Artificial Intelligence
Cloud ERP Market worth $130.5 billion by 2028 – Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 20, 2023 /PRNewswire/ — Future trends in the Cloud ERP Market include an emphasis on industry-specific solutions, an increase in the integration of cutting-edge technology, and a dedication to offering safe, logical, and data-driven tools to assist businesses in their digital transformation efforts.
The Cloud ERP Market size is expected to grow from USD 72.2 billion in 2023 to USD 130.5 billion by 2028 at a compound annual growth rate (CAGR) of 12.6% during the forecast period, according to a new report by MarketsandMarkets™. Cloud ERP solutions are designed to facilitate integration with other software and services. They often include open APIs (Application Programming Interfaces) and connectors that make connecting the ERP system with a wide range of third-party applications relatively straightforward. This capability allows businesses to create a more comprehensive and interconnected technology ecosystem, integrating ERP with customer relationship management (CRM) systems, e-commerce platforms, analytics tools, and other applications that contribute to a more streamlined and efficient operation.
Browse in-depth TOC on “Cloud ERP Market”
260 – Tables 59 – Figures245 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018–2028
Base year considered
2022
Forecast period
2023–2028
Forecast units
Value (USD Million/Billion)
Segments Covered
Component, Business Function, Deployment Mode, Organization Size, Vertical, and Region
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies Covered
Some of the significant Cloud ERP Market vendors are Oracle (US), Microsoft (US), SAP (Germany), Workday (US), Infor (US), IFS (Sweden), Plex Systems (US), Epicor Software Corporation (US), Sage Group (UK), Ramco Systems (India), QAD (US), Tally Solutions (India), Odoo (Belgium), SYSPRO (South Africa), Tyler Technologies (US).
Moreover, customer relationship management (CRM) and project management are integral components of a comprehensive cloud ERP solution. CRM enhances customer interactions by centralizing and analyzing customer data, enabling better sales and service. This data integration with ERP improves decision-making, inventory management, and demand forecasting. Project management within ERP facilitates efficient resource allocation, task tracking, and collaboration, ensuring project timelines and budgets are met. When integrated into a cloud ERP system, both CRM and project management modules benefit from real-time data access, scalability, and accessibility from anywhere, which streamlines operations, boosts productivity, and drives growth. Combining CRM and project management with a cloud ERP solution helps businesses improve customer relationships, streamline processes, and enhance organizational efficiency.
By component, the services segment is expected to capture the highest CAGR during the forecast period.
The component segment of the Cloud ERP Market is segmented into solutions and services. The services segment is estimated to hold the highest CAGR during the forecasted period. Services are categorized into managed services and professional services. The services segment in the Cloud ERP Market plays a crucial role in complementing the software solutions by offering a wide array of training, support, and maintenance, implementation & integration, and consulting & advisory services. This segment is instrumental in helping organizations adopt and maximize cloud ERP systems’ benefits. Service providers assist businesses in effectively deploying ERP solutions, tailoring them to specific organizational needs, and ensuring seamless integration with existing infrastructure. They offer training programs to empower users, facilitate data migration, and provide strategic guidance to align ERP strategies with business objectives. These services are instrumental in helping organizations harness the full potential of cloud ERP, enabling streamlined operations, data-driven decision-making, and long-term scalability while ensuring compliance and data security.
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Based on deployment Mode, the public cloud segment is expected to account for the largest market share during the forecast period.
The Cloud ERP Market, by deployment mode, is segmented into public and private cloud. It is expected that during the forecast period, the public cloud segment is estimated to account for the largest market size and share in the Cloud ERP Market. Public cloud deployment is pivotal in the Cloud ERP Market, revolutionizing how businesses manage their operations and data. Cloud ERP systems, hosted on public cloud infrastructure provided by industry giants such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP), offer several key advantages. First and foremost, they eliminate the need for significant upfront hardware and software investments, making ERP solutions more accessible to organizations of all sizes. This democratization of ERP technology allows smaller enterprises to compete on a level playing field with larger counterparts.
