New York, US, March 09, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Cloud ERP Market: By Deployment Type, By Organization Size, By Vertical - Forecast Till 2030. The global cloud ERP market is likely to expand at a significant growth rate. The massive shift in working environments and shopping patterns will drive the cloud ERP market growth. According to Market Research Future (MRFR), the global cloud ERP market is poised to reach USD 63.2 Billion by 2030, registering a 13.60% CAGR throughout the assessment period (2022-2030).
Cloud ERP empowers organizations to adapt to the changing business environment and customer expectations, enabling them to quickly add more features to their system, ramp up storage, and integrate third-party applications. Integrating cloud ERP in various departments of the organization enables collaboration and knowledge sharing and improves productivity.
Many businesses, mainly mid-sized enterprises across industries, are turning to ERP and the cloud. The COVID-19 pandemic disruptions brought a sea change in the way organizations work. Most businesses across industries have realized the importance of digitization and automation and, thus, incorporated them into their systems to boost revenue gains.
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Cloud ERP Market Competitive Analysis
- Oracle (US)
- Global Shop Solutions (US)
- OpenPro (US)
- Genius Solutions (Canada)
- IQMS (US)
- SYSPRO (South Africa)
- Sage Software (UK)
- IFS (Sweden)
- SAP (Germany)
- Deltek (US)
- Epicor (US)
- Plex System (US)
- Workday (US)
- Microsoft (US)
- Infor (US)
- Acumatica (US)
- Unit 4 (Europe)
- QAD Inc (US)
- MIE Track Pro (US)
- Ramco System (India)
ERP solutions automate tedious, monotonous, and time-consuming tasks, allowing employees to be free to allocate their time to more meaningful work. Enterprise resource planning software, widely known as ERP software, enables organizations to seamlessly manage day-to-day business activities such as procurement, accounting, project management, risk management & compliance, and supply chain operations.
Cloud ERP Market Report Scope:
|Market Size by 2030||USD 63.2 Billion|
|CAGR during 2022-2030||13.60%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Drivers||The cloud ERP market is segmented on the basis of deployment type, vertical and organization size.|
By deployment type segment consists of public, private and hybrid. A public cloud is one based on the standard cloud computing model,
Cloud ERP offers efficient solutions for the growing business need to tackle new challenges arising on their way to digitization. The newly synergized workforce help enhance employee satisfaction, increase transparency, and allow workers to see how each functional group can contribute to the mission and vision of the organization. Most ERP platforms are designed specifically to meet the unique needs of manufacturers.
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Cloud ERP is becoming crucial for businesses due to explicit industry standards. The cloud ERP offers users easy-to-use applications and cross-platform/ mobile-native capabilities. Companies are increasingly incorporating cloud ERPs in their supply chain planning to reduce supply chain risk and dependencies on specific countries and geographies.
Increased business model complexity is creating vast demand for ERP systems to support multiple business models, including distribution, retail, and mixed-mode manufacturing. Alongside the digital transformation, the demand for ecommerce integration accelerates the Cloud ERP trend. Rapid growth in ecommerce channels witnessing significant traffic is a key driver for most ERP implementations.
For small businesses, the benefits of cloud-based ERP are numerous, allowing them to drastically reduce the need for in-house IT and eliminating the need to maintain their systems. Also, cloud-based solutions make it possible for small companies to take advantage of an ERP system with a smaller IT team, which they would otherwise need more money to afford to maintain.
Industry players also work closely with manufacturers to make them understand the importance of modernizing their cloud ERP software, pointing at the challenges they encounter in their journey to be more resilient. The most cited issues in the manufacturing sector are outdated/legacy systems and slower shifts to the cloud than other industries.
The global cloud ERP market is segmented into deployment types, organization sizes, verticals, and regions. The deployment type segment is sub-segmented into private and hybrid. The organization size segment is sub-segmented into medium and large-sized enterprises. The vertical segment is sub-segmented into aerospace & defense, IT & telecommunications, and others. The region segment is sub-segmented into North America, Europe, Asia-Pacific, and the Rest-of-the-World.
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North America dominates the global cloud ERP market, witnessing increasing adoption across enterprises in the region. Additionally, the rising demand for solutions that enable data-driven decision-making and improve transparency & operational efficiency substantiate the region's market shares.
The region perceives the growing adoption of a cloud-based deployment model, contributing to market revenues. Many cloud ERP enablers in North America try to uniquely include Manufacturing Execution System (MES) in their cloud-based ERP to form a complete manufacturing solution with rapid time, value, and a solution that can grow alongside the organization.
Europe is another lucrative market for cloud ERP solutions, witnessing the vast adoption among midsize businesses. Besides, the increasing adoption of cloud computing boosts the cloud ERP market size, enabling enterprises to scale up their businesses more conveniently. Also, the rising adoption of cloud ERP in the region stimulates market value.
The cloud ERP market in the Asia Pacific region is growing rapidly. Advances in AI and other similar technologies create substantial market demand. The proliferation of cloud technology, alongside increasing strategic partnerships and investments by players operating in the region, influences the market value.
Cloud ERP providers strive to strengthen their delivery, connectivity, and integration capabilities. They also strive to offer a breadth of capabilities in a single system for Operational ERP, employing their industry expertise. To expand their cloud ERP and industrial cloud solution offerings, major ERP companies form partnerships & collaborations and try to acquire technology companies active in industrial automation and digital transformation. They invest substantially in product development and launches.
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For instance, on Feb. 28, 2023, SWK Technologies, Inc. (SWK), a leading provider of business application and consulting solutions, announced that it has won the 2023 Acumatica Cloud ERP Partner of the Year Award. The award recognizes the partner offering the highest combination of new customer additions, customer retention, and overall revenue contribution to Acumatica, as well as customer satisfaction score.
The business management solutions provider specializes in information and business management strategy. SWK offers accounting, financial reporting, and ERP solutions, as well as custom software development solutions and third-party process automation integrations. SWK's ERP enhancement creates operations-based cloud computing solutions, development capabilities, managed network services, custom reports, and more.
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