Cloud-based ERP Market Worth $32,184 Million by 2023 | Global Opportunity Analysis and Industry Forecast

According to a new report published by Allied Market Research, titled, Cloud-based ERP Market by Component, Function, End User, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global cloud-based ERP market was valued at $13,238 million in 2016, and is projected to reach $32,184 million by 2023, growing at a CAGR of 13.6% from 2017 to 2023. The services segment is anticipated to grow at the highest rate during the forecast period.

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North America market generated the highest share of revenue in the global cloud-based ERP market in 2016 owing to technological advancements and a rise in applications of cloud-based ERP in manufacturing, government, and retail fields. The Asia-Pacific cloud-based ERP market is expected to grow at the highest rate, followed by LAMEA during the forecast period. Need for transparent and modernized manufacturing processes in diverse industries is expected to drive the growth of cloud-based ERP software in Asia-Pacific.

The software segment contributed the highest share in 2016. This segment accounted for $8,211 million in 2016 and is projected to grow at the CAGR of 12.8% during the forecast period. The cloud-based ERP market for managed services is projected to grow at the highest rate of 14.8%.

Other functions segment generated maximum share of revenue in 2016 and is expected to dominate the market throughput the forecast period at the CAGR of 16.8%. Cloud-based ERP market for finance is expected to witness highest CAGR of 17.7% during the forecast period, followed by retail.

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The cloud-based ERP market is in its growth phase and is expected to grow at a CAGR of 13.6% during the forecast period. Rapid adoption of cloud-deployments in SMEs across various countries, increase in need for operational efficiency and transparency among various industry verticals, and growth in focus of organizations toward advanced technological solutions to help them in key decision-making drive the growth of the global cloud-based ERP market.

Key Findings of the Cloud-based ERP Market:

• The software segment accounted for the highest share of the global cloud-based ERP industry by component in 2016, growing at a CAGR of 12.8% from 2017 to 2023.

• The professional services segment by services generated the highest revenue share in 2016 and is projected to grow at a rate of 16.8%.

• The North America cloud-based ERP market generated the highest share, valued at $5,375 million, in terms of revenue in 2016.

• The cloud-based ERP market in finance is expected to witness growth during the forecast period.

The key players profiled in the report are as follows:

• IBM Corporation
• Oracle Corporation
• SAP SE
• Infor
• Aptean
• Microsoft
• Sage Group Plc
• Epicor Software Corporation
• Syspro
• Unit4

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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