What Has Been the Growth of the Cloud ERP Market So Far?
The cloud erp market has seen considerable growth due to a variety of factors.
• The size of the cloud ERP market has seen a swift upturn in recent times. It is projected to escalate from $84.7 billion in 2024 to $98.24 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 16.0%.
This rise in the past period is due to the increased requirement for enterprise resource planning, extended utilization of cloud computing, government endorsements for cloud ERP integration, heightened cognizance of the advantages of cloud ERP, and globalization.
What Are the Future Growth Projections for the Cloud ERP Market?
The cloud erp market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the cloud erp market is predicted to experience quick expansion in the coming years, reaching $182.23 billion in 2029 with a CAGR of 16.7%.
This increase during the predicted period can be ascribed to the continued growth of the digital economy, the rising demand for cloud erp solutions tailored to specific industries, global expansion, and the increasing integration of IoT. Key trends during the forecast period will involve the adoption of hybrid cloud erp, real-time analytics, eco-friendly cloud erp, and innovative software updates.
What Are The Core Factors Supporting Growth In The Cloud ERP Market?
The cloud ERP market is predicted to be driven by the rise in digitalization and cloud computing. Digitalization, which is the conversion of information or processes into a digital format, and cloud computing involving the demand-based provision of computing resources via the internet, play a significant role in managing extensive volumes of data and facilitating intricate operations. As an illustration, AAG IT Services, a UK operative offering IT and digital transformation services, revealed that Google Cloud earned an income of $6.87 billion in Q3 2022, up from $4.99 billion from the previous year. Google Cloud's revenue soared to $7.32 billion by Q4 2022, representing a 32% year-over-year growth. Therefore, a rise in digitalization and cloud computing signifies an upward trend for the cloud ERP market. Upsurge in Data Usage Catalyzes Growth in the Cloud ERP Market
What Are The Major Segments Within The Global Cloud ERP Market?
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
Subsegments:
1) By Solutions: Financial Management, Human Capital Management, Supply Chain Management, Customer Relationship Management, Inventory Management, Project Management
2) By Services: Implementation Services, Consulting Services, Support And Maintenance Services, Training Services
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How Are Emerging Trends Reshaping The Dynamics Of The Cloud ERP Market?
Leading firms in the cloud ERP industry are concentrating on improving their offerings by incorporating technologies like business innovation platforms, with the aim of strengthening their market position. These platforms help organizations to grow and innovate by providing tools and resources that foster collaboration, idea generation, and knowledge exchange. For example, in September 2022, Yonyou, a Chinese provider of cloud services and ERP solutions, introduced BIP (Business Innovation Platform), a next-generation cloud ERP designed to boost the business innovation platform. The recently revealed Yonyou BIP embodies the updated '1+3+X' setup, transitioning from 'All-in-One Suite' to 'Integrated Service Cluster' in order to heighten ERP solutions in fields of HR, Business and Finance, and it caters to ten key business lines.
Who Are the Key Players In The Cloud ERP Market?
Major companies operating 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 .
What Is The Most Dominant Region In The Cloud ERP Market?
North America was the largest region in the cloud ERP market in 2024. The regions covered in cloud ERP market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
