May 17, 2022 11:30 ET | Source: TBRC Business Research PVT LTD TBRC Business Research PVT LTD
LONDON, May 17, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the cloud-based ERP market, increasing digitization, adoption of IoT, and cloud computing environment contributed to the growth of the cloud-based ERP market. Cloud ERP provides real-time information, helps to gain vital business insights instantly, can improve decision-making in a business and enables better interaction between devices. Also, cloud-based ERP is an affordable option that enables employees to access the system from any device in small to mid-sized businesses. For instance, In January 2021, in a global survey, Software AG, an enterprise software company, announced that results of their global survey stated that 97% of global IT directors reported that their companies went through digital transformation in 2020 and also listed the areas of focus such as Cloud computing (67%), 5G (51%), AI (43%), and Integration (43%) that are of interest in 2021.
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The global cloud based ERP market share is expected to grow from $36.82 billion in 2021 to $41.73 billion in 2022 at a compound annual growth rate (CAGR) of 13.3%. The global cloud-based ERP market growth is expected to continue at a CAGR of 13.2% and reach $68.58 billion in 2026.
Advancements in technology are significantly shaping the cloud-based ERP market. Advancements in technology are strengthening the growth of cloud-based ERP solutions and services. These cloud-based ERP system technologies will aid in optimizing workflow, improving decision-making and communication, enabling better device interaction, monitoring employee performance, being easily accessible to users, and providing digital assistance to an organization. For instance, in March 2019, Oracle updated Oracle Enterprise Resource Planning Cloud with extended artificial intelligence (AI) capabilities and industry-specific features. This ERP Cloud innovation will include an increase in the number of digital assistants, IoT monetization, expense reporting assistants, intelligent document recognition, project management digital assistants, advanced financial controls, and project-driven supply chain management.
Major players in the cloud-based ERP market are SAP SE, Microsoft Corporation, Oracle Corporation, IBM Corporation, Infor Inc., Sage Group plc, Aptean, Epicor Software Corporation, Acumatica, Inc., Ramco Systems Limited, Deltek, Plex Systems, Syspro, Unit4, QAD Inc., Workday, Inc., Netsuite Inc., Daffodil Software Ltd., FinancialForce, IQMS (Dassault Systemes), Rootstock Software, IFS AB, Genius Solutions, Inc., OpenPro, Inc., and Koch Industries, Inc.
The global cloud based ERP market analysis report is segmented by component into solution, service; by organization size into small and medium-sized enterprises, large enterprises; by development model into private cloud, public cloud, hybrid cloud; by end-use industry into automotive, aerospace and defense, retail, banking and financial services, IT and telecommunication, education, government and public sectors, others.
North America was the largest region in the cloud-based ERP market in 2021. The regions covered in the global cloud based ERP market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Cloud-Based ERP Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide cloud based ERP market overviews, cloud based ERP market analyze and forecast market size and growth for the whole market, cloud based ERP market segments and geographies, cloud based ERP market trends, cloud based ERP market drivers, cloud based ERP market restraints, cloud based ERP market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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