Global Cloud-Based ERP Market Report 2024: Size, Drivers, And Top Segments

February 8, 2024 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The cloud-based ERP market has experienced robust growth in recent years, driven by several key factors. Here are the main points to consider:

Market Size and Growth Trends: The cloud-based ERP market is witnessing significant expansion, with projections indicating a rise from $41.72 billion in 2023 to $44.63 billion in 2024, boasting a compound annual growth rate (CAGR) of 7.0%.
Factors Driving Historic Growth: Historically, the market growth has been attributed to the transition to cloud computing, the need for scalable ERP solutions, cost reduction initiatives, increased mobility and accessibility of data, and growing awareness of Software as a Service (SaaS) models.
Forecasted Growth and Contributing Factors: Forecasts suggest continued strong growth, with the market expected to reach $64.56 billion by 2028, driven by increased demand for industry-specific cloud ERP solutions, cybersecurity emphasis, SME expansion, advanced analytics, and hybrid cloud adoption.
Major Trends in the Forecast Period: Key trends shaping the market include industry-specific solutions, mobile ERP, blockchain integration, continuous updates and improvements, and a heightened focus on user experience.

Technological Advancements Drive the Evolution of Cloud-Based ERP Market

Advancements in technology play a pivotal role in shaping the cloud-based ERP market. Here’s what you need to know:

Impact of Technological Advancements: Technological innovations strengthen the growth of cloud-based ERP solutions and services, optimizing workflow, improving decision-making, facilitating better communication and device interaction, monitoring employee performance, and providing digital assistance.
Example of Technological Advancement: Yonyou, a China-based cloud service and ERP solutions provider, launched the next-generation cloud ERP to enhance business innovation platforms, shifting to an upgraded architecture to improve ERP solutions in various domains.
Benefits of Technological Innovations: These innovations enhance organizational efficiency, agility, and competitiveness, enabling businesses to adapt to evolving market dynamics and customer needs effectively.

View More On The Cloud-Based ERP Market Report 2024 – https://www.thebusinessresearchcompany.com/report/cloud-based-erp-global-market-report

Exact Bolsters Integrated Business Solutions With Acquisition Of Weclapp

Strategic acquisitions further drive the evolution of the cloud-based ERP market:

Acquisition of Weclapp: In September 2022, Exact, a Netherlands-based provider of business and accounting software, acquired Weclapp, a Germany-based provider of cloud ERP software, to strengthen its integrated business solutions.
Expansion of Service Portfolio: The acquisition enables Exact to offer fully integrated systems covering CRM, project management, accounting, manufacturing, and inventory management, enhancing its value proposition for clients.

Segmentation of the Cloud-Based ERP Market

The cloud-based ERP market is segmented based on several criteria:

Component: Solution, Service
Organization Size: Small And Medium-sized Enterprises, Large Enterprises
Development Model: Private Cloud, Public Cloud, Hybrid Cloud
End-Use Industry: Automotive, Aerospace And Defense, Retail, Banking And Financial Services, IT And Telecommunication, Education, Government And Public Sectors, and Other End-Use Industries

Regional Dynamics

North America: Emerged as the largest region in the cloud-based ERP market in 2023, highlighting its strong market presence and adoption rate.
Global Implications: The market’s growth is indicative of global trends towards digitalization and the adoption of cloud-based technologies.

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The Cloud-Based ERP Global Market Report 2024 provides comprehensive insights on the cloud-based ERP market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the cloud-based ERP market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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