Kenneth Research, in its repository of market research reports, has recently added a report on Cloud ERP Market which emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 2031. The Cloud ERP Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 while imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Cloud ERP Market products.
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The global cloud ERP market was valued at USD 20.3 billion in 2016 and is projected to reach USD 44.22 billion by 2025, growing at a CAGR of 9.65% from 2017 to 2025.
Market Definition:
Cloud ERP is an approach to enterprise resource planning (ERP) that makes use of cloud computing platforms and services to provide a business with more flexible business process transformation. Enterprise resource planning is an industry including broad set of activities that helps a business manage the important parts of its business such as purchasing and inventory management. ERP applications can also include modules for the finance and human capital management aspects of a business and gives companies access to their business-critical applications at any time from any location.
Sample Infographics:
Market Dynamics:
1. Market Drivers
1.1 Increasing demand of ERP from small and medium enterprises
1.2 Adoption of Cloud and mobile applications
1.3 Need for operational efficiency and transparency in business processes
2. Market Restraints
2.1 Availability of Open-Source ERP Applications
2.2 Higher Operational Cost
Market Segmentation:
The global cloud ERP backup market is segmented on the basis of type, deployment model, verticals, organization size and region.
1. By Type:
1.1 Solution
1.2 Services
1.2.1 Managed Service
1.2.2 Professional Service
2. By Deployment Model:
2.1 Private Cloud
2.2 Public Cloud
2.3 Hybrid Cloud
3. By Vertical:
3.1 Healthcare and life sciences
3.2 Manufacturing
3.3 Retail and consumer goods
3.4 Banking, Financial Services, and Insurance
3.5 Telecommunication and ITES
3.6 Government and public sector
3.7 Education
3.8 Others
4. By Organization Size:
4.1 Large Companies
4.2 Small and Mid-sized Businesses
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5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Rest of the World
Competitive Landscape:
The major players in the market are as follows:
1. Oracle Corporation
2. Microsoft Corporation
3. IBM
4. Sage Software, Inc.
5. Intacct Corporation
6. Plex Systems, Inc.
7. SAP SE
8. Infor
9. Epicor Software Corporation
10. Financialforce.Com
11. Ramco Systems
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the cloud ERP market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team.
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