According to the new research report on "Cloud ERP Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis," published by The Insight Partners, the market is expected to reach US$ 108.17 billion by 2030 and register a CAGR of 18.6% from 2022 to 2030.
The adoption of cloud ERP solutions is not limited to any one industry; they find applications in a range of verticals, including manufacturing, retail, healthcare, finance, government, and education. Each of these industries recognizes the value of cloud ERP in streamlining operations, reducing costs, and gaining a competitive edge, which is fueling the growth of the cloud ERP market. In a manufacturing company, cloud ERP is adopted to streamline production processes, manage inventory more efficiently, and improve supply chain visibility. A cloud-based ERP system allows real-time monitoring of production, demand, and inventory levels, leading to reduced lead times and cost savings, thus boosting the growth of the cloud ERP market in the manufacturing sector. A retail chain with multiple locations implements cloud ERP to centralize its operations, manage inventory across stores, and optimize its supply chain. This leads to improved inventory turnover, reduced carrying costs, and a better shopping experience for customers. A healthcare provider, such as a hospital or a clinic, adopts cloud ERP to enhance patient management, electronic health records (EHR), and billing processes. The cloud ERP system also helps hospitals and clinics improve data accuracy, patient care, and revenue cycle management, driving the cloud ERP market. A financial services firm integrates cloud ERP to automate and streamline financial operations, including accounting, payroll, and compliance, leading to better financial reporting, regulatory compliance, and cost control.
In each of these verticals, the adoption of cloud ERP is driven by the need for streamlined and efficient operations, improved data visibility, low operational costs, and enhanced customer or constituent experiences. Cloud ERP systems offer the flexibility, scalability, and accessibility needed to address these requirements, making them increasingly attractive to a wide range of businesses and organizations. Therefore, with the increasing adoption of cloud ERP solutions across various verticals, the cloud ERP market is growing significantly.
Furthermore, the increasing number of small and medium businesses in Europe is helping to accelerate the adoption of the cloud ERP market. Cloud ERP provides the optimization of core business processes. For instance, in December 2021, Sylob, an ERP solution from Forterro France, brought scalable cloud ERP to Europe's small and medium businesses. Sylob's cloud transformation with Portworx helped increase customer trust and drive growth. Cloud solutions accounted for 14% of revenue in 2019, doubled to 28% in 2020, and nearly doubled to 51% in 2021. Thus, the rising sales of the ERP cloud are expected to fuel the cloud ERP market growth in Europe.
Moreover, cloud ERP is helping to provide businesses with agility to meet evolving market demands, which is boosting the growth of the cloud ERP market. Various cloud ERP solution providers in Australia are launching their Cloud ERP solutions to solve the challenges of supply chain distribution for manufacturers and distributors. For instance, in May 2022, SYSPRO Proprietary Ltd, an Enterprise Resource Planning (ERP) software provider, launched its Cloud ERP deployment option to Australian manufacturers and distributors. SYSPRO Proprietary Ltd's Cloud ERP is designed to aid key industries and provide businesses with agility to meet evolving market demands and face ongoing supply chain disruptions. Such types of product launches are helping to boost the adoption of cloud ERP software in the Australian manufacturing industries, propelling the cloud ERP market growth.
Key Findings of Study:
Based on organization size, the cloud ERP market is segmented into large enterprises and SMEs. The large enterprises segment held the largest cloud ERP market share in 2022. Cloud ERP software is widely used in large enterprises. It is a completely integrated multiuser enterprise solution that offers powerful functionalities through unified interaction between modules and helps large enterprises sustain competitive advantage. This software helps users build agile business processes. Using cloud ERP software, large enterprises can effectively execute operations such as accounts payable, bank reconciliation, financial management, fundraising management, Customer Relationship Management (CRM), and Human Resources (HR). Orion ERP, Kinaxis RapidResponse, Oracle ERP Cloud, SAP S/4 HANA, Ramco ERP, QAD ERP, Infor ERP, Aptean Ross ERP, Glovia, and JD Edwards are among the commonly available cloud-based ERP software products for large businesses.
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