Portland, OR , July 20, 2020 (GLOBE NEWSWIRE) -- According to a new report published by Allied Market Research, the global cloud-based ERP market was valued at $13.23 billion in 2016 and is projected to reach $32.18 billion by 2023, growing at a CAGR of 13.6% from 2017 to 2023. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.

Introduction of cloud and growth of SMEs in emerging regions, surge in adoption of cloud-based deployment model, and rise in need for operational efficiency and transparency across various business processes. On the other hand, latency in data retrieval and interruptions and open-source application restrain the growth to certain extent. Moreover, competition among market players, globalization and expansion, and support to new ventures and key decision making are anticipated to create multiple opportunities in the coming years.

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Covid_19 Scenarios:

  • Due to the surge in remote working, the software industry has observed increased productivity amid COVID-19.
  • On the other hand, demands for applications including collaborative tools, security solutions, automation technologies, and cloud platforms have been increased

The cloud-based ERP market is segmented based on component, function, end user, industry vertical, and region. Based on component, the market is categorized into software and services. The services segment is anticipated to grow at the highest rate during the forecast period. On the other hand, the software segment contributed the highest share in 2016.

Based on function the market is classified into finance, HR, supply chain, and others. The other functions segment generated maximum share of revenue in 2016 and is expected to dominate the market. However, the cloud-based ERP market for finance is expected to witness highest CAGR of 17.7% during the forecast period.

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Based on regions, the North America generated the highest revenue share in the global cloud-based ERP market in 2016. Moreover, the Asia-Pacific cloud-based ERP market is anticipated to grow at the highest rate. The report also analyzes regions including LAMEA and Europe.

The key players profiled in the report include Oracle, IBM, Microsoft, SAP SE, Sage Group Plc., Aptean, Epicor Software Corp., Infor, Syspro, Unit4 and others. 

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