In terms of revenue, the Global Cloud ERP Market is expected to reach 47,760.01 USD Million by 2028, growing at a CAGR of 17.10% from 2022 to 2028. Growing demand among enterprises to improve operational efficiency and streamline business processes along with increasing adoption of cloud-based solutions are the driving factors for Cloud ERP Market.
- Under the deployment model segment, the hybrid cloud deployment sub-segment is anticipated to dominate the segment for Cloud ERP Market and grow at a substantial CAGR. The growth is attributed to the ability as it offers mixed advantages of private cloud-based systems and public cloud deployment.
- Large enterprise sub-segment held a market significant share in 2021 for organization size segment for Cloud ERP Market. The growth is attributed to continuous expenditure in R&D, especially on ERP workshops, training, and education of their employees.
- North America is the largest regional segment. This is due to technological advancements in the region.
Some of key players in Cloud ERP Market 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).
Technological advancements in cloud computing is one of the major factor driving the cloud enterprise resource planning market. Owing to these advancements and adaptation in cloud computing the market is increasing at a significant pace. Additionally, Cloud ERP services have large-scale application in several sectors end-use industries such as healthcare and life sciences, manufacturing, government and public sector, aerospace and defense, retail, and education. Moreover, Cloud ERP services are also implemented on a large scale in media and entertainment, transportation and logistics, and utilities. Thus, further anticipated to propel the market growth over the forecast period.
North America is expected to emerge as potential market for Cloud ERP Market. The market growth in the region is attributed to factors such as technological advancements in the region, and the presence of major players in the region. Additionally, the presence of economically and technologically advanced countries such as the US and Canada, and emerging technologies are further propelling the Cloud ERP market growth over the forecast period.