The cloud-based ERP (Enterprise Resource Planning) software has been useful for companies, startups, and enterprises to streamline the processes and enhance their productivity. These companies are less dependent on the infrastructure by moving to the cloud. The demand for cloud-based application has been increasing day-by-day. The ERP market is expected to grow rapidly in the next couple of years.
The cloud ERP market is expected to touch USD 29.84 billion by 2021 from USD 18.50 billion in 2016. The market is driven by factors like technology adoption, digital transformation and adopting the system to check the redundancy & eliminating inefficient process. The application is widely accepted and implemented by Small and Medium Enterprises (SMEs) across the world. The ERP application backed by open source technologies could be the first choice for these companies as it is economical and easy to use.
The market is expected to grow at an estimated Compound Annual Growth Rate (CAGR) of 10 percent. The companies have been collaborating with cloud ERP vendors and software companies for the deployment of the ERP System. Thus, the demand for the managed service is growing rapidly.
The implementation of the Artificial Intelligence, IoT & Blockchain technologies in the ERP system is helping the market to boom at a faster rate than expected. These technologies help to automate the process and get the right forecast and helping the companies in taking smart business decisions.
According to a report by ReportLinker, the market is expected to grow at a higher rate during the period in the APAC region. The countries China, Japan, and India are rapidly transforming into business hubs giving ample opportunities to SMEs and startups. In the global ERP software market, Northern America has the maximum share followed by Europe (U.K, France, Germany, and Italy).
Benefits of Cloud ERP
Companies will have following advantages of using cloud-based ERP system.
The cloud-based ERP software market is growing at a decent growth rate helping companies to streamline and enhance their productivity.
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