Additionally, public cloud deployment ensures scalability and flexibility. Businesses can quickly scale their ERP resources up or down based on their changing needs, avoiding the inefficiencies of overprovisioning or the limitations of underprovisioning. Moreover, the global presence of public cloud providers ensures high availability and disaster recovery capabilities, reducing downtime risks and enhancing business continuity.
Moreover, security and compliance are also strengthened through public cloud ERP deployments, as major cloud providers invest heavily in robust security measures and compliance certifications, often exceeding what individual organizations can afford or manage on their own. This instills confidence in customers that their sensitive data is well-protected.
North America is projected to hold the largest market share during the forecast period.
The Cloud ERP Market by region has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. As per region, North America is estimated to account for the largest market share in the global Cloud ERP Market in 2023, and this trend is expected to continue during the forecast period. The Cloud ERP Market, encompassing a wide range of critical business functions, is pivotal in reshaping the North American business landscape. First and foremost, it serves as the backbone of digital transformation efforts, enabling organizations to modernize their operations across various sectors. From finance and human resources to supply chain and customer relationship management, cloud ERP systems streamline and integrate these functions, fostering agility and efficiency. In North America, where diverse industries flourish, this technology empowers businesses to adapt rapidly to market changes, scale operations as needed, and remain competitive globally.
Top Key Companies in Cloud ERP Market:
Some of the significant Cloud ERP Market vendors are Oracle (US), Microsoft (US), SAP (Germany), Workday (US), Infor (US), IFS (Sweden), Plex Systems (US), Epicor Software Corporation (US), Sage Group (UK), Ramco Systems (India), QAD (US), Tally Solutions (India), Odoo (Belgium), SYSPRO (South Africa), Tyler Technologies (US), MIE Solutions (US), Acumatica (US), Genius Solutions (Canada), Deltek (US).
Recent developments:
In September 2023, Oracle announced the Fusion Data Intelligence Platform, a next-generation data, analytics, and AI platform that would help Oracle Fusion Cloud Applications customers achieve better business outcomes by combining data-driven insights with intelligent decisions and actions. This new platform, an evolution of the Oracle Fusion Analytics Warehouse product, would deliver business data-as-a-service with automated data pipelines, 360-degree data models for key business entities, rich interactive analytics, AI/ML models, and intelligent applications.In July 2023, Microsoft recently introduced Dynamics 365 Copilot, the world’s first AI copilot integrated into CRM and ERP applications in the cloud, designed to augment workflows, uncover insights, identify the subsequent best actions, and reduce time spent on administrative tasks. Organizations relying on on-premise applications would struggle to compete with peers embracing these AI-powered technologies in the cloud.In February 2023, Infor introduced an ERP software solution for manufacturers in complex, make-to-order, and engineer-to-order industries. Infor LX was developed by Infor, a global enterprise software company known for its robust functionality tailored to meet the unique requirements of manufacturing businesses. Infor LX covered many business functions, including financial management, manufacturing operations, supply chain management, CRM, HCM, and more. This breadth of functionality enables organizations to manage various operations within a single integrated system.Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=190169866
Cloud ERP Market Advantages:
Since businesses only pay for cloud services on a subscription basis, cloud ERP eliminates the need for on-premises gear and lowers up-front capital expenses.Cloud ERP solutions may be readily scaled by businesses to meet expansion needs, whether they need to expand to new locations, increase users, or incorporate new capabilities.The accessibility of cloud ERP systems from any location with an internet connection encourages remote work, international collaboration, and mobile access to vital corporate data.Since cloud ERP systems are often easier to setup than conventional on-premises solutions, businesses can start operating more quickly.Organisations can always receive the newest features and security patches because cloud ERP providers take care of system updates and maintenance.As a large portion of system maintenance and support is handled by cloud ERP providers, businesses can cut back on their IT staff and infrastructure costs.To protect sensitive corporate data, cloud ERP providers make significant investments in security features like data encryption, access controls, and compliance certifications.Disaster recovery and data backup services are frequently offered by cloud ERP providers, ensuring data availability and integrity in the case of a system failure or emergency.Real-time data access made possible by cloud ERP systems enables better decision-making by giving current details on corporate activities.A seamless data transfer across systems is made possible by the integration that cloud ERP solutions frequently offer with other cloud-based apps and services.Report Objectives
