Meticulous Research® – leading global market research company is researching on cloud ERP market titled “Cloud ERP Market by Functions (Human Capital Management, Sales and Marketing, Inventory and Order Management , Finance and Accounting), End-use Industry (Automotive, Banking & Financial Services, Retail, IT and Telecommunication, Aerospace & Defence, Government and Public Sectors, Education, and Others), Component(Solutions & Services), Organization (Small & Medium Enterprises and Large Enterprises), and Region – Global Forecast to 2025”.
Increasing adoption of cloud-based services with integrated business management and on-demand access to computing services across the world are the key factors driving the global cloud ERP market. Cloud ERP is a shared database that supports several functions used across different business units that relies on the cloud rather than proprietary server infrastructure to support businesses share information across segments. The need for empowering on-demand access to computing and large storing facilities are driving companies towards Cloud ERP. For instance, in 2017, Blackbaud, the world’s leading cloud software company, expanded partnership with Microsoft for pursuing non-profit cloud solutions to create high growth opportunities in the future market.
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The Services Segment is Expected to Register Exponential Growth during the Forecast Period
Based on components, the Cloud ERP market is segmented into solutions and services. Among these, services are expected to be the fastest growing segment in the market. The service sector is on high growth trajectory, driven by enhanced adaptation of cloud computing, raising innovation accessible by digitalization technique, and financial applications. It also reduces redundant task, supplies process management, and improves the precision of financial data. These factors are creating the high growth opportunities which gives a further push to the banking & financial services, retail, government and public sectors, and automotive, among others.
Banking & Financial Services Segment is Expected to Witness the Highest CAGR during the Forecast Period
Based on end-use industry, the banking & financial services segment of the Cloud ERP market is expected to grow at the highest rate in the coming years. Cloud ERP maintains operational efficiency and provides solutions and services that can benefit enterprises across the BFSI to compete with today’s digital world. It also minimizes huge infrastructure cost by providing business flexibility and professional and advisory services, which ultimately increases the growth opportunities for cloud-based ERP market during the forecast period.
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Asia-Pacific: The Fastest Growing Regional Market
Geographically, North America, comprising the U.S. and Canada, accounted for the largest share of the global market. However, Asia-Pacific is expected to witness rapid growth during the forecast period. The growth of this market is mainly attributed to the adoption of advanced technologies, such as cloud computing, artificial intelligence, big data analytics, IoT, machine learning, and digital transformation. The related rise in the use of new technological advancements and a surge in applications of cloud-based ERP in BFSI, government, and retail fields are majorly attributed to the large of share this region. For instance, in 2017, Oracle launched a GST acquiescent ERP cloud for India, which will help companies to prepare for the GST and the country’s transformational tax reforms. Moreover, the necessity for crystalline and efficient business processes in various industries is also anticipated to drive the growth of cloud-based ERP software market, especially in Asia-Pacific region.
The key players operating in the global cloud ERP market are Oracle Corporation (US), SAP SE (Germany), Workday (US), Ramco Systems (India), IQMS (US), Rootstock Software (US), Infor (US), Unit4 (Netherlands), Microsoft Corporation (US), Sage Software (UK), Acumatica (US), Deltek (US), Plex Systems (US), and QAD Inc (US).
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