The Cloud ERP Software Market to touch $29.84 Billion by 2021

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 the 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 the following advantages of using cloud-based ERP system.

1. Enhance Productivity: By moving to the best cloud ERP system, companies can enhance their productivity. Companies having on-premise system could move to the cloud to make their team more efficient and stay connected. It will also help them to update their work remotely.
2. Cut Down Running Cost: Companies can check their expenditure on the hardware by moving to the cloud. There will be no investment in the hardware and no additional cost to maintain the infrastructure. On the other hand, service providers and experts will take care of the cloud ERP System, so the companies do not need additional IT staff for the application.
3. Security: The cloud-based ERP system will be more secure than the on-premise system. The cloud will be a protected environment where the application could be hosted safely. The auto-backup option will help the companies to get their data safely.

The cloud-based ERP software market is growing at a decent growth rate helping companies to streamline and enhance their productivity.