[Research Report] The cloud ERP market is expected to grow from US$ 27.59 billion in 2022 and is expected to reach US$ 108.17 billion by 2030; it is estimated to record a CAGR of 18.6% from 2022 to 2030.

Cloud ERP Market: Analyst Perspective

Various companies are launching new cloud-based ERP software. For instance, in June 2023, 10X ERP announced the launch of its cloud-based ERP software, which is specifically designed to cater to the needs of small to medium-sized industrial distribution businesses. The solution offers an intuitive, user-friendly, and fast experience. Its core capabilities encompass a wide range of features, including sales and purchase order entry, inventory management, customer and vendor relationship management, real-time dashboards, a custom shipping integrator, QC management tools, and a robust, fully integrated accounting system that provides real-time data. Such initiatives by the market players are fueling the growth of cloud ERP in the market. In addition, the growing adoption of cloud ERP software in various industry verticals, including manufacturing, IT and telecom, BFSI, healthcare, retail, and others, is fueling the growth of the market. Furthermore, the growing technological advancement in the software is further expected to fuel the growth of the cloud ERP market

Cloud ERP Market Overview:

Cloud ERP is known as an enterprise resource planning software that can be accessed over the Internet. Hosted on a provider’s cloud computing platform, cloud ERP is typically delivered as a service (software-as-a-service or SaaS ERP). Cloud ERP software provides various advantages; one of the largest advantages of cloud ERP software is its almost limitless customizability. Add-on solutions, open APIs, industry-specific functions, and role-based dashboards allow companies to implement powerful decision-making tools, unparalleled data visibility, and a future-proof platform for success. Enterprises can implement chosen editions that have been designed to the needs of their specific industries—distribution, manufacturing, retail, and construction, among others. The field and office teams work in tandem to complete multiple projects under budget and on time, but challenges arise when they do not have efficient information. Construction-specific ERP software integrates applications and systems—including financials, job cost accounting, inventory, CRM, payroll, and project management, among others—for a complete, real-time view of the business that instantly connects all workers in the team.

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Cloud ERP Market: Strategic Insights

Cloud ERP Market

• 
  CAGR (2022 - 2030)

  18.6%
• Market Size 2022
  US$ 27.59 Billion
• Market Size 2030
  US$ 108.17 Billion

Market Dynamics

GROWTH DRIVERS

• Increasing Organizational Needs to Improv Staff Productivity and Efficiency
• Rising Adoption of Cloud ERP Solutions Across Various Verticals

FUTURE TRENDS

• Technological Advancements
• Growing Implementation of Two-Tier ERP Systems

OPPORTUNITIES

• Increasing Government Initiatives for Digitalization of SMEs
• Use of Mobile and Cloud Applications

Key Players

• Acumatica Inc
• Infor Inc
• Microsoft Corp
• Oracle Corp
• Sage Group Plc
• SAP SE
• Workday Inc
• SYSPRO Proprietary Ltd
• Epicor Software Corp

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Business Function

• Finance and Accounting
• Sales and Marketing
• Inventory and Order Management
• Human Capital Management
• Others

Organization Size

• Large Enterprises
• SMEs

Vertical

• Manufacturing
• IT and Telecom
• BFSI
• Healthcare
• Retail
• Government
• Aerospace and Defense
• Others

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Cloud ERP Market Driver:

Increasing Organizational Needs to Improve Staff Productivity and Efficiency Drive Cloud ERP Market Growth

Businesses are continuously seeking ways to boost their output and effectiveness in the current fast-paced, intensely competitive commercial landscape. Cloud-based enterprise resource planning (ERP) systems have garnered significant attention as they assist in business growth, collaborations, and effective operations. Cloud ERP offers a variety of benefits over traditional on-premise systems. Cloud-based systems are accessible from anywhere with an Internet connection. This means that employees can retrieve critical business collaboration data and perform tasks remotely. For example, sales representatives can access real-time inventory data while on the go, which allows them to execute timely customer interactions. Cloud ERP provides real-time data updates and analytics, which can be utilized to make informed decisions. For example, using data obtained from cloud ERP systems, managers can monitor inventory levels and demand in real-time, allowing for proactive restocking and optimized production schedules. Cloud ERP includes collaboration tools, which improve teamwork and coordination. For example, a cloud ERP system facilitates project management and collaboration among remote teams, streamlining project workflows and reducing errors. Further, cloud ERP can reduce operational costs by automating processes and reducing the need for on-premise infrastructure. According to the study of Nucleus Research, the return on investment (ROI) generated by cloud ERP is 3.2 times higher than the ROI conferred by on-premises ERP. Cloud ERP systems can be easily scaled up or down according to business needs. This flexibility is essential for organizations that experience fluctuations in demand. For example, upon implementation of a cloud ERP system, an e-commerce company can handle increased order volumes during the holiday season without investing in new infrastructure. Thus, an increasing organizational requirement to improve staff productivity and efficiency bolsters the demand for cloud ERP systems and are contributing to cloud ERP market growth.