To define, describe, and forecast the Cloud ERP Market based on component (solutions and services), business function, deployment mode, organization size, vertical, and regionTo provide detailed information about the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the Cloud ERP MarketTo analyze the recession impact on components, verticals, and regions across the globeTo analyze the market with respect to individual growth trends, prospects, and contributions to the Cloud ERP MarketTo forecast the market size of five main regions: North America, Europe, Asia Pacific (APAC), the Middle East & and Africa (MEA), and Latin AmericaTo analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Cloud ERP MarketTo profile the key players in the Cloud ERP Market and comprehensively analyze their core competencies in each microsegmentTo analyze the competitive developments, such as agreements, alliances, joint ventures, and mergers and acquisitions, in the Cloud ERP MarketBrowse Adjacent Markets: Software and Services Market Research Reports & Consulting
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Artificial Intelligence
Zetrix and Beitou Launch Digital ID & Driver’s Licence Services on Blockchain
Service is the first global W3C-compliant Verifiable Credential implementation and will be initially used by China domestic users travelling abroad
KUALA LUMPUR, Malaysia, Dec. 10, 2023 /PRNewswire/ — Zetrix, a layer 1 public blockchain platform, today announced the launch of its groundbreaking Digital Credentials platform, ushering in a new era of secure, convenient, and interoperable credentials verification. This innovative solution addresses the challenges of traditional paper-based credentials, offering a range of benefits that will transform the way individuals, organisations, and governments interact in the digital realm.
The launch marks the commercialisation of the collaboration announced on 18th September 2023 between Malaysia’s MY E.G. Services Berhad and China’s state-owned Guangxi Beitou IT Innovation Technology Investment Group Co Ltd (“Beitou”), the IT arm of Guangxi Beibu Gulf Investment Group listed as one of China’s Top 500 enterprises.
The launch was held on 9th December 2023 at Ritz-Carlton Hotel Kuala Lumpur and officiated by Malaysia’s Deputy Prime Minister, Datuk Seri Dr Ahmad Zahid Hamidi.
The service initially will be offered to domestic China nationals who can choose to digitise their National ID or driving licence as a Verifiable Credential (“VC”) on Xinghuo International, the international gateway for China’s national Public Blockchain. Through Zetrix, which is integrated with Xinghuo, the National ID or driving licence VC can then be presented abroad to be authenticated by any verifier wishing to verify the relevant identity or driving licence data according to their needs.
Beitou IT’s integration to China’s nationwide police and transport department databases ensures seamless authentication and digitisation of the documents into VCs.
Furthermore, in view of the immutability of blockchain, verifiers will have the assurance of knowing that the VCs and all data contained in the document are true and genuine.
It is foreseen that besides IDs and driving licences, other important credential documents held by individuals or businesses would also be digitised as VCs in the near future.
Enhancing Security and Combating Breach of Data
The use of digital credentials, with the initial pilot of driving licences based on blockchain technology will significantly enhance security and combat counterfeiting of electronic licences. By leveraging on the Self Sovereign Identity (“SSI”) framework, Zetrix’s Digital Credentials platform enables the real time verification of documents digitised as Verifiable Credentials, providing a robust defence against fraud and forgery.
“In addition to ensuring authenticity, documents digitised as Verifiable Credentials offer the ability for selective disclosure or confirmation of data. For instance, document holders can have their age or their home location verified without actually having to provide their date of birth or full address. This is extremely useful as it protects raw user data from being shared unless absolutely necessary, thus reducing the possibilities of cyber attacks,” explained TS Wong, founder of Zetrix.
