Cloud-based ERP Software Market - Key Trends, Industry Opportunities And Projections for Upcoming Years

Enterprise resource planning (ERP) is a type of business process management software that enables an organization to use integrated application systems for managing the business as well as automate the back office functions that are mainly related to technology, human resources and services. ERP software combines all the processes included in a particular operation, including product development, planning, sales, manufacturing and marketing. Thus, it allows the smooth and efficient functioning of business and its operations. The on-premise ERP solutions are generally installed on the company's hardware as well as servers and then it is managed by IT staff. The cloud based ERP is deployed in an organization and its related data are handled in a centralized system through the internet by an ERP vendor and can be accessed by customers with the help of the web browser. The cloud-based ERP software significantly reduces the investment costs that are required in IT resources and provides considerable flexibility and scalability to the system. The cloud-based ERP vendors have a quick development methods as well as delivery approach for undergoing new feature enhancements and latest releases. These vendors can adapt to the shifts of the business model along with their customers in a faster manner and are elastic in the pricing methods and delivering value.

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The deployment of the cloud-based ERP solution enables the workforce to access the information for making any critical business decision from anywhere and anytime. Also, cloud-based ERP software leads to the maintenance of data transparency on real-time basis in an organization. Further, cloud-based ERP leads to reduction in the operational costs related to IT that has led to major adoption of ERP software by mid-size enterprises. These benefits have lead to significant adoption of ERP software among the end-users. The finance function is anticipated to significantly drive the growth of ERP software market during the coming years.

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ERP vendors are now developing cloud-based ERP solutions that are accessed via the mobile devices such as tablets and smartphones so that it could be delivered easily from third-party vendor's platform. Cloud-based ERP is a feasible option to carry out business operations, especially, for smaller sized businesses that have limited resources and need better functionality. Limited availability and functionality of the cloud based applications in some regions is a key challenge to the growth of cloud -based ERP market. It also has a limited customization method restricted to particular types of business using standardized processes. Further, there are risks regarding the data security breach in the systems which may lead to critical information leak.

Cloud-based ERP market is experiencing increasing competition and it is expected that offering highly customized ERP solutions as per the customer’s need would be the key to gaining increased market share for any player. The key players in the cloud-based ERP software market are Oracle Corporation, SAP SE, Microsoft Corporation, Epicor Software Company, Acumatica, and Plex Systems, and Daffodil Software Ltd.

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