According to a research report “Cloud ERP Market by Component (Solution, Services), Business Function (Accounting and Finance, Sales and Marketing, Inventory and Order Management), Organization Size, Vertical (BFSI, Manufacturing, IT and Telecom) and Region – Global Forecast to 2027″ published by MarketsandMarkets, the global Cloud ERP market to grow from USD 64.7 billion in 2022 to USD 130.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.0% during the forecast period. The major factors driving the growth of the Cloud ERP market include surge in adoption of cloud-based solutions and services across verticals, higher investment by government as well in this market across regions, unified enterprise-wide integration approach.
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Large Enterprises segment forecasted to have multiplied growth in market size during the forecast period
Organizations with more than 1,000 employees are categorized as large enterprises. The traction of Cloud ERP in large enterprises is said to be higher than SMEs, as they are adopting Cloud ERP solutions, services to improve business operational efficiency across geographies.
This is due to the affordability and high economies of scale that enables organizations to leverage cloud ERP solutions benefits. Large enterprises spend significantly on R&D in manufacturing, which empowers them to leverage advanced digital solutions, including cloud ERP to improve their business processes. In today’s highly competitive world, large enterprises leave no stone unturned to capture a larger market share and hence spend significant amounts on becoming technologically proficient. Moreover, large enterprises spend significantly on ERP workshops, training, and educating their employees to empower them with the latest trends and technological advancements in the cloud ERP market
IT and Telecom to record significant growth during the forecast period
This sector is expected to hold a significant share of the Cloud ERP market due to different advantages offered by service providers who must be ready to move quickly in order to serve Cloud, Content, and new applications and services cloud-based technologies. Cloud ERP is adopted for mission-critical industry verticals, such as IT and ITeS, extensively to improve revenue generation, increase customer insights, contain costs, deliver market-relevant products quickly and efficiently, and help monetize enterprise data assets. Digital transformation is a must to survive in a globally connected and increasingly competitive environment. IT and Telecom companies invest in new technologies, such as smart computing products, IoT, cloud computing, Cloud ERP, mobility, and analytics, to gain efficiency, innovation, and attract consumers. The increasing amount of documentation work creates a huge demand for cloud-based storage, backup, and related services to keep confidential data secure and available on-demand. IT and telecom is one of the most significant industries in the cloud ERP market. The amount of data generated in the telecommunications industry is huge, requiring superior quality storage solutions and services. It is crucial for telecom and IT corporations to reevaluate their strategies and ideally apply advanced technologies to capture a competitive position among the manifold companies operating in the telecommunication market. The ERP software in the IT and telecom industry encourages process facilitation and improves the whole improvement procedure. The growth in the telecom sector is being guided by the ERP system and can be turned into an opportunity to enhance the level of the market footprint. The ERP solution for this sphere is more multifaceted on account of ongoing technological advancements that immediately influence the requirements making them prone to changes.
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Asia Pacific is projected to record the highest market size during the forecast period
Asia Pacific is one of the fast-growing markets for cloud ERP, and its growth is driven by the presence of many SMEs in different countries. A few decades ago, it was impossible to perform IT support operations remotely without the increased adoption of mobile and cloud technologies. Asia Pacific organizations focus on implementing self-service capabilities and encouraging their use to ease the pressure on IT service desks. By implementing SaaS solutions, organizations can provide support 24×7. Asia Pacific is projected to witness enhanced growth opportunities during the forecast period. India, Japan, and China are the undisputed leaders in the cloud ERP market. According to primary respondents, countries, such as India, China, and Japan, are outpacing technologically advanced countries, such as the UK and the US, in terms of adopting technologically driven cloud ERP. Major players such as Oracle and Workday are extensively operating in this region with exclusive and top-notch offerings via solutions, services, products.
Some prominent players across all service types profiled in the Cloud ERP market study include Microsoft (US), Oracle (US), SAP (Germany), IFS (Sweden), Infor (US), Sage software (UK), Workday (US), Plex systems (US), Ramco systems (India), Epicor (US), Tally solutions (India), Odoo (Belgium), Tyler technologies (US), Syspro (South Africa), Acumatica (US), Brightpearl (UK), Deltek (US), QAD Inc. (US), Openpro (US), DELMIAworks (US), 3i Infotech (India).
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