Cloud ERP Market Outlook
According to the report by Expert Market Research (EMR), the global cloud ERP market size is projected to grow at a CAGR of 15.4% between 2024 and 2032. Aided by the growing demand for loud computing, the market is expected to grow significantly by 2032.
Cloud ERP refers to a suite of enterprise resource planning applications hosted on a cloud computing platform. This model offers businesses the flexibility, scalability, and efficiency of managing their resources and operations via cloud-based software and services. Key components of Cloud ERP systems include modules for finance, human resources, supply chain management, customer relationship management, and others, all interconnected and accessible through the internet.
The surge in cloud ERP market demand can be primarily attributed to the rapid digital transformation initiatives undertaken by businesses globally. In an era where agility and data-driven decision-making are paramount, Cloud ERP systems provide the necessary tools for real-time analytics, process automation, and seamless integration of various business functions.
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Another significant factor propelling the cloud ERP market growth is the increasing adoption of cloud-based solutions by small and medium-sized enterprises (SMEs). Cloud ERP offers SMEs cost-effective, scalable, and flexible solutions that were previously only accessible to large corporations. This democratisation of technology is enabling a wider range of businesses to optimise their operations and compete more effectively in the global market.
The technological advancements in cloud computing, such as enhanced security measures, better data storage capabilities, and improved integration features, have also bolstered the confidence of businesses in adopting Cloud ERP systems. Moreover, the shift towards remote working models in the wake of the global health crisis has further influenced the cloud ERP market outlook, as they facilitate remote access to critical business data and operations.
Regionally, North America holds a significant share of the market, driven by the presence of key market players and the early adoption of cloud technologies in the region. However, Asia Pacific is expected to witness the highest growth rate during the forecast period, owing to the rapid industrialisation, increasing SME sector, and growing digitalisation initiatives in emerging economies such as China, India, and Southeast Asia.
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Cloud ERP Market Segmentation
The market can be divided based on component, business function, organisation size, industry, and region.
Market Breakup by Component
- Services
- Solution
Market Breakup by Business Function
- Finance and Accounting
- Sales and Marketing
- Inventory and Order Management
Market Breakup by Organisation Size
- Large Enterprises
- Small and Medium-Sized Enterprises
Market Breakup by Industry
- Banking, Financial Services, and Insurance
- Telecom
- Government and Public Sector
- Retail
- Manufacturing
- Aerospace and Defence
- Education
- Healthcare and Life Sciences
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global cloud ERP market. Some of the major players explored in the report by Expert Market Research are as follows:
- IFS
- Oracle Corporation
- Microsoft Corporation
- SAP
- Infor
- Others
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