The global cloud based ERP market is accounted for more than US$ 16 Bn in 2019
Meridian Market Consultants (MMC) has published a new report titled, “2020-2025 Global and Regional Cloud-Based ERP Software Industry Production, Sales and Consumption Status and Prospects Professional Market Research Report (Enhanced Version)”
Global Cloud-Based ERP Market, By Type (Private Cloud, Public cloud), By Application (Manufacturing, BFSI, Healthcare, Aerospace and Defense, Telecom, Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2025.
In 2019, the global cloud based ERP market is accounted for more than US$ 16 Bn and expected to grow at a CAGR of 14.1% during the forecast period and expected to reach to the value of US$ XXX Bn in 2025.
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As per the report, the increasing drift of cloud-based technology across the globe and rapid adoption of cloud-deployments in SMEs across various countries is majorly contributing to the growth of the global Cloud-Based ERP Market. A business process management software used by organizations to maintain and combine the essential portions of their businesses as it can accommodate all of the procedures needed to run a company such as purchasing inventory, planning, sales, finance, marketing, human resources, and more. The technology thus allows a business to work smoothly and computerized its core functions. Likewise, the software as a service that allows users to access Enterprise Resource Planning or ERP software over the Internet is known as the cloud-based ERP.
The cloud-based ERP usually consists of lesser upfront prices, as computing resources are rented by the month rather than purchased outright and managed on premises. Owing to which, the global Cloud-Based ERP Market is witnessing a rapid growth in recent past years. The cloud-based ERP allows companies access to their business-critical applications at any time from any location. Additionally, the technology also helps maintain data-transparency on a real-time basis within an organization, attributable to which the global Cloud-Based ERP Market is expected to pick up pace in the forthcoming future.
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Moreover, the cloud-based ERP also helps in minimizing functional cost in IT enterprises, which is considered as a major driver of the growth of the global market. Spurred by such advantages, the global acceptance of cloud-based ERP solutions across the world is projected to increase at a booming pace. The cost benefits provided by cloud-based ERP systems is also expected to stimulate the growth of the global cloud-based ERP Market in the near future. In addition to that, the key market players of the global market are also focused on manufacturing enhanced cloud-based solutions which can be accessed via movable platforms such as tablets and smartphones. Attributing to such factors, the global Cloud-Based ERP Market is expected to propel further during the forecast period.
However, system complications and enforcement costs are still the major restrictions faced by organizations while incorporating these solutions with their traditional systems. Factors like inadequacy of resources and untrained and incompetant workforce are projected to restrain the growth of the global cloud-based ERP market in the coming years.
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MMC Study identifies some of the key participating players in the Cloud-Based ERP Market globally are SAP, Oracle, Sage, Infor, Microsoft, Kronos, Epicor, IBM, Totvs, Workday, UNIT4, YonYou, Cornerstone, Kingdee, Digiwin, among others.
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