Cloud Enterprise Resource Planning (Erp) Market Trends and Opportunities by 2023 With Key Players - Oracle, SAP, Microsoft, Infor, NetSuite, Sage, Epicor Software, IFS, Workday and IBM

The traditional ERP systems took longer time to be implemented, required high upfront cost, and ample of hardware, software, and technical expertise. The need for high return on investment (ROI) and lower upfront cost have been major drivers for the growth of cloud ERP market.

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BFSI industry was the largest adopter of private cloud deployment in cloud ERP market in 2017, owing to the involvement of sensitive data such as account details of high-income group (HNI), traders’ operations, and other critical data. Since, cloud ERP incorporates both critical and non-critical datasets such as sales data, financials, human resource and others, hybrid deployment model is projected to exhibit fastest growth during the forecast period.

Major demand for cloud ERP is generated with the need of on-demand access to computing services, availability of large storage space, automated resource management, and industry specific functions such as sales and customer support. Low cost, greater reliability, adoption of cloud-based services with integrated business management are also some other factors driving the demand for global cloud ERP solutions. The rapid growth in demand for cloud ERP in industries such as healthcare, retail, education and telecom are set to derive the market. Increased penetration of new technology solutions within organizations, low demographic barriers such as mobility, and availability of advanced open source applications with greater efficiency & transparency is also driving the growth of the global cloud ERP market.

Advancements in technology such as internet of things (IoT), big data analytics, smart wearables, artificial intelligence (AI) are anticipated to strengthen the growth of cloud ERP market in the coming years. Over a period of time, enterprises have accumulated a data silo that has traditionally been underutilized. As the adoption of IoT increases, the data generated by IoT devices would also increase exponentially. Therefore, by employing AI and analytical tools, enterprises would be able to utilize this data to make accurate forecasting, which form the basis of a more intelligent approach towards future business strategy and better decision making.

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Some of the players operating in the Cloud ERP market are Oracle Corporation, SAP SE, Microsoft Corporation, Infor Inc, NetSuite Inc, Sage Group plc, Epicor Software Corporation, IFS AB, Workday, Inc, and IBM Corporation.

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