Global Cloud ERP Market 2024 - By Size, Share, Price, Growth, Analysis, Outlook And Forecast Report 2033

The cloud erp market size has grown rapidly in recent years. It will grow from $72.75 billion in 2023 to $84.7 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth in the historic period can be attributed to rising demand for enterprise resource planning, growing adoption of cloud computing, government support for cloud erp adoption, growing awareness of the benefits of cloud erp, globalization.

The cloud erp market size is expected to see rapid growth in the next few years. It will grow to $154.59 billion in 2028 at a compound annual growth rate (CAGR) of 16.2%. The growth in the forecast period can be attributed to continued growth of the digital economy, demand for industry-specific cloud erp solutions, global expansion, growing iot integration. Major trends in the forecast period include hybrid cloud erp adoption, real-time analytics, eco-friendly cloud erp, innovative software updates.

Market Overview -
Enterprise resource planning (ERP) in the cloud is business management software that uses cloud-based platforms to give businesses more adaptable systems. Cloud ERP can be accessed from any device with an internet connection, allowing organizations to access mission-critical apps from any location. The software combines the planning, manufacturing, product development, marketing and sales processes and is used in many industries.

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Impact Of Digitalization And Cloud Computing On The Cloud Erp Market
Growing digitalization and cloud computing are expected to propel the growth of the cloud ERP market. Digitalization is the process of converting information or processes into digital form. Cloud computing is the on-demand delivery of computing resources, including servers, storage, databases, networking, software, analytics and intelligence, over the Internet. Cloud ERP is used in digitalization and cloud computing to manage enormous volumes of data and streamline complex operations and processes. For instance, in January 2021, according to a 2021 survey report of 600 IT leaders from Software AG, a Germany-based enterprise software company, 97% of global IT directors reported that the companies underwent digital transformation in 2020. Further, IT leaders listed the areas of focus such as Cloud computing (67%), 5G (51%), AI (43%) and Integration (43%) as essential technologies in 2021. Therefore, growing digitalization and cloud computing will drive the cloud ERP market.

Competitive Landscape -
Major players in the cloud erp market are Microsoft Corporation, Hewlett-Packard Development Company L.P., International Business Machines Corporation, Oracle Corporation, NetSuite Inc., SAP SE, Workday Inc., Infor, Tyler Technologies Inc., Epicor Software Corporation, Unit4, Deltek, IFS AB, Odoo, QAD Inc., Sage Intacct Inc., Ramco Systems Limited, Tally Solutions Private Limited, Global Shop Solutions, Plex Systems Inc., SYSPRO, Rootstock Software ERP, Genius Solutions Inc., IQMS, MIE Solutions Inc., Acumatica, VIENNA Advantage .

Leveraging Business Innovation Platforms For Enhanced Cloud Erp Solutions
Major companies operating in the cloud ERP sector are focused on advancing their products and services by integrating technologies such as business innovation platforms to strengthen their position in the market. Business innovation platforms are programs that aid organizations to innovate and expand by offering tools and resources to facilitate collaboration, knowledge sharing and idea generation. For instance, in September 2022, Yonyou, a China-based cloud service provider and enterprise resource planning (ERP) solutions, launched BIP (Business Innovation Platform), the next-generation cloud ERP to enhance the business innovation platform. The newly launched Yonyou BIP is the upgraded architecture '1+3+X', shifting from 'All-in-One Suite' to 'Integrated Service Cluster' to enhance the ERP solutions in HR, Business and Finance, covering ten major line-of-businesses.

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Key Segments -
The cloud erp market covered in this report is segmented -
1) By Component: Solutions; Services
2) By Organization Size: Large Enterprises; Small And Medium-Sized Enterprises
3) By End User: Banking, Financial Services and Insurance (BFSI); Healthcare; IT And Telecom; Aerospace And Defense; Government And Public Sector; Retail; Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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