DUBLIN--(BUSINESS WIRE)--The "Cloud ERP Market by Component (Solution and Services), Business Function (Accounting and Finance, Sales and Marketing, and Inventory and Order Management), Industry Vertical, Organization Size, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global cloud ERP market is expected to grow from USD 45.3 billion in 2020 to USD 101.1 billion by 2025, at a CAGR of 17.4% during the forecast period.
Increasing adoption of cloud-based solutions to drive the cloud ERP market
The major factors driving the growth of the cloud ERP industry include growing demand among enterprises to improve operational efficiency and streamline business processes, the impact of COVID-19 pandemic, and increasing adoption of cloud-based solutions.
Finance and Accounting segment to grow at the highest CAGR during the forecast period
Finance and accounting are some of the most crucial business processes in any organization. Enterprises take great care while handling the data related to financials. Cloud ERP for finance and accounting is designed to be comprehensive, integrated, and highly scalable for global companies in a wide variety of industries.
It has features such as ledger and analytics, and payables and assets. It manages customer data centrally, creates customer invoices, receives and applies for customer payments, manages customer balances, recognizes revenues and invoices, applies for customer payments, and identifies & tracks bankrupt customers. Cloud ERP gathers financial data and generates reports, such as ledgers, trail balance data, overall balance sheets, and quarterly financial statements.
Manufacturing vertical segment to account for the largest market size in 2020
Manufacturing Cloud ERP software integrates manufacturing, inventory management, and accounting to help businesses ensure raw materials are available for production, manage the manufacturing process, maintain revisions, and track financials. Integrated ERP for manufacturing helps streamline business processes, generate accurate pricing, and calculate total manufacturing costs. Manufacturing companies have been moving their traditional ERP systems to cloud as they realize that their core competency is manufacturing, not managing software and hardware.
Cloud ERP offerings from various prominent vendors are more secure and reliable solutions than most of the in-house solutions and have become a distinct advantage for enterprises. For instance, Acumatica ERP software for the manufacturing industry integrates with financial and CRM modules to effectively support all major business areas, helping flexible business processes to plan and control manufacturing operations.
SMEs segment to record the fastest growth rate during the forecast period
SMEs across the globe are rapidly adopting advanced technologies to create a niche for themselves in the global market. The rapid adoption of digitalization and automation has augmented profits for SMEs and greatly enhanced their business productivity.
Organizations with an employee range between 1 and 1000 are categorized under the SME segment. Cost-effectiveness is an essential need for SMEs, as limited budgets always constrain them. SMEs are investing in cloud ERP solutions to enhance their business processes and compete with large organizations. Cloud ERP solution enables SMEs to improve their overall productivity by helping them reduce the manufacturing time.
North America to account for the largest market share during the forecast period
The North America region includes the US and Canada. North America witnessed the earliest adoption of cloud and mobile technologies, which has been significantly responsive to the adoption of cloud ERP solutions. Advancements in BYOD, M2M, and mobile and cloud technologies are the major factors responsible that have led to improving the efficiency of business processes.
Hence, to derive benefits from these technologies, large enterprises are adopting cloud ERP solutions rapidly. Also, the integration of cloud ERP solutions with ERP enhances the features or capabilities of solutions.
North America is projected to encourage market growth, as large enterprises and SMEs are focused on developing innovative cloud ERP solutions, which are integrated with technological advancements, such as IoT and predictive maintenance. North America also witnessed an early adoption of cloud and mobility technologies and has an advanced IT infrastructure, which reduces operational expenditure through various advancements in technologies across various verticals.
Currently, North America is the largest revenue contributor as compared to the other regions. However, the COVID-19 outbreak has resulted in the disruption of supply chains across verticals, which has led to a decline in their production capacities. This has led to an increase in demand for cloud ERP services from these verticals
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Overview of the Cloud ERP Market
4.2 North America: Cloud ERP Market, by Vertical and Country
4.3 Asia-Pacific: Cloud ERP Market, by Vertical and Country
5 Market Overview and Industry Trends
5.2 Market Dynamics
5.2.1 Drivers and Opportunities
5.2.2 Restraints and Challenges
5.2.3 Cumulative Growth Analysis
5.3 Industry Trends
5.3.1 Use Case 1: Nubis
5.3.2 Use Case 2: Acumatica
5.3.3 Use Case 3: Infor
6 Cloud ERP Market, by Component
7 Cloud ERP Market, by Business Function
7.2 Finance and Accounting
7.3 Sales and Marketing
7.4 Inventory and Order Management
8 Cloud ERP Market, by Organization Size
8.2 Large Enterprises
8.3 Small and Medium-Sized Enterprises
9 Cloud ERP Market, by Vertical
9.2 Banking, Financial Services and Insurance
9.4 Healthcare and Life Sciences
9.6 Government and Public Sector
9.7 Aerospace and Defense
10 Cloud ERP Market, by Region
10.2 North America
10.5 Middle East and Africa
10.6 Latin America
11 Competitive Landscape
11.2 Competitive Scenario
11.2.1 New Product/Solution Launches and Product Enhancements
11.2.3 Partnerships and Agreements
11.3 Competitive Leadership Mapping
11.3.1 Visionary Leaders
11.3.2 Dynamic Differentiators
11.3.4 Emerging Companies
12 Company Profiles
12.7 Sage Software
12.9 Plex Systems
12.10 Ramco Systems
12.15 Tyler Technologies
12.16 Mie Track Pro
12.18 Genius Solutions
12.20 Deltek Costpoint
12.21 QAD Inc.
12.22 Vienna Advantage
12.25 3I Infotech
12.26 Global Shop Solutions
12.27 Rootstock Software
12.28 ECI Software Solutions
12.30 Right to Win
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