Cloud Enterprise Resource Planning Market to Witness A Phenomenal Growth 2019 – 2025 | Oracle, SAP, Microsoft, Infor, Sage Group Plc., NetSuite Inc. TOTVS, IBM, Rootstock, Acumatica, Ramco Systems
Cloud Enterprise Resource Planning Market is set to grow exponentially during the forecast period driven by the growing adoption of the cloud-based services. The demand for cloud-based solutions is due to its hassle-free deployment, low cost, and flexibility. The advantages provided by cloud-based services over on-premise services are attracting organizations to adopt cloud-based services. The adoption of big data analytics by organizations is also driving the cloud enterprise resource planning market.
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The cloud enterprise resource planning market is spread across various industry verticals such as BFSI, manufacturing, government & public sector, retail, healthcare, aerospace & defense, and IT & telecom. It is majorly used in the BFSI sector to provide better customer experience. It is used to manage the sensitive data of customers with its features such as secure transaction, live operational following, and investigation & evaluation.
SMEs are demanding ERP solutions to streamline their business operations efficiently. They are adopting the cloud ERP due to its cost-effectiveness and hassle-free deployment. To be in competition and provide better customer experience, businesses are adopting ERP solutions.
The adoption of cloud-based ERP is high in functions such as finance & accounting, sales & marketing, inventory & order management, and human capital management. The use of ERP in the banking sector is high due to an increase in the number of financial frauds. A cloud ERP solution helps enterprises to understand the digital world and maintain operational efficiency. The cloud enterprise resource planning market is witnessing high growth in sales & marketing due to the increasing number of digital channels and complexities in sales channels. Additionally, the rising need to improve employee performance is increasing the demand for ERP solutions.
North America dominates in the cloud enterprise resource planning market due to the high rate of adoption of new technologies such as cloud, mobility, big data, IoT, and analytics. The availability of key players in the region supports the growth of the ERP market. The APAC region is forecast to grow due to the transformation of developing countries into business hubs. Additionally, the emergence of various small & mid-size businesses in the region will propel the growth of the market.
Some of the vendors operating in the cloud enterprise resource planning market are Oracle, SAP, Microsoft, Infor, Sage Group Plc., NetSuite Inc. TOTVS, IBM, Rootstock, Acumatica, Ramco Systems, and IQMS. The players are innovating their existing products to enhance customer offerings.
For instance, in April 2019, Oracle updated its NetSuite with new analytics and cloud capabilities. The product update aims at enhancing user engagement across digital commerce, finance, HR, supply chain, and marketing domains. Similarly, in January 2017, Microsoft announced its new product Microsoft Dynamics NAV launch. The new product launch intends to increase the ERP product line.
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Cloud enterprise resource planning market, By Component, 2014-2025 (USD Million)
Cloud ERP market, By Function, 2014-2025 (USD Million)
• Human Capital Management (HCM)
• Sales and Marketing
• Finance and Accounting
• Order Management
Cloud Enterprise Resource Planning (ERP) Market, By Application, 2014-2025 (USD Million)
• IT& Telecom
• Government and Public Utility
• Aerospace and Defense
Corporate Sales, USA
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