2022 Statistics | Global Cloud ERP Market Will Surpass USD 47,760.01 Million at 17.10% CAGR Growth | Vantage Market Research

WASHINGTON, March 21, 2022 (GLOBE NEWSWIRE) -- According to a new market research report " Cloud ERP Market Size, Share & Trends Analysis Report by Component (Solution, Services), by Service Type (Implementation and Integration, Consulting, Support and Maintenance), by Function Type (Finance and Accounting, Sales and Marketing), by Organization Size (Large Enterprises, Small and Medium-sized Enterprises), by Verticals (BFSI, Telecom, Healthcare and Life Sciences, Manufacturing), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)", published by Vantage Market Research, the global post COVID-19 market size of the Cloud ERP Market is expected to grow from USD 18,523.50 Million in 2021 to USD 47,760.01 Million by 2028 at a CAGR of 17.10% during the forecast period.

Market Synopsis-

The need for a high ROI and lower upfront costs, combined with an increasing organizational need to improve employee productivity and efficiency, have been major drivers of the Cloud ERP Market's growth during the forecast period. The increasing adoption of cloud-based solutions, as well as the introduction of big data and analytics, are driving global demand for the Cloud ERP Market. Furthermore, rising government initiatives, technological advancements, and demand for Cloud ERP Market technology in industries around the world are expected to drive market growth in the upcoming years. Certain restrictions and challenges will stymie the Cloud ERP Market's overall growth globally. The market is constrained by factors such as limited customization options for SaaS-based ERP and high CAPEX for PAAS-based ERP. Certain constraints and challenges will stymie the Cloud ERP Market's overall growth of the market. Factors such as limited customization options for SaaS-based ERP and high CAPEX for PAAS-based ERP are impeding market growth during the forecast period. Integration issues with legacy and on-premises systems, as well as a scarcity of technical professionals and expertise, are suffocating the overall Cloud ERP Market during the forecast period. It allows businesses to bridge the gap between legacy systems and modern applications, deploy ERP solutions, and educate end users on the advantages of a Cloud ERP Market solution. It also helps businesses keep their ERP solution running. Various technological advancements and digitalization are creating high-growth opportunities, boosting end-use industries such as banking and financial services, retail, government and public sectors, automotive, during the forecast period.

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Key Insights & Findings from the Report:

• According to our primary respondents’ research, the Cloud ERP market is predicted to grow at a CAGR of roughly 17.10% during the forecast period.
• The Cloud ERP market was estimated to be worth roughly USD 18,523.50 Million in 2021 and is expected to reach USD 47,760.01 Million by 2028; based on primary research.
• On the basis of region, North America is projected to dominate the worldwide Cloud ERP market.
  

List of Prominent Players in the Cloud ERP Market:

• Oracle (US)
• Microsoft (US)
• SAP (Germany)
• IFS (Sweden)
• Infor (US)
• Sage Software (UK)
• Workday (US)
• Plex System (US)
• Ramco System (India)
• Epicor (US)
• Acumatica (US)
• Deltek (US)
• Unit 4 (Europe)
• SYSPRO (South Africa)
• QAD Inc (US)
• IQMS (US)
• MIE Track Pro (US)
• Genius Solutions (Canada)
• Open Pro (US)
• Global Shop Solutions (US)

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Market Dynamics:

Drivers-

There is a growing desire among businesses to improve operational efficiency and streamline business processes.

Businesses all over the world are focusing on improving their business processes in order to improve operational efficiency while keeping track of operating expenses. Enterprises want a centralized solution to manage a variety of business processes, including finance and accounting, sales and marketing, and procurement and supply chain. Cloud ERP Market provides enterprises with the flexibility and scalability they need to streamline their business processes and improve efficiency. Cloud ERP Market is one of the most important tools a company can use to stay ahead of the competition because it allows them to drive their business. Cloud ERP Market ensures timely delivery of accurate financial information, improved financial performance, quick data-driven decisions, improved quality and inventory controls, simplified software, hardware, and network infrastructure, simple adoption of common standards across plants and business units, quick integration of acquired technologies, and more dependable operating performance.

Challenges:

Issues with integration with legacy and on-premises systems. Organizations have gradually begun to integrate Cloud ERP Market solutions and services. However, system complexities and implementation costs continue to be the most significant challenges that organizations face when integrating these solutions with their existing systems. Existing legacy systems must be tightly coupled with new ones for the successful implementation of Cloud ERP Market. Few organizations still rely on their existing systems, which use old technologies and have a high error rate and a long turnaround time, due to a lack of resources which are hindering the growth of the market during the forecast period. Furthermore, there may be many legacy applications that are incompatible with new systems or require additional integration effort. Furthermore, because existing legacy systems are mostly on-premises, integrating these systems is difficult.

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Regional Trends:

Among other regions, North America region acquires the largest market share. Furthermore, during the forecast period, the market is expected to grow due to technological advancements and an increase in cloud-based ERP solutions in industry, government, and retail. The market is expected to grow due to the increasing use of cloud-based solutions, an increase in IoT adoption, and the presence of a large number of businesses. The cloud-based ERP market in Asia-Pacific is expected to grow the fastest, followed by Latin America and the Middle East. In Asia-Pacific, the demand for transparent and modernized manufacturing processes is expected to drive the growth of cloud-based ERP software during the forecast period.

Recent Developments:

In June 2019, IFS announced a partnership with Acumatica. It can benefit from each other's resources, capabilities, and strategies while maintaining full autonomy and rapid growth trajectories while avoiding disruptions to business operations or brand equity.

The report on the Cloud ERP Market highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates, and Forecast
• Company Profiles
• Global and Regional Dynamics
  

Browse market data Tables and Figures spread through 140 Pages and in-depth TOC on "Cloud ERP Market Size, Share & Trends Analysis Report by Component (Solution, Services), by Service Type (Implementation and Integration, Consulting, Support and Maintenance), by Function Type (Finance and Accounting, Sales and Marketing), by Organization Size (Large Enterprises, Small and Medium-sized Enterprises), by Verticals (BFSI, Telecom, Healthcare and Life Sciences, Manufacturing), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/cloud-erp-market-market-339360

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the Cloud ERP Market?
• How will the Cloud ERP Market change in the upcoming six years?
• Which application and product will take a lion’s share of the Cloud ERP Market?
• What is the Cloud ERP market drivers and restrictions?
• What will be the CAGR and size of the Cloud ERP Market throughout the forecast period?       

This market titled “Cloud ERP Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:

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