Cloud-based ERP Industry Worth to Reach $32,184 Million by 2023, Exclusive Report
loud-based ERP Industry
The Cloud-based ERP Industry is in its growth phase and is expected to grow at a CAGR of 13.6% during the forecast period.
PORTLAND, OR, UNITED STATES, November 12, 2021 /EINPresswire.com/ -- The North American market generated the highest share of revenue in the global cloud-based ERP industry in 2016 due to technological advances and an increase in cloud-based ERP applications in the areas of manufacturing, government, and trade. The Asia Pacific cloud-based ERP industry is expected to grow at the fastest rate, following LAMEA during the forecast period. The need for modernized and transparent manufacturing processes in various industries is expected to drive the growth of cloud-based ERP software in the Asia Pacific region.
The software segment had the largest share in 2016. This segment represents $ 8,211 million in 2016 and is projected to grow at a CAGR of 12.8% over the forecast period. The cloud-based ERP industry for managed services is expected to grow at the highest growth rate of 14.8%.
According to a new report published by Allied Market Research, titled, Cloud-based ERP Industry by Component, Function, End-User, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global Cloud-based ERP Industry was valued at $13,238 million in 2016, and is projected to reach $32,184 million by 2023, growing at a CAGR of 13.6% from 2017 to 2023. The services segment is anticipated to grow at the highest rate during the forecast period.
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Other functional segments are expected to generate the highest revenue share in 2016, with a CAGR of 16.8% to dominate market performance over the forecast period. The cloud-based ERP financial industry is expected to experience the highest CAGR of 17.7% during the forecast period, followed by retail.
The report features a competitive scenario of the global cloud-based ERP industry and provides a comprehensive analysis of key growth strategies adopted by major players. The 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 geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the Cloud-based ERP Industry.
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Key Findings of the Cloud-based ERP Industry:
• 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 projected to grow at a rate of 16.8%.
• The North America Cloud-based ERP Industry generated the highest share, valued at $5,375 million, in terms of revenue in 2016.
• The Cloud-based ERP Industry in finance is expected to witness growth during the forecast period.
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