This research report categorizes the Cloud ERP market based on Component, business function, organization size, vertical and region.
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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Large Enterprises segment forecasted to have multiplied growth in market size during the forecast period
Organizations with more than 1,000 employees are categorized as large enterprises. The traction of Cloud ERP in large enterprises is said to be higher than SMEs, as they are adopting Cloud ERP solutions, services to improve business operational efficiency across geographies.
This is due to the affordability and high economies of scale that enables organizations to leverage cloud ERP solutions benefits. Large enterprises spend significantly on R&D in manufacturing, which empowers them to leverage advanced digital solutions, including cloud ERP to improve their business processes. In today’s highly competitive world, large enterprises leave no stone unturned to capture a larger market share and hence spend significant amounts on becoming technologically proficient. Moreover, large enterprises spend significantly on ERP workshops, training, and educating their employees to empower them with the latest trends and technological advancements in the cloud ERP market
IT and Telecom to record significant growth during the forecast period
This sector is expected to hold a significant share of the Cloud ERP market due to different advantages offered by service providers who must be ready to move quickly in order to serve Cloud, Content, and new applications and services cloud-based technologies. Cloud ERP is adopted for mission-critical industry verticals, such as IT and ITeS, extensively to improve revenue generation, increase customer insights, contain costs, deliver market-relevant products quickly and efficiently, and help monetize enterprise data assets.
Digital transformation is a must to survive in a globally connected and increasingly competitive environment. IT and Telecom companies invest in new technologies, such as smart computing products, IoT, cloud computing, Cloud ERP, mobility, and analytics, to gain efficiency, innovation, and attract consumers. The increasing amount of documentation work creates a huge demand for cloud-based storage, backup, and related services to keep confidential data secure and available on-demand. IT and telecom is one of the most significant industries in the cloud ERP market.
The amount of data generated in the telecommunications industry is huge, requiring superior quality storage solutions and services. It is crucial for telecom and IT corporations to reevaluate their strategies and ideally apply advanced technologies to capture a competitive position among the manifold companies operating in the telecommunication market. The ERP software in the IT and telecom industry encourages process facilitation and improves the whole improvement procedure. The growth in the telecom sector is being guided by the ERP system and can be turned into an opportunity to enhance the level of the market footprint. The ERP solution for this sphere is more multifaceted on account of ongoing technological advancements that immediately influence the requirements making them prone to changes.
Regional Analysis for Cloud ERP Market
As Per Digital Transformation in Asia-Pacific Communications Study 2023, approximately 71% of organizations in Asia Pacific region are planning to increase their digital transformation investments by 2025. Even amidst an uncertain economic landscape in 2023, digital transformation is set to remain a significant priority for investment in the upcoming years. Cloud ERP eliminates the need for upfront investments in hardware and infrastructure, making it a cost-effective option for businesses, hence its adoption is expected to increase during the forecast period in Asia Pacific region. To tap the increasing need of ERP vendors present in the market are opting organic and inorganic growth strategies. For instnace, in 2021, Unit4, a software provider specializing in mid-market enterprise resource planning (ERP), started a new research and development (R&D) hub in the capital city of Jakarta, Indonesia to increase its investment in the Asia Pacific region.
Japan is experiencing rapid digital transformation efforts across various industries. Businesses are looking to modernize their operations and leverage advanced technologies, and Cloud ERP is an essential component of this transformation. In March 2023, Boomi, an application and data integration platform provider partnered with Works Applications Systems, Co., Ltd, a Japanese ERP provider to meet the growing demand for data integration and business automation solutions in Japan throughout Asia Pacific region and to accelerate digital transformation in Japan.
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Market Players
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).
Factors that Drive Cloud ERP Market
- Cost Efficiency: Capital costs are decreased because cloud ERP eliminates the need for costly upfront hardware and software investments. Instead, organisations subscribe to cloud ERP, which enables improved budget predictability and expense control.
- Scalability: According to business requirements, cloud ERP solutions can be scaled up or down. This adaptability is especially important for firms that are expanding or have varying demand.
- Accessibility: With an internet connection, cloud ERP solutions may be accessed from anywhere. Real-time collaboration is made possible by this, which is especially advantageous for businesses with distant or remote workers.
- Updates and Maintenance: In order to relieve internal IT personnel of some of their workload, cloud ERP providers take care of software upgrades, maintenance, and security patches. Businesses will always have access to the newest features and security upgrades thanks to this.
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