Cloud ERP Market Will Grow Rapidly In Coming Years
Cloud ERP Industry
The global cloud ERP market size is expected to reach USD 110.26 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 18.0% from 2024 to 2030. Growing need of enterprises to automate supply chain operations, increasing influence on enterprises to migrate to cloud solutions and rising demand for tailored business applications are observed as some of the key factors driving the global cloud enterprise resource planning (ERP) market. Moreover, the evolving need for businesses to deploy advanced software solutions that predict probable disruptions is further anticipated to offer numerous growth opportunities for the stakeholders over the forecast period.
For instance, in June 2023, SAP Fioneer, a software company, announced the launch of SME Banking Edition. The solution would allow banks and neobanks to provide banking services in a data-driven, digital-first approach specific to the financial requirements of small and medium-sized enterprises (SMEs). By linking banks to external data sources, including Open Banking, central business registries, e-commerce, and Enterprise Resource Planning (ERP) data, SME Banking Edition tackles various issues and creates actionable insights that significantly assist SMEs in staying competitive.
Cloud ERP adoption has become essential for companies aiming to achieve and exceed their goals in an evolving marketplace. Cloud ERP providers frequently provide industry-specific modules and customizations, ensuring that this customized approach assists businesses in streamlining their operations in accordance with the particular requirements of their industry, which is driving the cloud ERP market growth. For instance, in June 2023, SAP SE, a software company, partnered with Bain & Company, Inc., a consulting firm, to assist their clients in maximizing the benefits of ERP transformation provided by the cloud. The partnership seeks to help clients achieve their business goals more quickly and discover the full potential of their ERP by combining solutions such as RISE with SAP and Bain's business-led transformation experience. RISE with SAP offers business cloud ERP, transformation services, business analytics, and solutions from the SAP partner ecosystem.
The convergence of AI, blockchain, hyper-automation, and personalized customer experiences will redefine how businesses operate, transforming them into agile, data-driven, and customer-centric enterprises. Cloud ERP and hyper-automation technologies, such as AI-powered workflows, blockchain, and Robotic Process Automation (RPA), are combined to allow enterprises to automate complicated business operations easily, which is anticipated to create numerous growth opportunities for cloud ERP market growth in the coming years. For instance, Oracle Corporation offers various services to adopt blockchain technology such as Oracle Blockchain Platform Cloud Service which delivers secure, trusted, and real-time data sharing and transactions among businesses. This is poised to speed up procedures such as procure-to-pay and order-to-cash, improve accuracy, and decrease manual intervention.
Gather more insights about the market drivers, restrains and growth of the Global Cloud ERP market
Cloud ERP Market Segments Highlights:
- The hybrid cloud segment is projected to register the highest CAGR over the forecast period. The segment is experiencing growth opportunities owing to the rising integration of edge computing with hybrid cloud deployment, that results in real-time data processing, along with cloud analytics
- The small & medium enterprises segment is projected to register the highest CAGR over the forecast period. The segment is experiencing growth opportunities owing to the potential of data analytics embedded into cloud ERP that facilitates improved decision-making for SMEs. Predictive analytics and real-time data are assisting firms to remain flexible, make wise decisions, and capture growth opportunities.
- The finance segment is projected to register the highest CAGR over the forecast period. Cloud ERP's real-time analytics and reporting capabilities provide accurate data for informed decision-making, improving financial benefits, which is expected to create new market opportunities for the finance segment.
- The manufacturing segment is projected to register the highest CAGR over the forecast period. Manufacturers can optimize their operations with cloud ERP solutions tailored to the specific needs of discrete and process manufacturing. Cloud ERP may serve as platform for engagement between distributors, suppliers, and manufacturers. This allows information to be shared in real-time, promoting greater collaboration and expediting the entire value chain, which is expected to create new market opportunities for the manufacturing segment.
- The Asia Pacific market is estimated to be the fastest-growing segment, offering lucrative growth opportunities for the industry players in the cloud ERP market growth. SMEs in the Asia Pacific are increasingly adopting cloud ERP solutions. Cloud ERP offers an accessible and cost-effective solution for these businesses to modernize their processes.
Cloud ERP Market Report Segmentation
Grand View Research has segmented the global cloud ERP market report based on deployment, enterprise size, function, end use, and region:
Cloud ERP Deployment Outlook (Revenue, USD Million, 2018 - 2030)
- Private Cloud
- Public Cloud
- Hybrid Cloud
Cloud ERP Enterprise Size Outlook (Revenue, USD Million, 2018 - 2030)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Cloud ERP Function Outlook (Revenue, USD Million, 2018 - 2030)
- Finance
- Supply Chain
- Human Resources (HR)
- Others
Cloud ERP End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Manufacturing
- BFSI
- Healthcare
- Retail & E-commerce
- Government
- Aerospace & Defense
- IT & Telecom
- Others
Cloud ERP Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Latin America
- Brazil
- Middle East & Africa
- South Africa
- South Arabia
- UAE
Key Cloud ERP Company Insights
- Acumatica, Inc.
- Deltek, Inc.
- Epicor Software Corporation
- Infor
- Microsoft
- Oracle
- Ramco Systems.
- Sage Group plc
- SAP SE
- Syspro
- Unit4
- Workday, Inc.
Order a free sample PDF of the Cloud ERP Market Intelligence Study, published by Grand View Research.
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