Westford,USA, Oct. 18, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Cloud ERP Market will attain the value of USD 186.57 billion by 2031, with a CAGR of 12.6% during the forecast period (2024-2031). By seamlessly integrating GenAI into cloud ERP systems, enterprises stand to enhance their operational efficiencies, redefine decision-making processes and implement predictive systems.Thus, transformative technology increases operational agility throughout the organization by identifying and delivering actual process efficiencies-timely insights. Additionally, the use of AI in cloud ERP solutions empowers organizations to streamline critical processes, enabling continuous learning and optimization for optimal performance.
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Browse in-depth TOC on "Cloud ERP Market"
- Pages – 191
- Tables - 91
- Figures – 71
Cloud ERP Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 72.2 Billion |
| Estimated Value by 2031 | USD 186.57 Billion |
| Growth Rate | Poised to grow at a CAGR of 12.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Business Function, Organization Size, Deployment Mode, Vertical |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rise of Mobile ERP in the Era of Remote Work and Operational Efficiency |
| Key Market Drivers | Rising Government Spending on Digitalization |
Public Cloud Segment to Dominate Due to Growing Recognition among Small and Mid-sized Corporations
Based on deployment, the market is segmented into public cloud, personal cloud, and hybrid cloud. The public cloud phase holds the biggest cloud ERP market share attributable to its growing recognition among small and mid-sized corporations. This Software as a Service (SaaS) model ERP software program is cost-effective and facilitates customers with a pay-as-you-move model.
Finance Segment to Drive Market Due to Increased Requirement for Successful Accounting Techniques
The finance segment is anticipated to experience in the global cloud ERP market due to the increased requirement for successful accounting techniques, actual-time fiscal details and conformity to guidelines. Modern economic control needs cloud ERP because it upsurges accuracy, efficiency and strategic choice making with the help of its superior analytics and automation functionalities.
North America is Dominating Due to the Increasing Use of Cloud Technologies
North America holds the largest share of the global market owing to the increasing use of cloud technologies to streamline business processes. Companies in the region are promoting cloud technology, creating exciting opportunities for small and the medium-sized businesses. For example, in 2021, Infor launched the Three for Free program for North American small businesses. For a limited time, the company offered SMEs to sign up for Infor CloudSuite Distribution in exchange for three free user licenses.
Asia Pacific is expected to register the highest CAGR during the forecast period, with a growing number of SMEs and start-ups in the region. Asia Pacific is growing and attracting huge investments in cloud technology. According to the Public Cloud Services Spending Guide, 2021, the annual spending on public cloud services is estimated to reach USD 116.06 billion in 2024. Moreover, the expanding IT and telecom sectors are expected to drive the market growth has increased in this sector.
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Drivers
- ERP System Implementation for Essential Business Functions
- Rising Government Spending on Digitalization
Restraints
- Problems Integrating On-Premises and Legacy ERP Systems
- Limited Customization
Prominent Players in Cloud ERP Market
The following are the Top Cloud ERP Market Companies
- Oracle (US)
- Microsoft (US)
- SAP (Germany)
- Workday (US)
- Infor (US)
- IFS (Sweden)
- Plex Systems (US)
- Epicor Software Corporation (US)
- Sage Group (UK)
- Ramco Systems (India)
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Key Questions Answered in Cloud ERP Market Report
- How big is the global cloud ERP market?
- What are the key drivers of global cloud ERP market size?
- Which channel segment dominated the global cloud ERP market?
- Which is the fastest growing region in the global cloud ERP market?
This report provides the following insights:
- Analysis of key drivers (ERP system implementation for essential business functions, rising government spending on digitalization), restraints (problems integrating on-premises and legacy ERP systems, limited customization), opportunities (rise of mobile ERPin the era of remote work and operational efficiency), influencing the growth of cloud ERP market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the cloud ERP market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the cloud ERP market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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