Cloud ERP Market Size More Than Doubles to Touch USD 175 Billion by 2029
cloud ERP market is gaining traction because of the implementation of ERP systems on cloud to perform core operations and rising government investments in digitalization.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global cloud ERP market size at USD 64.7 billion in 2022. During the forecast period between 2023 and 2029, the global cloud ERP market size is projected to grow at a robust CAGR of 15.37% reaching a value of USD 174.73 billion by 2029. Rapid conversion from on-premises to cloud ERP following the COVID-19 pandemic outbreak is one of the key growth drivers for the global cloud ERP market. Cloud ERP has an increasing market demand among both large and small & medium-sized businesses due to its lower upfront costs, quicker implementation, and less intense use of human and physical resources.
Global Cloud ERP Market – Overview
Cloud ERP (enterprise resource planning) software runs on a secure server and is easily accessible through the Internet. Cloud ERP solutions provide a more effective method by enabling businesses to utilize enormous computer capacity. Moving from on-premises to cloud ERP often provides cheaper upfront costs, quicker deployment, and less intensive use of human and physical resources. One of the numerous security advantages that top-notch cloud-based ERP software offers is disaster recovery. In the case of a significant interruption, it refers to the collection of rules, instruments, and practices used by the vendor to restore your data and systems.
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Global Cloud ERP Market – By Organization Size
Based on organization size, the global cloud ERP market is segmented into SMEs and large enterprises. The large enterprises segment holds a higher share in the global cloud ERP market. Large businesses may gather, store, and analyze data from all of their activities in one central area using an ERP system, giving them the visibility they need to make more informed decisions. A company may obtain real-time information and provide more helpful reports thanks to that consolidated data. However, SMEs are projected to grow at faster rate during the forecast period.
Impact of COVID-19 on Global Cloud ERP Market
The global cloud ERP market witnessed tremendous growth post the COVID-19 pandemic outbreak. The key component of cloud-based ERP software is a monthly or subscription service. As the system is operated online, the business owner doesn't need to invest in physical assets, which saves money that may be used in other departments of the company to combat the pandemic's impacts on the company. ERP can be used by remote workers since they require a single source of precise, real-time data. By enabling employees to handle company activities proactively and assisting them in making the best choice fast, the system successfully lowers administrative and operational expenses.
Major players operating in the global cloud ERP market include Oracle, Microsoft, SAP, IFS, Sage Group plc, Workday, Inc., Plex Systems., Ramco Systems., Epicor Software Corporation, Tally Solutions Private Limited, Odoo, SYSPRO, Tyler Technologies, MIE Solutions, Genius Solution, Inc., Brightpearl, Deltek, Inc., QAD Inc., and VIENNA Advantage.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Cloud ERP Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Cloud ERP Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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