The global cloud ERP (Enterprise Resource Planning) to grow at 8.30 percent in next five years. Industry leaders expect that there will be great demand for cloud ERP solutions as the small and medium size business have been adopting cloud-based services.
According to a market research report, " Global Cloud ERP Market: Trends, Opportunities and Forecasts (2016-2021)” , there will be a boom in the cloud ERP industry in next five years, which it projected to grow at CAGR (Compound Annual Growth Rate) of 8.30 percent during 2016-2021 from the growth it registered CAGR of approximately 6.38 percent during 2011-2015.
The report suggested that the adoption of cloud ERP solutions by SMEs and SMBs has would drive the demand for the industry in next five years. The ERP market was also registered a remarkable growth in last five years.
SMEs and SMBs in the sector of education, health sector, and retail have been adopting ERP cloud solutions, which propelled the demand for cloud-bases ERP solutions. In terms of segmentation, the market is categorized on the basis of sectors - By Deployment Models, By Industry Verticals, and By End Users.
There is huge growth potential for cloud ERP market in the countries like Japan, Australia, and in Asia-Pacific region. In terms of region, North America has the fastest adoption rate of cloud-based services with a maximum market share in the United States.
Industry leaders believe that the upsurge in the investment by the Governments in the sectors like education and health sector would create more opportunity for the Cloud ERP solutions.
Another report titled “Global Enterprise Cloud Services Market 2016 – 2020” suggested that the global enterprise cloud services market would grow at CAGR of 23.86 percent during 2016-2000. To calculate the market size, the report considers the revenue generated from cloud services such as software as a service (SaaS), infrastructure as a service (IaaS), and platform as a service (PaaS) offered to enterprises.