Global Cloud ERP Market

Cloud ERP Market Size, Share, Growth Analysis, By Component(Solutions, Services (Professional Services (Integration & Implementation, Consulting & Advisory, Training), By Business Function(Finance & Accounting, Sales & Marketing, Operations, Human Resources), By Organization Size(Large Enterprises, SMEs ), By Deployment Mode(Public Cloud, Private Cloud ), By Vertical(BFSI, IT & Telecom, Government & Defense, Retail), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45F2151 | Region: Global | Published Date: September, 2024
Pages: 191 | Tables: 91 | Figures: 71

Cloud ERP Market Insights

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. Essentially, an ERP package consists of countless software components, each of which is meant to perform a certain function within the business, such as purchasing materials, managing stock, books, money, or people and so on. These components are adjustable to fit the needs of the organization.  

There is an increasing need for operational effectiveness and clarity in corporate processes, which is fuelling the demand for more ERP software from small and medium-sized enterprises, hence contributing to the growth of the global market. Furthermore, the favorable expansion of the market is attributed to the increased availability and use of mobile as well as cloud applications. 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.

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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).

The global cloud ERP market is experiencing serious completion as the major market participants are concentrating on innovation, forming strategic alliances, and broadening the range of products offered. Companies that are at the forefront of the market include Oracle Corporation, SAP SE, Microsoft Corporation, Infor and Workday Inc. These players are propelling the growth of the market by means of cloud ERP system, artificial intelligence and vertical solutions. In addition, new players are also succeeding by going after SMEs which intensifies competition within the same industry and even in the different industries and markets. 'Microsoft ', 'SAP ', 'Workday ', 'IFS ', 'Sage Group ', 'Ramco Systems ', 'Priority ', 'Odoo ', 'SYSPRO ', 'Tyler Technologies ', 'Genius Solutions ', 'Vienna Advantage ', 'OpenPro ', 'Dassault Systèmes ', 'Azentio Software ', 'Global Shop Solutions ', 'Rootstock Software ', 'ECI Software Solutions ', 'Unit4'

The emergence of digital transformation initiatives worldwide is one of the major factors fuelling the growth of the global cloud ERP market. Organizations in different sectors are turning towards cloud ERP solutions to redesign their operational processes, increase access to data, and simplify processes and promote better decision-making and improvement in efficiency in the competitive technology driven era of business. 

Rise of AI and Automation in Cloud ERP Solutions: The progression of technology in applications environments of cloud-based ERP systems has AI and automation capable of improving efficiency and decision-making processes. Businesses are adopting intelligent analytics, artificial intelligence and machine learning and automated processes to cut costs and enhance user experience therefore resulting into higher adoption of latest cloud ERP technologies in different business sectors. 

The global cloud ERP market is primarily dominated by North America. This is as the region is home to advanced technologies, has taken to the cloud ahead of many regions, and is inhabited by major ERP vendors such as Oracle, SAP, and Microsoft. This region has large multinational businesses especially in the manufacturing, healthcare, and retail sectors that are increasingly adopting cloud ERP systems for real-time analytics and efficiency of operations and expansion. Moreover, the necessity for compliance and increased data protection to up the adoption curve. The shift towards digitalization and automation, which is further propelled by large investments in cloud technologies and innovation, sets North America as one of the regions expected to experience cloud ERP growth and development at the highest velocity. 

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Global Cloud ERP Market

Report ID: SQMIG45F2151

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