Cloud ERP Market

Cloud ERP Market worth $37.7 billion by 2024

The 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", 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. By leveraging cloud ERP enterprises can boost their revenue while keeping the operating expenditure minimum.

Browse 69 market data Tables and 31 Figures spread through 131 Pages and in-depth TOC on "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"
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BFSI to hold the largest market size in the global cloud ERP market during the forecast period

Enterprises in BFSI vertical are adopting various solutions in order to improve their day to day operations. Cloud based solutions can offer various benefits to enterprises operating BFSI vertical such as cost savings, business continuity and flexibility. Enterprises are focusing on rolling out their services online to cater digitally connected customers. 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 to ensure the smooth operation of ERP solution. These services include 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. Services also helps the enterprises to successfully deploy ERP solution and to integrate it with various legacy systems. 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

Enterprises in North American region are technologically more advanced and open to implement new innovative solution to stay competitive in the market. This not only make the North America the largest market in term of adoption of cloud ERP but also provide tremendous opportunities to the cloud ERP vendors across the globe. 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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