According to a research report "Cloud ERP Industry by Component (Solution, Services), Business Function (Accounting and Finance, Sales and Marketing, Inventory and Order Management), Organization Size, Vertical (BFSI, Manufacturing, IT and Telecom) and Region - Global Forecast to 2027" published by MarketsandMarkets, the global Cloud ERP market to grow from USD 64.7 billion in 2022 to USD 130.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.0% during the forecast period. The major factors driving the growth of the Cloud ERP market include surge in adoption of cloud-based solutions and services across verticals, higher investment by government as well in this market across regions, unified enterprise-wide integration approach.

Large Enterprises segment forecasted to have multiplied growth in market size during the forecast period

Organizations with more than 1,000 employees are categorized as large enterprises. The traction of Cloud ERP in large enterprises is said to be higher than SMEs, as they are adopting Cloud ERP solutions, services to improve business operational efficiency across geographies.

This is due to the affordability and high economies of scale that enables organizations to leverage cloud ERP solutions benefits. 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 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 educating their employees to empower them with the latest trends and technological advancements in the Cloud ERP Market

IT and Telecom to record significant growth during the forecast period

This sector is expected to hold a significant share of the Cloud ERP Market due to different advantages offered by service providers who must be ready to move quickly in order to serve Cloud, Content, and new applications and services cloud-based technologies. Cloud ERP is adopted for mission-critical industry verticals, such as IT and ITeS, extensively to improve revenue generation, increase customer insights, contain costs, deliver market-relevant products quickly and efficiently, and help monetize enterprise data assets. Digital transformation is a must to survive in a globally connected and increasingly competitive environment. IT and Telecom companies invest in new technologies, such as smart computing products, IoT, cloud computing, Cloud ERP, mobility, and analytics, to gain efficiency, innovation, and attract consumers. The increasing amount of documentation work creates a huge demand for cloud-based storage, backup, and related services to keep confidential data secure and available on-demand. IT and telecom is one of the most significant industries in the Cloud ERP Market. The amount of data generated in the telecommunications industry is huge, requiring superior quality storage solutions and services. It is crucial for telecom and IT corporations to reevaluate their strategies and ideally apply advanced technologies to capture a competitive position among the manifold companies operating in the telecommunication market. The ERP software in the IT and telecom industry encourages process facilitation and improves the whole improvement procedure. The growth in the telecom sector is being guided by the ERP system and can be turned into an opportunity to enhance the level of the market footprint. The ERP solution for this sphere is more multifaceted on account of ongoing technological advancements that immediately influence the requirements making them prone to changes.

Cloud ERP Market Regional Analysis:

The Europien organizations are moving their IT services to the cloud to improve efficiency and reduce costs. By replacing legacy systems with centralized shared services, organizations can focus on their core business, improve data security, and focus on financial and human resources. The increasing digitalization and the growing focus of organizations on IT problems and streamlining IT processes and services with business objectives are projected to drive the demand for cloud ERP solutions in the region.
     
* Growing government investments for modernizing government operations and promoting digital transformation is expected to fuel the market growth of cloud ERP market in UK. for instance, in March 2021, The UK government launched the Government Shared Services program to consolidate and standardize back-office functions across government departments. This program includes the implementation of cloud ERP solutions to streamline financial management, HR, procurement, and payroll processes. 

*France is witnessing high economic growth and is adopting digital transformation initiatives. The French government has cautiously adopted cloud technology solutions to store data and provide services. It is increasingly spending on cloud ERP, as the public sector is focusing on equipping its operations with cloud technology solutions similar to the private sector. such factors are expected to help the coud ERP market to grow in the country.


 *Germany's Cloud ERP market is growing due to Germany's Industry 4.0 initiative which focuses on the integration of advanced technologies such as IoT, AI, and automation into manufacturing and industrial operations to enhance efficiency, flexibility, and competitiveness. Cloud ERP solutions offer the agility and flexibility required for German manufacturers to adapt to changing market demands and production requirements swiftly. These systems allow for real-time data access and collaboration, enabling faster decision-making.

Market Players

Some prominent players across all service types profiled in the Cloud ERP Market study include Microsoft (US), Oracle (US), SAP (Germany), IFS (Sweden), Infor (US), Sage software (UK), Workday (US), Plex systems (US), Ramco systems (India), Epicor (US), Tally solutions (India), Odoo (Belgium), Tyler technologies (US), Syspro (South Africa), Acumatica (US), Brightpearl (UK), Deltek (US), QAD Inc. (US), Openpro (US), DELMIAworks (US), 3i Infotech (India).

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