Cloud Enterprise Resource Planning (ERP) Market Insights: Forecasting Success & Global Trends

According to a new report published by Allied Market Research, 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.

Cloud-based Enterprise Resource Planning (ERP) refers to the deployment of ERP software as a service (SaaS) over the internet. In this model, the ERP software and associated data are hosted on remote servers maintained by the ERP vendor or a third-party provider. Users access the ERP system through a web browser or app, allowing them to manage various business functions and processes from anywhere with an internet connection.

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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.

Market Growth and Trends:

1. Rapid Growth: The cloud ERP market has been experiencing rapid growth, with businesses of all sizes adopting cloud-based solutions to streamline their operations.

2. Global Adoption: Cloud ERP systems are being adopted globally across various industries, including manufacturing, retail, healthcare, finance, and more.

3. SMBs and Enterprises: Both small and medium-sized businesses (SMBs) and large enterprises are turning to cloud ERP for its flexibility, scalability, and cost-efficiency.

4. Cost Savings: One of the primary drivers for adopting cloud ERP is the potential for cost savings. Companies can avoid large upfront hardware and software investments, as well as reduce ongoing maintenance costs.

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5. Scalability: Cloud ERP systems offer scalability, allowing businesses to easily adjust their resources and features based on their changing needs.

6. Flexibility and Accessibility: Cloud ERP provides the flexibility for employees to access the system from anywhere, at any time, using various devices such as laptops, tablets, and smartphones.

7. Integration with Other Technologies: Cloud ERP systems often offer seamless integration with other cloud-based technologies such as CRM (Customer Relationship Management), e-commerce platforms, HR systems, and more.

8. Advanced Features: Cloud ERP solutions frequently come with advanced features such as real-time analytics, AI-driven insights, machine learning capabilities, and IoT (Internet of Things) integration.

9. Industry-Specific Solutions: Many cloud ERP providers offer industry-specific solutions tailored to the unique needs of businesses in sectors such as manufacturing, healthcare, retail, and more.

The report features a competitive scenario of the global cloud-based ERP industry and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are Oracle, IBM, Microsoft, SAP SE, Sage Group Plc., Aptean, Epicor Software Corp., Infor, Syspro, Unit4 and others. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the cloud-based ERP market.

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The Cloud-based Enterprise Resource Planning (ERP) market can be segmented based on several factors including deployment type, organization size, vertical, and region. In terms of deployment type, the market can be divided into public cloud, private cloud, and hybrid cloud ERP solutions, each offering distinct advantages based on the organization's needs for customization, security, and scalability.

Furthermore, segmentation by organization size typically includes small and medium-sized enterprises (SMEs) and large enterprises, where SMEs often prefer cloud ERP for its cost-efficiency and flexibility, while larger enterprises might prioritize comprehensive features and integration capabilities. Vertical segmentation considers industries such as manufacturing, healthcare, retail, and others, each with unique ERP requirements and compliance standards. Finally, regional segmentation takes into account the varying adoption rates and regulatory environments across geographies, such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa, where factors like data sovereignty, connectivity infrastructure, and market maturity influence cloud ERP trends.

KEY FINDINGS OF THE STUDY:

• 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.

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