The global cloud ERP market is expected to develop dramatically between 2023 and 2033. The global market is expected to achieve a valuation of US$ 72,679.4 million in 2023, according to a research analysis released by Future Market Insights. It is expected to be worth US$ 327,126.8 million by 2033. From 2023 to 2033, the market is expected to grow at a CAGR of 16.2%.
Every day, businesses collect massive amounts of data, and each firm operation generates specialised data in a specific format. Businesses are utilising analytics-based solutions, which encourage the adoption of cloud ERP, to manage such a volatile and massive stream of data. As organisations seek analytics-based solutions, big data and analytics create new revenue streams.
Professionals all around the world utilize analytics technologies to boost operational agility and dependability, enhance asset utilization, and improve asset management. As IoT and technology continue to advance globally, the market is anticipated to grow significantly throughout the projected period.
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Among the additional factors that affect the growth spectrum is the ability to enhance operational effectiveness and streamline business processes, as well as the expanding use of cloud-based solutions internationally.
North America is predicted to hold the lion’s share in the global market. Large businesses are quickly embracing cloud ERP systems in North America to profit from these technologies. Integration of cloud ERP solutions with ERP also improves the features or capabilities of the solutions.
Large businesses and SMEs in North America are expected to concentrate on creating cutting-edge cloud ERP systems that are integrated with cutting-edge technologies like IoT and predictive maintenance. These factors are anticipated to promote market growth in North America.
In terms of cloud-based services and solutions, North America is a global leader. The growth is ascribable to the increased business process efficiency due to developments in BYOD (bring your own device), M2M, mobile, and cloud computing technologies. Large businesses are quickly embracing cloud ERP systems, as a result to profit from these technologies.
Key Takeaways from Cloud ERP Market:
- The global cloud ERP industry size expanded at a CAGR of 14.1% from 2018 to 2022.
- In 2018, the global market size stood at US$ 37,352.9 million.
- The global market sales accounted for US$ 63,420.1 million in 2022.
- In 2022, the solution segment garnered a 68.3% share of the global market.
- In 2022, the implementation & integration segment captured 43.2% share in the global market.
- The United States accounted for an 18.2% share of the global market in 2022.
- In 2022, India captured a 17.1% share of the global market.
- In 2022, China captured a 15.4% share of the global market.
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Key Players Operating in the Global Market
- Oracle
- Microsoft
- SAP
- IFS
- Infor
Recent Developments Observed by FMI:
- SAP debuted GROW with SAP for customers in India in April 2023. To help mid-sized businesses embrace cloud ERP that provides speed, predictability, and continual innovation, SAP launched a new solution.
- Yonyou Network Technology introduced Yonyou BIP in Bangkok and Thailand in September 2022. Yonyou BIP is a cutting-edge cloud ERP solution launched for international consumers
Key Segmentation – Cloud ERP Market
By Component:
- Solution
- Services
By Business Function Type:
- Accounting and Finance
- Sales and Marketing
- Inventory and Order Management
By Service Type:
- Implementation and Integration
- Consulting
- Support and Maintenance
By Organization Size:
- Small & Medium Size Enterprises (SMEs)
- Large Enterprises
By Application:
- BFSI
- Telcom
- Healthcare & Life Sciences
- Manufacturing
- Government & Public Sector
- Aerospace & Defense
- Retail
- Education
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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