The global Cloud ERP Market size is expected to grow from USD 45,302 million in 2020 to USD 101,132 million by 2025, at a Compound Annual Growth Rate (CAGR) of 17.4% during the forecast period. The major factors driving the growth of the cloud ERP market include growing demand among enterprises to improve operational efficiency and streamline business processes, the impact of COVID-19 pandemic, and increasing adoption of cloud-based solutions
The large enterprise segment to hold the largest market size during the forecast period
An organization with more than 1,000 employees is categorized under the large enterprise segment. The adoption of cloud ERP solutions in large enterprises is said to be high, as compared to SMEs. This is due to the affordability and high economies of scale that enable organizations to leverage the benefits of the cloud ERP solution. Large enterprises spend significantly on R&D in manufacturing, which empowers them to leverage advanced digital solutions, including cloud ERP to improve their business processes. In today’s highly competitive world, large enterprises particularly leave no stone unturned to capture a larger market share and hence spend significant amounts on becoming technologically proficient. Moreover, large enterprises spend significantly on ERP workshops, training, and education of their employees to empower their employees with the latest trends and technological advancements in the cloud ERP market.
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The cloud deployment type segment to record the fastest growth rate during the forecast period
Field service enterprises are adopting cloud-based deployment as it offers several benefits, such as reduced physical infrastructure, less maintenance cost, and 24/7 data accessibility from any time, anywhere. It also provides various benefits, such as increased storage, scalability, flexibility, portability, and compliance. SMEs, in particular, are adopting the cloud deployment type primarily due to its cost-effectiveness and ability to produce advanced results. These solutions also support real-time collaboration, thereby empowering field service organizations to communicate with employees and customers before, during, and after each appointment. Cloud-based cloud ERP solutions are gaining traction in the market as an enormous amount of data is generated by field technicians, workers, and customers.
Majorcloud ERPvendors includeOracle (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), OpenPro (US), Global Shop Solutions (US).These market players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product enhancements to expand their presence in the cloud ERPmarket. Product enhancementsand collaborations have been the most adopted strategies by major players from 2018 to 2020, which helped companies innovate their offerings and broaden their customer base.
IFSis one of the leading playersin thecloud ERPmarket. Currently, IFSis working toward enhancing its market share and presence with the help of inorganic and organic growth strategies, such as acquisition, partnership, and product enhancements. For instance, in June2019,IFS partnered with Acumatica. It can benefit from accessing one another’s resources, capabilities, and strategies provided by them, but still enjoy full autonomy and rapid growth trajectories while avoiding disruptions to business operations or brand equity.
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ServiceMaxis a growing player in the cloud ERP market.The company is focusing on organic and inorganic growth strategies to improveits position in the cloud ERPindustry. For instance, in October 2018,Sage Software added capabilities to its Sage Intacct portfolio by adding innovations directed toward specific industry verticals. The innovations include Sage Intacct revenue recognition for nonprofit organizations, such as Sage Intacct billing workbench, for software and technology companies.
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