Cloud ERP Market Growing at High CAGR by 2024

Cloud ERP market size, analysis, trends, & forecasts. The global market for cloud ERP categorized by solutions, services, business function, vertical, organization size, and region.

(EMAILWIRE.COM, May 11, 2019 ) [131 Pages Report] MarketsandMarkets expects the global cloud ERP market size to grow from USD 24.5 billion in 2019 to USD 37.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.0% during the forecast period.

Major growth drivers for the market include the growing focus of organizations to streamline the business processes and improve the operational efficiency.

Global major vendors offering cloud ERP solution and services 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).

Oracle was one of the first providers of cloud ERP solution where the company first launched its cloud ERP solution in June 2012. Since then, the company has launched many updates with the latest release was in March 2019, when the company added AI to its cloud ERP portfolio. Oracle has been significantly focusing on its cloud portfolio, as it has seen rapid customer demand to migrate their existing applications to the cloud.

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.

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.

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