Lai Shuiping, Chairman of the Board of Guangxi Beitou IT Innovation Investment Group Co.,Ltd, Lai Shuiping, said: “The China-ASEAN digital driving license cross-border verification platform is jointly developed by Beitou IT and MYEG. The platform will continue to expand into providing more convenient services for communication between citizens of China and ASEAN countries, and promote economic development across the entire region.”
“In future, Beitou IT will further strengthen cooperation with Malaysian enterprises in the field of transportation digitalisation, and promote continuous improvement of intelligent transportation in ASEAN countries,” Lai added.
Multi-Chain e-Wallet for International Travelers
Zetrix’s Digital Credentials platform also leverages a multi-chain e-wallet that is able to store Zetrix’s native tokens as well as VCs from Xinghuo International and Ethereum. This feature facilitates seamless cross chain transactions and simplifies identity and document verification across multiple scenarios, enhancing the experience for travelling individuals.
The digital credentials service exemplifies the World Wide Web Consortium (W3C) standards of Verifiable Credentials and Decentralised Identifiers as Self-Sovereign Identity. This will be a key catalyst to enable a greater interoperability across blockchains and decentralised applications.
About Zetrix
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix’s cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy. Developed by MY E.G. Services Bhd, the cross-border and cross-chain integration with China enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).
About Guangxi Beitou IT Innovation Technology Investment Group Co Ltd
Guangxi Beitou IT Innovation Investment Group Co. (Beitou IT) stands as a wholly owned subsidiary of Beibu Gulf Investment Group (Beitou Group), boasting total assets exceeding 300 billion RMB. Established in October 2020 with a registered capital of 1 billion RMB, Beitou IT has emerged as the foremost digital company in Southwest China. Beitou IT strategically concentrates on four primary business domains: ITAI project implementation and operation, IT product R&D, integration and sales, and the development of New Infrastructure. Over the past three years, Beitou IT has successfully undertaken numerous government and enterprise-level projects encompassing digital government, digital transportation, digital port, smart court, and enterprise digitalization.
With a workforce exceeding 400 employees, Beitou IT houses a team of hardware and software engineers, where over 50% hold master’s degrees from esteemed universities. The team includes 2 State Council-subsidized experts, numerous district industrial authorized experts, and a Fin-Tech expert from the ‘Hong Kong, Macao, and Taiwan Talent Project.’ This robust talent pool positions Beitou IT as one of the rare state-owned digital companies capable of independent R&D.
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Artificial Intelligence
Sustainability Empowerment, Brand Upgrade VIVOTEK among Taiwan’s Best Global Brands
TAIPEI, Dec. 10, 2023 /PRNewswire/ — VIVOTEK (3454TW), the global leading IP surveillance solution provider, has been selected to the Best Taiwan Global Brands, and consistently earned market recognition. The three development engines of operational excellence, comprehensive brand management, and active promotion of sustainable actions, have elevated the brand above competition to display outstanding brand value.
Best Taiwan Global Brands is organized by the Industrial Development Bureau, MOEA, and valuation is carried out by Interbrand, a global authority on brand valuation; this year, ESG was also included as key standards of valuation. In 2022, VIVOTEK set a record high in revenue with annual consolidated revenue reaching USD $332 million, achieving a growth rate of 82% compared to the same period in 2021. In addition to displaying operational strengths, VIVOTEK also advocated several sustainable actions, while also encouraging its employees to practice environmental protection both at work and in daily life, further earning the approval of the organizer.
“Being selected to Taiwan’s Best Global Brands is a recognition of the company’s strengths,” pointed out Allen Hsieh, VIVOTEK Spokesperson and Director of Global Marketing Division. “Brand power is not just manifested through the technical aspect of products, but also through the CSR aspect. By embedding ESG into our brand’s DNA, we not only adopt sustainable thinking, but also create a differentiated brand image. In the future, VIVOTEK will continue to empower our brand through ESG, while also constantly promoting smart and green innovations of security and protection technology, steering the brand towards greater value of sustainable development.”
