New York, June 07, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Cloud-Based ERP Global Market Report 2022” – https://www.reportlinker.com/p06284286/?utm_source=GNW
, Workday, Inc, Netsuite Inc., Daffodil Software Ltd, FinancialForce, IQMS (Dassault Systemes), Rootstock Software, IFS AB, Genius Solutions, Inc., OpenPro, Inc., and Koch Industries, Inc.
The global cloud-based erp market is expected to grow from $36.82 billion in 2021 to $41.73 billion in 2022 at a compound annual growth rate (CAGR) of 13.3%. The market is expected to grow to $68.58 billion in 2026 at a compound annual growth rate (CAGR) of 13.2%.
The cloud-based ERP market consists of sales of cloud-based ERP software and services by entities (organizations, sole traders, and partnerships) that refers to enterprise resource planning (ERP) system that runs on a cloud platform allowing organizations to access it over the internet opposite to an on-premises network. ERP software integrates various departments in an organization and automates essential financial and operational business functions for the smooth flow of communication and information by providing a central database.
The main components of cloud-based ERP are solution and service.Cloud-based ERP solutions meet the requirements of clients while saving time and money.
Cloud-based ERP solution along with reduced cost allows users across the globe to access business information by connecting to the internet.The different organization size include small and medium-sized enterprises and large enterprises.
The different cloud-based ERP development models includes private cloud, public cloud, and hybrid cloud that are used by various end-use industries including automotive, aerospace and defense, retail, banking and financial services, IT and telecommunication, education, government and public sectors and other end-use industries.
North America was the largest region in the cloud-based ERP market in 2021. The regions covered in the cloud-based ERP market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing digitization, adoption of IoT, and cloud computing environment contributed to the growth of the cloud-based ERP market.Cloud ERP provides real-time information, helps to gain vital business insights instantaneously, can improve decision-making in a business and enable better interaction between devices.
Also, cloud-based ERP is an affordable option that enables employees to access the system from any device in small to mid-sized businesses. For instance, In January 2021, in a global survey, Software AG, an enterprise software company announced that results of their global survey stating that 97% of global IT directors reported that their companies went through digital transformation in 2020 and also they listed the areas of focus such as Cloud computing (67%), 5G (51%), AI (43%) and Integration (43%) that are of interest in 2021.
The advancements in technology are significantly shaping the cloud-based ERP market.Advancements in technology are strengthening the growth of cloud-based ERP solutions and services.
These technologies in cloud-based ERP systems will help in optimizing workflow, improving decision making and communication, enable better interaction between devices, monitors employee performance, easily accessible for the users, and digital assistance to an organization.For instance, In March 2019, Oracle has updated Oracle Enterprise Resource Planning (ERP) Cloud with extended artificial intelligence (AI) capabilities and industry-specific features.
This innovation in ERP Cloud will include an expansion of digital assistant, IoT monetization, expense reporting assistant, intelligent document recognition, project management digital assistant, advanced financial controls, and project-driven supply chain management.
In April 2020, Koch Industries, Inc., a Kansas-based engineering firm acquired Infor from Golden Gate Capital for an undisclosed amount. The acquisition brings capabilities to accelerate digital transformation for Koch and providing resources and industry knowledge to Infor to continue growing its expertise in mission-critical software for industries such as manufacturing, healthcare, retail and distribution, and others. Infor is a global leader in business cloud software that develops enterprise ERP software cloud products for various industries.
The countries covered in the cloud-based ERP market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06284286/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.