CHICAGO, April 25, 2019 /PRNewswire/ -- According to a new market research report "Cloud ERP Market by Component (Solution and Services), Business Function (Accounting and Finance, Sales and Marketing, Inventory and Order Management, and Human Capital Management), Vertical, Organization Size, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Cloud ERP Market size is expected to grow from USD 24.5 billion in 2019 to USD 37.7 billion by 2024, at a CAGR of 9.0% during the forecast period. The growing demand among enterprises for improving the operational efficiency and streamlining the business processes is a major driving factor for the Cloud ERP Market.
BFSI to hold the largest market size in the global Cloud ERP Market during the forecast period
Enterprises across the BFSI vertical has been adopting innovative technologies in their daily operations. In an app-driven market, an increasing number of customers are accessing banking and other related services through their mobile phones, hence BFSI companies are focusing on rolling out their services online at a very fast pace. The entry of FinTech companies in the market has caused a lot of disruption in BFSI. To keep up with these disruptions, traditional banking and insurance companies are digitalizing their services to offer their customers a truly digital experience. A cloud ERP solution can help enterprises across the BFSI vertical to cope up with the today's digital world while maintaining operational efficiency.
Services segment to grow at a higher CAGR during the forecast period
Cloud ERP vendors offer a wide range of services, such as managed services, implementation and integration services, advisory services, and support and maintenance services.
These services help enterprises to bridge the gap between legacy systems and modern applications, educate the end user regarding the benefits of cloud ERP solution, and help enterprises to keep their ERP solution up and running. It has created opportunities for vendors to provide services to enterprises across regions and help them deal with complexities occurred while implementing and integrating the cloud ERP with their internal processes.
North America to hold the largest market size during the forecast period
In 2019, North America is estimated to account for the highest market share in the global Cloud ERP Market. The US and Canada are most advanced countries in terms of adopting digital technologies. North America exhibits a large presence of key industry players offering cloud ERP and their financial position enables it to invest majorly in the leading tools and technologies for effective business operations.
The major cloud ERP vendors include Oracle (US), SAP (Germany), Microsoft (US), Infor (US), Unit4 (Netherlands), Workday (US), Sage Software (UK), Epicor (US), QAD Inc (US), Plex Systems (US), Acumatica (US), Deltek (US), Rootstock Software (US), IQMS (US), and Ramco Systems (India).
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