The introduction of these services has led to process transformation for several organizations and companies. Known as one of the leading technologies of the modern world, cloud computing entails usage of internet for storing records, documents, tools, and shared computing records. Adoption of this technology has allowed companies to host their complete computing infrastructure on virtual platforms through remote data centers. Today, cloud ERP is used for managing human capital, finance, and several other important aspects of a business.
In the coming years, analysts visualize that intelligent usage of cloud ERP application will reduce operational expenses. A key advantage of using these solutions will be the ability for organizations, businesses, and institutes to avoid the need to purchase servers, storage hardware, and thereby reduce the expenditure required for maintaining them. Despite the several benefits of using cloud ERP solutions, the technology comes with its set of disadvantages.
The downside of deploying ERP software is the issue of integration of company’s legacy systems and ERP modules. Solutions that are designed to ensure this smooth transfer are expected to open up several new markets for the global cloud ERP market in the near future. Yet another key factor likely to support the growth of the global market is the confidence enjoyed by companies that their data is backed up at all times and that the solution comes with a disaster recovery plan.
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Global Cloud ERP Market: Overview
The global cloud enterprise resource planning (ERP) market is expected to display double-digit growth rate in the coming years. Businesses are increasingly integrating cloud-based ERP applications with conventional ones, thereby creating hybrid ERP systems that can support new business models and can be scaled to serve new customer demands.
The cloud ERP market can be segmented by function, organization site, component, deployment mode, vertical, and region. In terms of function, finance is projected to display the highest growth rate in the coming years; this is mainly due to the need for efficient and reliable management of different financial activities such as assets management, cash flow management, accounting, and investments. However, operations stood as the largest function segment in the recent years due to the exponentially increasing demand for such solutions from various industry verticals for the execution of business processes.
In terms of component, managed services is expected to display the highest growth rate in the coming years, while professional services is expected to account for the largest share of the overall market. Furthermore, consulting professional services is expected to exhibit the highest growth rate in the coming years. In the recent past, implementation services accounted for a major share in the cloud professional services market due to the complexities involved in their integration with existing systems.
The report on the global cloud ERP market looks into the various growth factors and market opportunities along with factors holding back the market’s growth. The meticulous segmentation of the market covered in this report helps to comprehend the growth prospects of different segments, which in turn, assist to make strategic moves in this industry.
Global Cloud ERP Market: Drivers and Restraints
The rising adoption of cloud services and mobile applications along with the increasing demand from small and medium enterprises (SMEs) to attain optimum business process efficiency and transparency are the major factors driving the global cloud ERP market.
An increasing demand from SMEs and large enterprises from diverse industry verticals for hosted ERP services and solutions is further propelling the growth of the cloud ERP market. The increasing support from governments across the world for the advancement of IT infrastructure across enterprises is expected to boost the demand for such solutions.
Global Cloud ERP Market: Regional Outlook
The global cloud ERP market can be divided into the regional segments of North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America followed by Europe account for the largest revenue contribution to the global market. This is mainly due to the presence of established cloud ERP vendors and service providers in these regions. This is complemented with the early adoption of innovative technological solutions in the developed economies of the U.S., the U.K., and Canada.
However, Asia Pacific is projected to emerge as the fastest growing region in the global cloud ERP market due to the ever-increasing adoption of such solutions across both large and SMEs in this region.
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Global Cloud ERP Market: Competitive Outlook
Some of the leading companies that offer cloud ERP solutions and services worldwide are Microsoft Corporation, SAP SE, Sage Software Inc., Intacct Corporation, PLex Systems Inc., Oracle Corporation, Infor, Epicor Software Corporation, Finacialforce.com, and Ramco Systems. The report looks into the both inorganic and organic growth strategies that have been employed by key vendors in this market. This includes innovative product launches, partnerships and collaborations, and mergers and acquisitions to expand their portfolio in the global cloud ERP market.
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