Global Cloud Based ERP Market Growth 2024, Forecast To 2033
16 Feb, 2024
The cloud-based ERP market has experienced robust growth, progressing from $41.72 billion in 2023 to $44.63 billion in 2024, with a compound annual growth rate (CAGR) of 7.0%. Historical growth drivers include the transition to cloud computing, the imperative for scalability in enterprise resource planning (ERP), cost reduction and resource optimization, increased mobility, accessibility of data, and a growing awareness of software as a service (SaaS) models. Projected to continue its strong pace, the market is poised to reach $64.56 billion in 2028, boasting a CAGR of 9.7%. The forecasted expansion is underpinned by trends such as the rise in demand for industry-specific cloud ERP solutions, an increased focus on cybersecurity in cloud-based ERP, the expansion of cloud ERP in small and medium-sized enterprises (SMEs), advanced analytics, and the adoption of hybrid cloud strategies. Key trends in the forecast period encompass industry-specific solutions, mobile ERP, blockchain integration, continuous updates and improvements, and a focus on user experience.
Global Cloud Based ERP Market Key Driver
The growing digitization, IoT adoption, and cloud computing environment all contribute to the expansion of the cloud-based ERP market. Cloud ERP provides real-time information, enhances decision-making, and enables better interaction between devices. The data from Software AG's global survey emphasizes the widespread adoption of digital transformation, with a focus on cloud computing and other technologies. The convergence of digitization, IoT, and cloud computing is a major driver for the growth of the cloud-based ERP market.
Get A Free Sample Of The Global Cloud Based ERP Market ReportGlobal Cloud Based ERP Market Segments
The cloud-based erp market covered in this report is segmented –
1) By Component: Solution, Service
2) By Organization Size: Small And Medium-sized Enterprises, Large Enterprises
3) By Development Model: Private Cloud, Public Cloud, Hybrid Cloud
4) By End-Use Industry: Automotive, Aerospace And Defense, Retail, Banking And Financial Services, IT And Telecommunication, Education, Government And Public Sectors, Other End-Use Industries
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North Americawas the largest region in the cloud-based ERP market in 2023. The regions covered in the cloud-based erp market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Cloud Based ERP Industry Players
SAP SE; Microsoft Corporation; Oracle Corporation; IBM Corporation; Infor Inc.; Sage Group plc; Aptean; Epicor Software Corporation; Acumatica Inc.; Ramco Systems Limited; Deltek Inc.; Plex Systems Inc.; Syspro; Unit4 N. V.; QAD Inc.; Workday Inc; Netsuite Inc.; Daffodil Software Ltd; Certinia (FinancialForce Inc. ); IQMS (Dassault Systemes SE); Rootstock Software (The Danville Group Inc. ); IFS AB; Genius Solutions Inc.; OpenPro Inc.; Koch Industries Inc.; Sapphire Systems (Kechie ERP); Brahmin Solutions LLC; Method Integration Inc.; Deskera Holdings Limited; Blue Link Associates Limited; Brightpearl Limited
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Cloud Based ERP Market Overview
The cloud-based ERP refer to an enterprise resource planning (ERP) system that runs on a cloud platform, allowing organizations to access it over the internet as opposed to an on-premises network. Integrates various departments in an organization and automates essential financial and operational business functions for the smooth flow of communication and information by providing a central database.
Cloud Based ERP Global Market Report 2023 provides data on the global cloud based erp market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cloud based erp market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.