Cloud ERP Market to Grow by USD 19.98 Billion (2024-2028), Digital Transformation Boosts Revenue, AI's Impact on Market Trends - Technavio

NEW YORK, Nov. 29, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global cloud ERP market size is estimated to grow by USD 19.98 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 11.53% during the forecast period. Growing focus on digital transformation in business organizations is driving market growth, with a trend towards integration of advanced technologies in ERP solutions. However, increasing number of cyberattacks on cloud erp software poses a challenge. Key market players include 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., Rootstock Software, Sage Group Plc, SAP SE, SYSPRO Pty. Ltd., Unit4 Group Holding B.V., Workday Inc., and Xledger.

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Key Market Trends Fueling Growth

Cloud ERP market is thriving with trends such as customer relationship management, ecommerce platforms, and analytics tools. Operational efficiency is a key focus, with Data Bridge, biometric technology, and consumer electronics enhancing identification and authentication processes. Pestle analysis reveals impacts from trade regulations, geographical coverage, and organization size on strategic decisions. Expert analysis of sectors like aerospace and defense, public administration, banking, financial and insurance, and consumer preferences highlight biometric authentication for identification purposes. Technology enhancements include AI-driven biometric, encryption, and cyber threats mitigation. Cloud ERP solutions offer planning tools for manufacturing, sales processes, and supply chain management across public, private, and hybrid clouds. Human capital management and enterprise performance are crucial for construction, healthcare, IT and telecom industries. Revenue generation, investment, and system integrators complete the cloud ERP landscape. 

The cloud ERP market is experiencing substantial growth due to the integration of advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and machine learning. AI automates routine tasks, offers intelligent insights, and enables predictive analytics, allowing businesses to make informed decisions. IoT provides real-time data from connected devices, enhancing asset management, optimizing supply chains, and improving operational efficiency. Machine learning algorithms identify patterns and anomalies in large datasets, enabling demand forecasting, risk management, and personalized customer experiences. Major players in the cloud ERP market are integrating AI into their solutions to stay competitive. 

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Market Challenges

• Cloud ERP systems have become essential for businesses looking to streamline their operations and improve customer relationships. However, implementing these systems comes with challenges. One major challenge is integrating cloud ERP with ecommerce platforms and analytics tools for optimal performance. Operational efficiency can be enhanced through cloud-based platforms, but geographical coverage and expert analysis are crucial for businesses expanding globally. Biometric technology, such as AI-driven biometric authentication, is essential for consumer electronics and identification purposes. However, safety and security, including encryption and cyber threats, are significant concerns. Trade regulations and import/export analysis also impact cloud ERP adoption. System Integrators play a vital role in implementing ERP solutions, including BO, AP, and AR processes. Machine Learning, Artificial Intelligence, and Generative AI technologies are enhancing cloud ERP capabilities. Businesses of all sizes must consider strategic decisions related to cloud ERP investments, including public, private, or hybrid cloud solutions, and the impact on human capital and enterprise performance in sectors like aerospace and defense, public administration, banking, financial and insurance, construction, healthcare, IT and telecom, and more.
• Cloud ERP software plays a vital role in connecting various business functions within an organization. Unfortunately, this makes ERP systems a prime target for cybercriminals seeking to disrupt operations and gain access to sensitive information. Hackers can exploit vulnerabilities in ERP systems through methods such as distributed denial-of-service (DDoS) attacks. These attacks can cause significant downtime and impact production efficiency. ERP systems store crucial business data, making them an attractive target. Additionally, the prevalence of default and shared passwords within organizations complicates password management and monitoring. This lack of proper IT security infrastructure increases the risk of cyberattacks, potentially causing significant damage to businesses.

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Segment Overview 

This cloud erp market report extensively covers market segmentation by

1. Component 
• 1.1 Solutions
• 1.2 Services
2. End-user 
• 2.1 BFSI
• 2.2 Manufacturing and services
• 2.3 Government
• 2.4 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Solutions- The cloud ERP market's solutions segment primarily focuses on the software employed by businesses for ERP implementation. Cloud ERP necessitates software platforms for efficient ERP execution. Major industries, such as BFSI, manufacturing, and services, utilize cloud ERP for managing large orders in a timely manner. Pre-configured software solutions are integral to cloud ERP, integrating pricing models, data processing speed, and quantity management. Customization to suit end-user needs, swift processing of voluminous data, dependability, affordability, and installation guidance are key features of cloud ERP software solutions. The market's growth is driven by the increasing digitization and widespread adoption of cloud ERP solutions.

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Research Analysis

Cloud ERP (Enterprise Resource Planning) is a business solution that integrates customer relationship management (CRM), ecommerce platforms, analytics tools, and operational efficiency in a single, cloud-based system. Data Bridge Market Research provides expert analysis on the global cloud ERP market, covering geographical coverage, planning, manufacturing, sales processes, and various industries such as aerospace and defense, consumer electronics, and epassport. The market is driven by the need for safety and security, encryption, and biometric technology for authentication. However, cyber threats and trade regulations pose challenges. Revenue is generated through strategic decisions to expand organization size and geographic coverage. Cloud ERP also offers import-export analysis, encryption, and planning tools for manufacturing and sales processes. Investment in cloud ERP is expected to increase due to its ability to enhance operational efficiency and facilitate strategic business decisions.

Market Research Overview

Cloud ERP (Enterprise Resource Planning) is a business solution that integrates customer relationship management (CRM), ecommerce platforms, analytics tools, and operational efficiency on cloud-based platforms. Data Bridge Market Research provides expert analysis on the global cloud ERP market, covering geographical coverage, consumer preferences, and trade regulations. The market is driven by technology enhancements, such as biometric authentication for identification purposes using AI-driven biometric technology and encryption for safety and security. Cloud ERP caters to various industries, including manufacturing, sales processes, aerospace and defense, public administration, banking, financial and insurance, construction, healthcare, IT and telecom, and more. The market is expected to grow due to geographic expansions, organization size, strategic decisions, and the need for increased efficiency and revenue generation. System Integrators play a crucial role in implementing cloud ERP solutions, which include ERP, BO (Business Objects), AP (Accounts Payable), AR (Accounts Receivable), Machine Learning, Artificial Intelligence, and Generative AI. Cloud ERP also offers supply chain management, public and private cloud options, and human capital management for enterprises' performance enhancement. However, cyber threats and encryption concerns may pose challenges to the market's growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Component
• Solutions
• Services
• End-user
• BFSI
• Manufacturing And Services
• Government
• Others
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio