Dallas, Texas, Sept. 20, 2022 (GLOBE NEWSWIRE) — The world cloud ERP market is expected to increase significantly over the forecast period owing to the growing adoption of cloud computing, growing adoption of financial applications, and advanced digitization techniques. The elimination of superfluous tasks, the government strategy of using advanced technologies and the requirement for companies to build business processes are contributing to the expansion of the market.
With a compound annual growth rate (CAGR) of 12.1% over the projected period, the global cloud ERP market size is expected to grow from USD 54 billion to USD 178 billion by 2030.
Cloud enterprise resource planning, due to the advancements in technology and the use of cloud computing, the growth of the industry is increasing significantly. Instead of being installed on-premises at a remote location for a business, cloud ERP is enterprise resource planning (ERP) software designed to offer a distributed computing platform. It supports an organization’s management of multiple business functions, including purchasing, inventory control, and customer relationship management (CRM). Many companies in a variety of end-use industries have adopted large-scale cloud ERP systems.
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Scope of the Global Cloud ERP Market:
|Market size in 2030||$178 billion|
|Segment covered||by deployment, function, organization, vertical, by region,|
|per covered deployment||private cloud, public cloud, hybrid cloud|
|Function covered||accounting, finance, inventory and order management, human capital management, sales and marketing|
|Organization covered||small and medium enterprises, large enterprises|
|Vertical canopy||manufacturing and services, retail, utilities, BFSI, healthcare, other|
|Regions covered||North America, Europe, Asia-Pacific, Middle East, Africa and South America|
|Profiled Key Players||Plex Systems, QAD, Epicor, Sage Software, Workday, Unit4, Microsoft, IBM, Ramco Systems, IQMS, Software, Infor, Microsoft, SAP, Rootstock|
Businesses have access to a tremendous amount of data in today’s digitally connected world, which they collect from all available sources. Each business process generates unique data in a specific format, and companies collect huge amounts of data from their day-to-day activities. Businesses are implementing analytics-based solutions to make data-driven inferences and decisions to manage such a complex and huge amount of data. As companies seek out analytics-based solutions, big data and analytics offer cloud ERP vendors a new revenue stream. Professionals around the world rely on analytics technologies to optimize asset utilization and drive operational agility and reliability.
The large enterprise segment market size is expected to be the largest during the forecast period. Large companies are defined as those with more than 1,000 employees. Large enterprises are expected to use cloud ERP solutions more frequently than SMBs. Indeed, companies can utilize the advantages of cloud ERP solution due to its low cost and great economies of scale. The huge R&D investments made by large companies in the manufacturing sector allow them to use cutting-edge digital solutions, such as cloud-based ERP, to improve their business operations.
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During the projected period, the financial and accounting solutions segment is expected to experience the fastest growth. One of the most crucial business processes in any business is finance and accounting. Companies exercise extreme caution in handling financial data.
In 2021, the market share most strongly favored North America. Moreover, during the projected period, cloud-based ERP solutions have gained popularity in industry, government, and retail due to advancements in technology. The rapid growth of IoT along with the presence of various companies are also contributing to the growth of this market. The cloud-based ERP market is expected to grow at the fastest rate in Asia-Pacific, followed by LAMEA.
For example, Acumatica and IFS partnered in June 2019. They can leverage the sharing of resources, skills, and tactics provided by them, while maintaining full autonomy and experiencing high development trajectories without compromising business operations. or brand equity.
Main points of the table of contents:
2. Research methodology
3. Market Outlook
4. Cloud ERP Market by Component, 2022-2029 (USD Billion)
5. Cloud ERP Market by Function, 2022-2029 (USD Billion)
6. Cloud ERP Market by Organization, 2022-2029 (USD Billion)
7. Cloud ERP Market by Vertical, 2022-2029 (USD Billion)
8. Cloud ERP Market by Region 2022-2029 (USD Billion)
9. Competitive landscape
10. Company Profiles
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