CHICAGO, July 23, 2020 /PRNewswire/ -- According to the new market research report "Cloud ERP Market By Component (Solution and Services), Business Function (Accounting and Finance, Sales and Marketing, and Inventory and Order Management), Industry Vertical, Organization Size, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Cloud ERP Market size is expected to grow from USD 45.3 billion in 2020 to USD 101.1 billion 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 the growing demand among enterprises to improve operational efficiency and streamline business processes, the impact of COVID-19 pandemic, and the 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.
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.
APAC is projected to be the fastest-growing region during the forecast period
APAC is expected to witness extensive growth opportunities during the forecast period. Organizations in APAC are focusing on the implementation of self-service capabilities and the encouragement of their use to ease the pressure of IT service desks. By implementing SaaS solutions, organizations can provide support 24x7. APAC is projected to witness enhanced growth opportunities during the forecast period. India, Japan, and China are the undisputed leaders in the Cloud ERP Market. According to primary respondents, countries, such as India, China, and Japan, are outpacing technologically advanced countries, such as the UK and the US, in terms of the adoption of technologically-driven cloud ERP.
Some prominent players across all service types profiled in the Cloud ERP Market study include Oracle (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).
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