Cloud ERP Market to Grow at a Hyper CAGR by 023: Global Industry Analysis and Statistics

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. The 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 a focus of organizations toward advanced technological solutions to help them in key decision-making drive the growth of the global cloud-based ERP market.

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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.

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

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