Evolution of the brand is the firm starting point of VIVOTEK’s brand management. Through redefining identity and slogan, “We Get The Picture,” VIVOTEK breaks the limitations of the industry to redefine its brand value, establishing its unique status within the security and protection industry. By grasping the opportunity of technical innovation, VIVOTEK combines its hardware advantage and software capability to expand its deployment of security and protection solutions, becoming a leading solution provider, while also actively exploring the market of AI security and protection, such as: successfully launching innovative VORTEX smart cloud surveillance service that focuses on customer needs and accumulating many successful cases around the world. Recently, VIVOTEK was ranked number 12 among a&s Security 50, reaching the highest spot ever, and this is the very manifestation of the brand’s continued improvement of brand competitiveness.
VIVOTEK is a leading surveillance brand that strives for sustainability and began deploying ESG strategy many years ago. Key measures include voluntary publication of sustainability report for six consecutive years, participation in the RE100 global corporate renewable energy initiative, and promotion of renewable energy applications. More recently, VIVOTEK has incorporated the principle of sustainability into its product box design, reutilizing packaging of its products to create eco-friendly smartphone holders. This marks the first time the brand’s innovative sustainability principle has been extended through its products. VIVOTEK also plans to launch a product carbon footprint project in 2024 to facilitate formulation of comprehensive carbon reduction strategy, further strengthening brand development and upgrading sustainable operations.
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Artificial Intelligence
Belgian Commitment to Partnership Supports a New Frontier of Europe-US Space Research
BRUSSELS, Dec. 10, 2023 /PRNewswire/ — Belgian Prime Minister Alexander De Croo has travelled to Houston, United States, to meet Raphaël Liégeois, the Belgian career astronaut selected as part of the European Space Agency (ESA) astronaut class of 2022. De Croo’s visit coincides with the ESA cohort’s familiarisation trip to NASA’s Johnson Space Centre, which is the precursor to a further two years of training, delivered in Houston, to prepare the astronauts for their respective missions on the International Space Station. The visit signals a new phase of the long-standing collaboration between Europe and the United States on space research and exemplifies Belgium’s commitment to partnerships in facing global challenges.
Belgium’s expertise in aerospace, and in science more generally, is internationally recognised – in terms of both training and industry. Belgium is a founding member of the ESA and its fifth-largest funder. The country’s support of the ESA shows its commitment to shaping the development of Europe’s space capability and ensuring that investment in space continues to deliver benefits to the citizens of Europe and the world.
“For Belgians, the sky isn’t the limit, the universe is,” said De Croo. “Today, we are very proud to see Raphaël take this important step in his career as an astronaut. He will be an important role model for many generations of STEM students to come. Space research and innovation hold particular importance for Belgium; they are powerful economic drivers which foster the growth of high-tech industries and create jobs – as evidenced by the number of Belgian companies on the cutting edge of aeronautics.”
The 17 members of the ESA astronaut class of 2022 were selected from a pool of over 23,000 applicants. The process, designed to bring together the finest scientific minds that Europe has to offer, took place over a period lasting 18 months.
The selection of Raphaël Liégeois is testament to Belgium’s focus on embracing openness, driven by innovation, partnerships, and diversity, to create solutions that drive progress for all.
About Belgium
Located in the heart of Europe, Belgium is one of the most open economies in the world, counting 11.5 million people with a reputation for innovation, hard work, partnership, and multilingualism. Strategically located between Germany, the Netherlands, France, and Luxembourg, and only a stone’s throw from the UK, it lies at the centre of the richest and most densely populated area in Europe. A member of the European Union, Belgium enjoys full access to the world’s most advanced single market and customs zone which ensures extensive frictionless trade.
Belgium boasts a highly developed transport infrastructure, including the second largest seaport in Europe (Antwerp). Belgium is home to world-leading research and innovation facilities, multinational corporations, and artisanal businesses supported by the investor-centric approach of public services.
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