Cloud ERP Market Report Segmentation and Scope:

The cloud ERP market is segmented on the basis of business function, organization size, and vertical. Based on business function, the cloud ERP market is segmented into finance and accounting, sales and marketing, inventory and order management, human capital management, and others. Based on organization size, the market is bifurcated into large enterprises and small and medium enterprises. Based on vertical, the cloud ERP market is segmented into BFSI, manufacturing, government, aerospace & defense, IT & telecom, healthcare, retail, and others. By geography, the cloud ERP market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

Cloud ERP Market Segmental Analysis:

Based on business function, the cloud ERP market is segmented into finance and accounting, sales and marketing, inventory and order management, human capital management, and others. The finance and accounting segment held a larger cloud ERP market share in 2022 and is anticipated to record a higher CAGR in the market during the forecast period. The cloud-based ERP software helps generate extensively detailed financial reports, enables greater automation, eliminates duplicate entries, reduces error count, and confers a higher degree of control. These ERP systems also offer cost accounting functionality that can be set up independently of financial accounting according to the organization’s wants and needs. This allows organizations to tailor their accounting software to meet their specialized financial management capabilities, enabling them to streamline their finances and make informed decisions, thus fueling the growth of the segment in the cloud ERP market.

Cloud ERP Market Regional Analysis:

North America held the largest cloud ERP market share in 2022. Technological changes have a substantial impact on the North American economy. All developed countries in North America have a significant focus on creating technological innovations. The US economy depends on technology substantially. As a result, many states have started major initiatives to ignite innovation and empower entrepreneurs. The most frequently mentioned technologies are the Internet of things (IoT), big data analytics, mobility, artificial intelligence (AI), digital media, biotechnology, telemedicine, and cloud computing. Various companies in North America are deploying new cloud-based software. For instance, in April 2023, SAP SE announced that the Greater Austin Merchants Cooperative Association (GAMA) selected SAP S/4HANA Cloud, which is a public edition to help future-proof the organization and support its business transformation. With SAP S/4HANA Cloud, public edition, the company is helping midsize businesses harness the proven benefits of cloud ERP with built-in industry best practices. Also, in September 2022, NetSuite, at its SuiteWorld conference, announced a wide variety of tools across its ERP suite to optimize business processes. NetSuite added a host of new applications and features to its cloud-based NetSuite ERP suite to enhance its automation capabilities and compete with midmarket rivals such as Epicor, IFS, and Microsoft Dynamics. The new capabilities were announced at the company’s annual SuiteWorld conference in Las Vegas. Further, in March 2023, SAP launched its new public cloud enterprise resource planning (ERP) offering, which is designed to help midsize companies move to the cloud more quickly than ever before. Therefore, such instances show that the demand for cloud ERP software is increasing in North America.

Cloud ERP Market Key Player Analysis:

Acumatica Inc, Infor Inc, Microsoft Corp, Oracle Corp, Sage Group Plc, SAP SE, Workday Inc, SYSPRO Proprietary Ltd, Epicor Software Corp, and Unit4 Group Holding BV are the key cloud ERP market players profiled in the report.

Cloud ERP Market Report Scope

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Cloud ERP Market Recent Developments: 

The cloud ERP market players highly adopt inorganic and organic strategies. A few recent key market developments are listed below: 

• In July 2023, Infor, the industry cloud company, announced the continued momentum of Infor Marketplace, which now showcases more than 150 solutions. These include partner-developed applications that extend the functionality of Infor ERP (enterprise resource planning) systems and Infor content that leverages Infor platform technology and OpenAI's ChatGPT language model.
• In June 2023, SAP and Bain & Company are collaborating to help executives maximize the impact of cloud-enabled ERP transformation. By bringing together solutions like RISE with SAP and Bain's business-led transformation expertise, the partnership aims to enable clients to reach their business goals faster and achieve their full ERP potential.
• In May 2023, Kyndryl, the world's largest IT infrastructure services provider, announced an expanded strategic partnership with SAP focused on developing new solutions to help customers solve their most complex digital business transformation challenges.
• In March 2023, Net at Work, a full-service technology and business consultancy, announced the acquisition of Innovation ERP, a leading Sage X3 and Sage 300 consulting firm. The acquisition deepens Net at Work's bench of experienced Sage ERP business technology consultants. It provides Innovation ERP clients with direct access to a complete range of next-generation technologies and services to help them unleash the power of their business, including customer relationship management (CRM), Employer Solutions, eCommerce, Managed IT, and Cloud Hosting services.
• In February 2023, Acumatica's latest release of its SaaS ERP includes new features to improve ease of use and productivity for SMB customers while strengthening its competitive advantage.