The cloud-based deployment platform has given a huge boost to enterprise application software over the past few years.
PORTLAND, PORTLAND, OR, USA, January 20, 2022 /EINPresswire.com/ — The North American market generated the highest revenue share in the global cloud-based ERP market in 2016 owing to technological advancements and increasing applications of cloud-based ERPs in the areas manufacturing, government and retail. The Asia-Pacific cloud-based ERP market is expected to grow at the highest rate followed by LAMEA over the forecast period. The need for transparent and modernized manufacturing processes in various industries is expected to drive the growth of cloud-based ERP software in Asia Pacific.
Global Cloud-based ERP Market was valued at USD 13,238 Million in 2016 and is projected to reach USD 32,184 Million by 2023, growing at a CAGR of 13.6% from 2017 to 2023. The services segment is expected to grow at the highest rate during the forecast period.
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The report presents a competitive scenario of the global Cloud Based ERP industry and provides a comprehensive analysis of key growth strategies adopted by leading players. 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 geographic expansions, mergers and acquisitions, new product launches, partnerships, and collaborations, to augment the growth of the Cloud Based ERP market.
The software segment contributed the highest share in 2016. This segment accounted for $8,211 million in 2016 and is expected to grow at the CAGR of 12.8% during the forecast period. The cloud-based ERP market for managed services is expected to grow at the highest rate of 14.8%.
The other functions segment generated maximum revenue share in 2016 and is expected to dominate the market throughput during the forecast period at CAGR of 16.8%. The cloud-based ERP for finance market is expected to witness the highest CAGR of 17.7% during the forecast period, followed by retail.
• 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 expected to grow at a rate of 16.8%.
• The North American cloud-based ERP market generated the highest share, valued at $5,375 million, in terms of revenue in 2016.
• The cloud-based ERP in finance market is expected to witness growth over the forecast period.
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