USD 64.12 Billion
Report ID:
SQMIG45F2151 |
Region:
Global |
Published Date: September, 2024
Pages:
191
|Tables:
0
|Figures:
0
Global Cloud ERP Market size was valued at around USD 64.12 Billion in 2022 and is expected to rise from USD 72.2 billion in 2023 to reach a value of USD 186.57 billion by 2031, at a CAGR of 12.6% over the forecast period (2024–2031).
Businesses employ enterprise resource planning (ERP) technologies to help them manage their operations and procedures more effectively. The business activities of an ERP solution nowadays range from basic planning and assistance tasks to full business process integration, which includes critical tasks like hiring and decision-making. Each of the many software modules that make up an ERP program is designed to handle a specific company function, such as acquiring materials, controlling inventories, accounting, finance, and human resources. These modules are adaptable to the organization's requirements. Essentially, cloud ERP gives companies the flexibility to take advantage of the newest technological advancements, keeping them competitive.
As the need for operational efficiency and transparency in enterprises rises, the demand for ERP software by small as well as medium businesses is propelling the growth of the global market. Besides, increased usage of mobile and cloud applications has positively impacted this market’s expansion. The market for ERP software is growing, but it is hampered by the availability of open-source ERP solutions and the high cost of ERP software implementation. On the other hand, throughout the projected period, the growing use of ERP solutions in small and medium-sized businesses and the quick change of contemporary business models are anticipated to present lucrative prospects for the growth of the enterprise resource planning market.
Global Market Size
USD 64.12 Billion
Largest Segment
Deployment Model
Fastest Growth
Deployment Model
Growth Rate
12.6% CAGR
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Global Cloud ERP Market is segmented by Component, Business Function, Organization Size, Deployment Mode, Vertical, and region. Based on Component, the market is segmented into Solutions, and Services (Professional Services (Integration & Implementation, Consulting & Advisory, Training, Support, And Maintenance), Managed Services. Based on Business Function, the market is segmented into Finance & Accounting, Sales & Marketing, Operations, Human Resources. Based on Organization size, the market is segmented into Large Enterprises, SMEs. Based on Deployment mode, the market is segmented into Public Cloud, Private Cloud. Based on Vertical, the market is segmented into BFSI, IT & Telecom, Government & Defense, Retail, Manufacturing, Education, Healthcare & Life Sciences, Other Verticals. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Deployment Model
As per categorization by deployment model, the market is classified as on-premises, cloud and hybrid. Among these, on-premises earned the largest share and continues to dominate the market. Improved security, customization, and control are the main areas of current innovation in the on-premises deployment type of the global cloud ERP market. These features are especially important for businesses with strict legal requirements. Such architecture has been propelled into supremacy by integration of old systems, a need for direct control over sensitive data and also the necessity to carry out critical business functions.
The cloud ERP industry is expected to develop at the quickest rate in the world because of the cloud deployment model's scalability, affordability, and convenience of remote access. Since it has the ability to change, has cheaper IT infrastructure costs and can embrace rising patterns of working at home plus rapid transformation in digital form, most companies turn to this pattern.
Analysis by Business Function
A.I. driven analytics, tailored customer experiences and integrated CRM systems are currently revolutionizing the customer management business function globally within the cloud ERP market. This function is in the lead because it plays a crucial part in improving customer happiness, loyalty, and retention, which directly affects revenue growth and competitive advantage for companies in all sectors.
Due to the increased requirement for successful accounting methods, real-time fiscal details and conformity to regulations, the finance sector is expected to experience the swiftest expansion in the global cloud ERP market. Modern financial management needs cloud ERP as it upsurges accuracy, efficiency and strategic decision making with the help of its advanced analytics and automation functionalities.
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With advanced technology frameworks, high levels of cloud adaptation, coupled with numerous leading ERP firms; North America is at the forefront of global cloud ERP markets. The focus for organizations in these regions is on undergoing digital revolution by adopting Cloud ERP in order to enhance operational success, scalability and real-time analysis. Demand for stronger data protection and tough legal requirements are also driving the popularity of cloud ERP. The competitive business climate of North America promotes continued innovation while significant investment in cloud and IT technologies quickens the pace of industry growth. Cloud ERP is widely used by important industries like healthcare, manufacturing, and finance, which supports North America's dominance in this industry.
Rapidly growing at the fastest rate within global cloud ERP market is Europe because of a combination of robust investments in cloud infrastructure, supportive government policies as well as an upsurge in digital transformation drives. A factor contributing to this demand for scalable and flexible ERP solutions is the diverse and competitive business environment characterizing the region. In a bid to achieve operational efficiency, comply with regulations as well as acquire real-time business insights; European companies are embracing cloud ERP at a fast pace. In addition, enterprises are encouraged to implement safe and dependable cloud ERP systems by the strict rules such as GDPR and the increased emphasis on data privacy. Leading this expansion are crucial sectors including manufacturing, retail, and finance, which are using cloud ERP to gain competitive advantages.
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Drivers
ERP system implementation is a crucial tactic for contemporary companies looking to simplify and enhance their key competencies. ERP systems are all-inclusive software programs that combine several corporate operations and procedures into a single platform, giving real-time data, automation, and increased productivity. A major benefit of implementing ERP is increased operational effectiveness.
The market for cloud ERP is experiencing notable growth prospects as a result of growing government initiatives aimed at digitisation. Governments all throughout the world are realising how revolutionary digital technology can be, and this offers a number of exciting opportunities for implementing and growing Cloud ERP solutions. Governments are investing more and more in modernising their operations with the goal of enhancing citizen services, efficiency, and transparency.
Restraints
The restricted customization choices for Software as a Service (SaaS) ERP solutions are a significant barrier in the cloud ERP market. Despite having so many benefits such as accessibility, cost effectiveness and scalability, cloud based ERP systems can be limited in terms of customizing the program to meet unique needs of different businesses.
The growing problems with legacy and on-premises ERP systems present the cloud ERP market with a number of obstacles. Explanations for the problems stem from restrictions and complexities that old ERP systems pose for businesses which they are replacing with cloud-based options. In-house or legacy ERP systems may require exorbitant amount of resources for maintenance and enhancement.
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The worldwide cloud ERP industry is seeing rapid growth, and a multitude of vendors are vying for market dominance with innovative and customer-focused solutions. Different international companies like SAP, Oracle, Microsoft and Salesforce have all-encompassing cloud-based ERP solutions which are unique for various companies’ requirements. In addition, new entrants such as Workday and NetSuite are growing by focusing on niche segments and offering specialized functionality. This leads to an increase in competition while enhancing the entire market’s dynamics.
Top Player’s Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, as the world demands higher levels of operational efficiency and transparency from its enterprises, there is an accelerating change in the global cloud ERP ecosystem. Recent improvements in artificial intelligence and machine learning have made it possible for enterprise resource planning systems to be more functional and customizable. Nevertheless, the implementation costs are still high while the customization options are limited, however mobile ERP development as well as digital government programs provide avenues for growth.
Cloud-based solutions have become popular among organizations, with prominent market players such as Oracle, SAP and Microsoft investing in new technologies that make them more responsive to the changing needs of businesses today, thereby allowing them to gain a competitive edge over others across many industries.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 64.12 Billion |
Market size value in 2031 | USD 186.57 billion |
Growth Rate | 12.6% |
Base year | 2023 |
Forecast period | 2024–2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Cloud ERP Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cloud ERP Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cloud ERP Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cloud ERP Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45F2151