Allied Market Research published a report, titled, “Cloud-based ERP Market by Component, Function, End-User, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2017–2023.” According to the report, the global cloud-based ERP market garnered $13.23 billion in 2016, and is expected to generate $32.18 billion by 2023, registering a CAGR of 13.6% during the forecast period, 2017–2023. The services segment would register the highest market share during the forecast period.
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Rise of SMEs in emerging countries, rise in need for transparency and efficiency in business processes, and adoption of cloud-based deployment model contribute to the growth of the market. However, open source applications and latency in data retrieval restrict the growth in the industry. On the other hand, globalization and surge in investment for new ventures would create new opportunities in the market.
North America market generated the highest share of revenue in the global cloud-based ERP market in 2016 owing to technological advancements and a rise in applications of cloud-based ERP in manufacturing, government, and retail fields. The Asia-Pacific cloud-based ERP market is expected to grow at the highest rate, followed by LAMEA during the forecast period. Need for transparent and modernized manufacturing processes in diverse industries is expected to drive the growth of cloud-based ERP software in Asia-Pacific.
The software segment contributed the highest share in 2016. This segment accounted for $8,211 million in 2016 and is projected to grow at the CAGR of 12.8% during the forecast period. The cloud-based ERP market for managed services is projected to grow at the highest rate of 14.8%.
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Other functions segment generated maximum share of revenue in 2016 and is expected to dominate the market throughput the forecast period at the CAGR of 16.8%. Cloud-based ERP market for finance is expected to witness highest CAGR of 17.7% during the forecast period, followed by retail.
The report features a competitive scenario of the global cloud-based ERP industry and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are Oracle, IBM, Microsoft, SAP SE, Sage Group Plc., Aptean, Epicor Software Corp., Infor, Syspro, Unit4 and others. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the cloud-based ERP market.
Key Findings of the Cloud-based ERP Market:
- The software segment accounted for the highest share of the global cloud-based ERP industry by component in 2016, growing at a CAGR of 12.8% from 2017 to 2023.
- The professional services segment by services generated the highest revenue share in 2016 and is projected to grow at a rate of 16.8%.
- The North America cloud-based ERP market generated the highest share, valued at $5,375 million, in terms of revenue in 2016.
- The cloud-based ERP market in finance is expected to witness growth during the forecast period.
Cloud-based Enterprise Resource Planning (ERP) Market Key Segments:
- Supply Chain
By End User
- Large Organization
- Mid-size Organization
- Small Organization
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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