LONDON, Jan. 15, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Cloud ERP Global Market Report 2024, the cloud ERP market has experienced rapid growth, surging from $72.75 billion in 2023 to an estimated $84.7 billion in 2024, showcasing an impressive compound annual growth rate (CAGR) of 16.4%. This Cloud ERP market growth in the historic period is attributed to the escalating demand for enterprise resource planning, the widespread adoption of cloud computing, governmental support for Cloud ERP implementation, the growing awareness of its benefits, and the forces of globalization.
Projected Growth and Forecast Period Drivers
Anticipating sustained momentum, the Cloud ERP market is set to witness substantial expansion, reaching an estimated $154.59 billion by 2028, maintaining a CAGR of 16.2%. The forecasted growth is fueled by the continuous surge of the digital economy, a burgeoning demand for industry-specific Cloud ERP solutions, global business expansion, and the integration of the Internet of Things (IoT).
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Key Trends Shaping the Future
Major trends anticipated in the forecast period include the adoption of hybrid Cloud ERP models, the implementation of real-time analytics, the emergence of eco-friendly Cloud ERP solutions, and the rollout of innovative software updates to enhance functionality.
Segments and Leading Players
The Cloud ERP market is segmented based on components, organization size, and end-users. Components include solutions and services, while organization sizes range from large enterprises to small and medium-sized enterprises (SMEs). Key end-user sectors encompass Banking, Financial Services and Insurance (BFSI), Healthcare, IT and Telecom, Aerospace and Defense, Government and Public Sector, Retail, among others. Notable players in the Cloud ERP landscape include Microsoft Corporation, Hewlett-Packard Development Company L.P., International Business Machines Corporation, Oracle Corporation, NetSuite Inc., SAP SE, and Workday Inc.
Leveraging the Report for Business Growth
Companies operating in the Cloud ERP domain can leverage this comprehensive report to navigate the evolving landscape and foster business growth effectively. Insights into market dynamics, competitor strategies, and emerging trends provide a strategic roadmap for players to capitalize on the forecasted expansion. Whether exploring innovative solutions, embracing real-time analytics, or targeting industry-specific demands, businesses can position themselves strategically with confidence, guided by the valuable insights offered in the report.
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Embracing Technological Advancements
Leading companies in the Cloud ERP sector, such as Yonyou, are advancing their products and services by integrating innovative technologies like Business Innovation Platforms (BIP). Business Innovation Platforms enable organizations to innovate and expand by offering tools and resources for collaboration, knowledge sharing, and idea generation. Yonyou's BIP, launched in September 2022, represents the next generation of Cloud ERP, fostering innovation with an upgraded architecture to enhance solutions in HR, Business, and Finance across various industries.
In a landscape evolving with technological advancements, businesses can proactively use the insights provided in the report to embrace innovation, anticipate trends, and strategically grow their presence in the Cloud ERP sector.
Cloud ERP Global Market Report 2024 by The Business Research Company provides insights on the cloud ERP market size, cloud ERP market segments, cloud ERP market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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