According to a market report by Lucintel, the future of the cloud ERP market looks promising with opportunities in the banking, financial service, and insurance (BFSI), IT and ITeS, government and public sector, manufacturing, retail and consumer goods, healthcare & life science, and energy & utility sectors. The global cloud ERP market is expected to reach an estimated $86.3 billion by 2028 with a CAGR of 13.7% from 2023 to 2028. The major drivers for this market are escalating demand for cloud services to access on-demand computing, growing integration of cloud services among enterprises, and introduction of advanced technologies like BYOD (bring your own device).
In this market cloud ERP are used in small and medium enterprise (SMEs) and large enterprise markets. Lucintel forecasts that SMEs is expected to witness higher growth over the forecast period due to the increasing adoption of these cloud services by SMEs as it helps in enhancing productivity and also improves business performance.
Within this market, BFSI is expected to witness higher growth over the forecast period due to the rising integration of banking ERP software for creativity and flexible insights to predict accurately and provide client expectations.
North America will remain the largest region due to the growing adoption of cloud ERP solutions by large and small enterprises so as to integrate them with modern technologies like IoT and predictive maintenance in the region.
Microsoft, Oracle, SAP, IFS, and Infor are the major suppliers in the global cloud ERP market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global cloud ERP market by component, business function, organization size, end use industry, and region. Lucintel has compiled a comprehensive research report entitled “Growth Opportunities in the Global Cloud ERP Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the global cloud ERP market by component, business function, organization size, end use industry, and region, as follows:
Cloud ERP Market by Component [Value ($B) Shipment Analysis from 2017 to 2028]:
Cloud ERP Market by Business Function [Value ($B) Shipment Analysis from 2017 to 2028]:
Accounting and Finance
Sales and Marketing
Inventory and Order Management
Cloud ERP Market by Organization Size [Value ($B) Shipment Analysis from 2017 to 2028]:
Cloud ERP Market by End Use Industry [Value ($B) Shipment Analysis from 2017 to 2028]:
Banking, Financial Services, and insurance (BFSI)
IT and ITeS
Government and Public Sector
Manufacturing
Retail and Consumer Goods
Healthcare and Life Sciences
Energy and Utilities
Others
Cloud ERP Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
North America
Europe
Asia Pacific
The Rest of the World
This more than 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at helpdesk@lucintel.com.
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This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the cloud ERP market by component (solutions and services), business function (accounting and finance, sales and marketing, and inventory and order management), organization size (SMEs and large enterprises), end use industry (BFSI, IT and ITeS, government and public sector, manufacturing, retail and consumer goods, healthcare and life sciences, energy and utilities, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last five years and what has its impact been on the industry?