.
An increasing demand from SMEs and large enterprises from diverse industry verticals for hosted ERP services and solutions is further propelling the growth of the cloud ERP market. The increasing support from governments across the world for the advancement of IT infrastructure across enterprises is expected to boost the demand for such solutions.
The global cloud ERP market can be divided into the regional segments of North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America followed by Europe account for the largest revenue contribution to the global market. This is mainly due to the presence of established cloud ERP vendors and service providers in these regions. This is complemented with the early adoption of innovative technological solutions in the developed economies of the U.S., the U.K., and Canada.
However, Asia Pacific is projected to emerge as the fastest growing region in the global cloud ERP market due to the ever-increasing adoption of such solutions across both large and SMEs in this region.
Some of the leading companies that offer cloud ERP solutions and services worldwide are Microsoft Corporation, SAP SE, Sage Software Inc., Intacct Corporation, PLex Systems Inc., Oracle Corporation, Infor, Epicor Software Corporation, Finacialforce.com, and Ramco Systems. The report looks into the both inorganic and organic growth strategies that have been employed by key vendors in this market. This includes innovative product launches, partnerships and collaborations, and mergers and acquisitions to expand their portfolio in the global cloud ERP market.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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