The 2023 report on the “Cloud ERP Market” presents a thorough and accurate examination of different factors pertaining to business expansion prospects, challenges, risk elements, and trends in all geographical regions. This report delivers current information on the most recent technological developments, along with SWOT and PESTLE analysis, and valuable insights on market size.
Global Cloud ERP Market is valued at approximately USD 56.26 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 15.0% over the forecast period 2022-2029. Cloud Enterprise Resource Planning (ERP) is a cloud-based software application that studies unstructured and structured databases to visualize and offer insights. The rising proliferation of cloud ERP solutions across verticals, increasing deployment of ERP systems to perform core business operations, and surging need for disaster recovery and backup services are prominent factors that are boosting the market demand across the globe.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The growing demand for cloud-based applications to process logic that is accessed via a web browser with a continual internet connection. According to Statista, the global market for cloud applications was valued at USD 133.6 billion in 2020, which is expected to grow to USD 168.6 billion by 2025. Therefore, the rising spending on the cloud is directly associated with the demand for cloud-based applications, thus, in turn, accelerating market expansion worldwide.
Moreover, the emergence of big data and analytics in cloud ERP solutions, as well as the growing focus of government bodies on digitalization are leveraging various opportunities for market growth in the foreseen years. However, integration issues with legacy and on-premises ERP systems and security concerns associated with the adoption of cloud ERP solutions are hindering market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Cloud ERP Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America dominated the space in terms of revenue, owing to the early adoption of novel technologies, along with rapid incorporation of cloud ERP solutions with ERP improves the features or capabilities of solutions. Whereas, the Asia Pacific is expected to grow significantly during the forecast period. Factors such as increasing technological development such as IoT and predictive maintenance, growth of end-use verticals, as well as low cost of deployment and maintenance of cloud-based software are burgeoning the market growth in the forecasting years.
Major market players included in this report are:
Microsoft Corporation
Oracle Corporation
SAP SE
IFS
Infor
Sage software
Plex systems
Ramco systems
Epicor Systems
Tally solutions
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Recent Developments in the Market:
In August 2022, SAP SE announced the introduction of SAP S/4HANA Cloud that helps in automate SAP’s customer’s business processes wherever possible in which Robotic Process Automation is a primary base of this transformation.
SAP S/4 HANA Cloud 2208 currently has 15 cloud studio bot templates that are available like creating Product Master data or automatic creation of Sales Order from unstructured data, which eventually leverages ML.
In May 2020, Epicor’s ERP augmentation allows manufacturers to improve their business resilience. The new Epicor ERP release enables the workforce with new productivity levels via work simplification, automation of critical business processes, and increased access and visibility to ERP data.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Component:
Solution
Service
By Function:
Human Capital Management (HCM)
Sales and Marketing
Finance and Accounting
Order Management
By Application:
Banking, Financial Services, and insurance
IT and ITeS
Government and Public Sector
Manufacturing
Retail and Consumer Goods
Healthcare and Life Sciences
Energy and Utilities
Other Verticals
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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