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Report Code: IM10772
Category : Telecom & Wireless
Enterprise resource planning (ERP) is an important and heavy investment for all successful running businesses. Almost all medium and big size companies rely on ERP solutions for their business management services. ERP system is an important part of development in corporate information technology, which helps in reshaping an organisation’s structure to change the distribution of powers, processes and rights within the organisation. Conventional ERP software have extensively been used for major back office operations such as product planning, inventory control and marketing & sales management. The traditional ERP systems take longer time to be implemented in business architecture with high cost and low reliability.
With advancement in technology and enterprise management solutions, cloud ERP technology has received increased attention from industries across the globe as it focuses on major areas of business process such as accounting & finance, human resource management and marketing, transforming them into easy tasks. Cloud ERP services are developed according to the requirement of company, including faster deployment and easy access to software by end users. Moreover, cloud ERP solutions manage resources effectively and seamlessly integrate into organizational activities. With increase in operational efficiency of business, providing competitive edge to organisations in their product and service management, and reducing business complexities, the global cloud ERP market is expected to witness positive growth during the forecast period.
Major demand for cloud ERP is generated with need of on demand access to computing services, availability of large storage space, automated resource management and industry specific functions such as sales and customer support. Low cost, greater reliability, adoption of cloud based services with integrated business management are also some other factors driving the demand for the global cloud ERP solutions. The rapid growth in demand for cloud ERP in industries such as healthcare, retail, education and telecom are set to derive the cloud ERP market. Increased penetration of new technology solutions within organisations, low demographic barriers such as mobility, and availability of advanced open source applications with greater efficiency & transparency is also driving the growth of the global cloud ERP market.
Providing more flexibility to businesses, cloud ERP solutions are expected to open up new space for the cloud ERP market in developing regions. With more advanced and robust technological environment, North America and Europe has greater adoption rate of cloud ERP services. In addition, transforming businesses, regional expansions and emergence of many small medium enterprises (SMEs) in developing economies, such as Asia-Pacific, cloud ERP market has further growth potential in these regions.
Cloud ERP market is facing major challenges in enabling enterprises increase productivity by reduction in business expenses over a short period to get potential return on investment (ROI). Furthermore, increased competition, operational complexity, hybrid requirements by new businesses and limited education for cloud based services are some challenges to the global market.
Mapping the increased demand for low cost open source software applications by SMEs, rapid changes in business models and identifying optimum architectural & licensing models globally would restrain the rapid growth of the global cloud ERP market. In addition, data confidentiality, vendor lock in and minimum involvement of top management would also create a barrier to market growth.
Increased competitive intelligence by prominent manufacturers of ERP software have developed key strategies such as streamlining distribution channels globally to roll out their offerings and gain significant share in the cloud global ERP market. Some of the major player in the global cloud ERP market include Ramco Systems, Oracle Corporation, SAP SE, Intacct Corporation, Microsoft Corporation, Netsuite Inc and Infor.
Global Cloud ERP Market Segmentation
By Industry Vertical