Cloud ERP Market to grow by USD 15.37 billion from 2022 to 2027| The increasing adoption of remote working models is an emerging market trend - Technavio

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Nov 20, 2023, 21:15 ET

NEW YORK, Nov. 20, 2023 /PRNewswire/ -- The cloud ERP market size is estimated to grow by USD 15.37 billion from 2022 to 2027, at a CAGR of 10.02% during the forecast period. The increasing adoption of remote working models is an emerging trend shaping market growth. The need for collaboration and sharing via Cloud-based software is increasingly significant with the transition toward remote work. It supports by ensuring that enterprise-wide data transfer, business management, and communication are effective and efficient. The adoption of CRM, ERP, and SCM has allowed companies ease of communication and connection with their employees remotely. In addition, due to increasing popularity among small and medium-sized businesses and startups that are shifting towards a work-from-home culture, there is expected to be further growth of the Cloud enterprise resource planning (ERP) market. Even post the COVID-19 lockdown, various enterprises have shifted to a hybrid business model, which is also anticipated to fuel market growth during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Request sample report

Technavio has announced its latest market research report titled Global Cloud ERP Market 2023-2027

Cloud ERP Market 2023-2027: Vendor Analysis

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Acumatica Inc., Certinia Inc., Dassault Systemes SE, Deacom Inc., ECI Software Solutions Inc., Epicor Software Corp., Infor Inc., Microsoft Corp., Oracle Corp., Productoo, QAD Inc., Ramco Systems Ltd., Rockwell Automation Inc., Sage Group Plc, SAP SE, SYSPRO Pty. Ltd., Rootstock Software, Unit4 Group Holding B.V., Workday Inc., and Xledger are among some of the major market participants.

Vendors Offerings

Acumatica Inc. - The company offers cloud ERP solutions such as Acumatica Cloud xRP platform.
Epicor Software Corp. - The company offers cloud ERP solutions for offsite management.
Infor Inc. - The company offers cloud ERP solutions for business continuity and innovation.

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Market Dynamics

Driver

The increasing demand for process automation and digital transformation is notably driving the cloud ERP market growth. It supports enterprises to digitize core business processes and eliminates the requirement for manual intervention in highly complex and repetitive procedures. Further, it expands operational efficiency, enables to delivery of personalized customer experiences, and decreases time-to-market, chances of error, and operational costs. Thus, enterprises like BFSI, retail, and manufacturing are executing BPMaaS solutions to automate internal and external processes, growing demand for the Cloud enterprise resource planning (ERP) market. Nevertheless, these benefits of BPMaaS can be additionally augmented by integrating other technologies like BPM, RPA, and AI, generally known as intelligent automation. Also, it helps in making intelligent, automated, real-time data-driven decisions by usage of AI and analytics which enhances flexibility at every stage of the process. As a result, vendors in this space are increasingly delivering BPM services integrated with AI and RPA. Consequently, such factors are likely to result in market growth during the forecast period.

Challenge

The increasing number of cyberattacks on Cloud ERP software is a significant challenge hindering market growth. Cybercriminals that hack ERP platforms gain access to sensitive enterprise data and business-critical data. Also, this can be utilized to damage the firm's business operations and affect the entire efficiency and operations of the business. Lack of proper IT security software could cause cyberattacks such as distributed denial-of-service (DDoS). Further, the operating environment of businesses has moved towards digitalization, and data transactions are being performed across numerous areas with external entities which leaves their systems increasingly vulnerable to cyberattacks which could exploit loopholes to access sensitive information. Therefore, the increasing number of cyberattacks could pose a barrier to the growth of the market growth

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Cloud ERP Market 2023-2027: Segmentation

Cloud ERP Market is segmented as below:

Component

Solutions
Services

End-user

BFSI
Manufacturing And Services
Government
Others

Geography

North America
Europe
APAC
Middle East And Africa
South America

The market share growth by the solutions segment will be significant during the forecast period. It primarily contains software platforms for the effective execution and implementation of ERP which delivers integration of price, timing, speed, quantity, and other models into the business. It is generally used by the BFSI, manufacturing, and services end-user and assists in gaining quick trade orders effectively. The integration of ERP software enables firms to achieve huge profits in relatively fewer amounts of time compared to traditional software. Also, it can be customized according to speed needs and automation requirements while providing reliability and cost-effectiveness. It also has in-built availability of recommendations for installation and customization making solutions easier to execute. Thus growing digitalization is likely to result in further market expansion of this segment of the Cloud ERP market during the forecast period.

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Cloud ERP Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist cloud ERP market growth during the next five years
Estimation of the cloud ERP market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the cloud ERP market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of the cloud ERP market, vendors

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Related Reports:

The ERP system integration and consulting market size are estimated to grow at a CAGR of 9.34% between 2022 and 2027. The size of the market is forecast to increase by USD 10,707.21 million.

The Global Enterprise Resource Planning (ERP) Software Market size is estimated to grow at a CAGR of 9.93% between 2022 and 2027.

Table of contents

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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SOURCE Technavio