The global cloud ERP market size is poised to showcase monumental growth from 2023 to 2033. According to the research report published by Future Market Insights, the global market is slated to exceed a valuation of USD 72,679.4 million in 2023. It is predicted to reach a valuation of USD 327,126.8 million by 2033. The market is foreseen to thrive at a CAGR of 16.2% from 2023 to 2033.
Businesses gather large volumes of data every day, and every company process produces specialized data in a specific format. To manage such a volatile and enormous stream of data, businesses are utilizing analytics-based solutions, which encourage the use of cloud ERP. As businesses look for analytics-based solutions, big data and analytics open up a new revenue stream for cloud ERP suppliers.
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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.
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 USD 37,352.9 million.
- The global market sales accounted for USD 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.
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 Players Operating in the Global Market
- Oracle
- Microsoft
- SAP
- IFS
- Infor
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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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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