From education to retail and healthcare, cloud-based ERP solutions such as NetSuite are adopted by almost all businesses to streamline the processes and ensure financial growth.
The Empirical Research Report on Global Cloud ERP Market (Reference: https://www.theresearchinsights.com/) segments the market based on factors, such as type, application, key players, and geographical regions.
The traditional IT environments could not provide on-demand computing and storage features, which is why the Cloud ERP market observed a massive surge in recent years.
Furthermore, SMEs are considered to be the main drivers of the Cloud ERP market. It’s because these small and medium-size enterprises use NetSuite ERP solutions to improve their business operations and compete with big organizations.
Why will ERP Market Grow?
It’s no surprise that from 2011 to 2015, the cloud ERP market showed a significant increase at a CAGR of 6.38%.
The value of the Global Cloud ERP market was $22.15 billion in the year 2019 (Reference: https://www.maximizemarketresearch.com/market-report/global-cloud-erp-market/31769/), which is expected to grow at a CAGR of 7.86% by 2027 and reach $40.57.
This growth is attributed to many contributing factors that include:
- Optimization of existing business processes
- Efficient management of the available resources
- The ever increasing demand for data protection and security
- A disaster recovery plan and data backup
- Advanced features of IoT, AI, and cloud computing
Conversely, some factors can hinder the ERP market growth, such as:
- High operational cost
- Increased risk of a data breach on cloud
Aiding to this growth are companies like the Belmont-based Folio3, a certified NetSuite alliance partner. These companies offer full-spectrum NetSuite implementation, customization, and integration services to help them become pioneers in their respective markets.
Global Cloud ERP Market Categorization
The global cloud ERP market can be segregated based on three major categories – region, customer, and application type.
Furthermore, the ERP market can be divided into the following sub-categories based on application:
- Finance and accounting
- Inventory management
- Sales and marketing
- Transportation
- Healthcare
- Retail
- Manufacturing
- Oil and gas
It is forecasted that sales and marketing will be the major ERP market shareholder because of the complete financial processes of the cloud ERP application, including:
- Payment management
- Budgeting and forecasting
- Real-time financial dashboards
Additionally, the Empirical Research report segments the global cloud ERP market based on regions, including Europe, Asia-Pacific, North America, South America, the Middle East, and Africa. However, North American will dominate the ERP market because of the early adoption of the ERP system. Moreover, the presence of major market players such as Oracle, Microsoft also ensures the penetration of the ERP market in North America.
North America is Asia-Pacific, which shows a significant growth in the cloud ERP market, courtesy of the emerging small and medium enterprises in countries like Thailand, China, and India.
The key players of the Clout ERP market include IBM, SAP SE, Microsoft, Oracle NetSuite, and Infor. These companies are working day and night in designing innovative markets and strategies to give tough competition to one another.
For example, Oracle added an inventive feature in the NetSuite portfolio about planning and budgeting in 2019. This all-rounder feature includes financial planning, budgeting, order management, warehouse and fulfillment, supply chain management, and production management. More than 26,000 customers worldwide use NetSuite, a cloud-based ERP system that offers data analytics, flexibility, and other advanced features.
Moreover, the companies can opt for any of the three types of available cloud services – private, public, and hybrid.
Main Objectives of the Global Cloud ERP Market Report
- In-depth analysis and forecasting of the Cloud ERP market size globally.
- Understanding the market players and performing the SWOT analysis to find their value and share.
- Determining and explaining the ERP market by segmenting into end-user, region, and type.
- Analysis of the trends, driving factors, and restraints of the ERP market growth.
- In-depth analysis of the ERP market opportunities, especially for the stakeholders to identify the high growth segments.
- Understanding the competitive developments, including new products, expansions, scalability, agreements, and possessions.
- Analysis of the submarket to understand growth trends and the overall contribution to the ERP market.
Key Take-Away of the Global Cloud ERP Market Report
- New strategies to ensure business growth during the pandemic.
- Forecast of the Cloud ERP market in terms of application, type, end-user, and region.
- Dynamic analysis includes both the driving factors and constraints.
- Market strategies, especially for the new businesses who want to learn about market segmentation, client analysis, product positioning, distribution, and prices strategy.
- How to keep up with international ERP market trends,
- Details analysis of the competitive landscape.
Empirical Research Methodology
The research team conducts primary and secondary research to collect and refine the available data and categorize them into sub-types. This way, the Global cloud ERP report highlights total market size, forecast, and of course, growth rate. Moreover, the research team uses different approaches to calculate market value and growth rate.
Lastly, the team interviews the key people from the ERP industry to validate the collected data. It allows the data analysts to derive the best possible forecast rate.
The key takeaway of the above article is to highlight the historical market trend of Cloud ERP and the future projections to 2026.
The Global Cloud ERP market report offers an in-depth analysis of the market demand, a seven-year assessment of the Cloud ERP market, and key product segments. Moreover, it also highlights the market dynamics, restraints, and opportunities.
The primary purpose of Cloud ERP solutions such as NetSuite is to ensure accessibility to the data while optimizing the available resources and overall productivity. Moreover, since it’s cloud-based, it keeps track of the changes, monitors the processes, and improves customer experience. Companies can enjoy all these benefits only when they use NetSuite ERP the right way. It is a given that not every company will have a NetSuite expert onboard, which is why partnering with Folio3 is a wise choice. It has helped companies all across the globe, such as Skech, Eynthego, PureLife, and several others, smoothly integrate NetSuite ERP into their business operations to maximize their operational efficiency.
Indeed, the ERP industry is on the rise, but only the right tools and decisions can help companies benefit from the changing corporate landscape, powered by smart tools such as NetSuite ERPs.
