Cloud ERP systems, which offer mobile accessibility, provide businesses with enhanced flexibility and efficiency. With a rise in the number of mobile applications, employees can access essential ERP functions and data from anywhere, leading to improved productivity and decision-making. For example, a sales representative can use a mobile app to access real-time sales data, customer information, and order status while visiting a client. This leads to better customer interactions and sales efficiency. Mobile and cloud applications (apps) also ensure that staff have the most up-to-date information at their fingertips. Mobile professionals can grow their modern businesses by integrating cloud ERP apps. Sales and service staff need ERP access from their mobile devices when they are outside of their offices. Even onsite staff, such as logistics personnel and shop floor operators, need to stay connected as they move about the facility. Thus, cloud ERP systems empower operators to enhance their business operations. When everyone can access up-to-the-minute information securely, they can make decisions more confidently, collaborate better, and improve efficiency. In recent years, the cloud ERP software market has expanded to provide consumers with mobile-native or cross-platform functionality along with intuitive applications. The increasing utilization of mobile and cloud applications aligns with the need for greater mobility, accessibility, and real-time data in modern business operations. Cloud ERP providers are capitalizing on this opportunity by offering mobile applications that allow businesses to work with greater efficiencies by making data-driven decisions.
Furthermore, in India, various telecommunication operators are using cloud ERP to digitize and simplify their finance, planning, and supply chain processes. For instance, in February 2022, Oracle Corporation announced that Bharti Airtel Limited had selected Oracle Fusion Cloud Supply Chain & Management (SCM) and Oracle Fusion Cloud Enterprise Resource Planning (ERP) in order to streamline and digitize its supply chain, planning, and finance operations. Bharti Airtel Limited is going to revolutionize its shared services operations with the integrated Oracle Cloud ERP and Oracle Cloud SCM apps. These applications are designed to drive efficiency and agility throughout the firm. Bharti Airtel will be able to automate laborious operations, obtain a 360-degree picture of its financial data on demand, and optimize supply chain and procurement with the use of cloud ERP technologies. Such type of development from the telecommunication operators in India fuels the cloud ERP market growth in the country.
US Dominates Cloud ERP Market in North America
In the US, various players operating in the cloud ERP market are expanding their presence by providing cloud ERP solutions for several industries. For instance, in May 2023, Kyndryl announced an expanded partnership with SAP, which is focused on developing new solutions to help its customers solve their most complex digital business transformation challenges. SAP and Kyndryl collaborated on a digital blueprint capability that enables partners and customers to strategically define, assess, and outline their transformation and migration plan for their transition from present SAP ERP systems to SAP S/4HANA. Also, in October 2020, Ranosys announced that it participated in the NetSuite Solution Provider Program. This partnership with Oracle NetSuite Global Business Unit, provider of cloud-based financials/ERP, HR, and omnichannel commerce software suites, enabled Ranosys to power their decade-long experience of providing consulting services to customize, implement, and promote NetSuite for their long-standing clients. Thus, such type of expansion is helping to boost the cloud ERP market growth in the US.
Cloud ERP Market Segmental Overview
Based on Business Function, the cloud ERP market is divided into finance and accounting, sales and marketing, inventory and order management, human capital management, and others. The finance and accounting segment recorded a larger cloud ERP market share in 2022 and is anticipated to register a higher CAGR during the forecast period. Based on organization size, the cloud ERP market is bifurcated into large enterprises and SMEs. The large enterprises segment recorded a larger share in the market in 2022, whereas SMEs are anticipated to register a higher CAGR during the forecast period. Based on vertical, the cloud ERP market is divided into manufacturing, IT and telecom, BFSI, healthcare, retail, government, aerospace and defense, and others. The manufacturing segment recorded a larger cloud ERP market share in 2022, whereas the BFSI segment is anticipated to record the highest CAGR during the forecast period.
Cloud ERP Market Analysis: Competitive Landscape and Key Developments
Acumatica Inc, Infor Inc, Microsoft Corp, Oracle Corp, Sage Group Plc, SAP SE, Workday Inc, SYSPRO Proprietary Ltd, Epicor Software Corp, and Unit4 Group Holding BV are among the key cloud ERP market players that are profiled in the report. Several other essential cloud ERP market players were also analyzed for a holistic view of the market and its ecosystem. The market report provides detailed market insights to help major players strategize their growth.
- In September 2023, The French company specializing in the oils sector chose Infor CloudSuite Food & Beverage solution and the expertise of its partner LTTD Consulting to support the growth of its activities by formalizing and improving its specific business processes.
- In September 2023, Infor, the industry cloud company, announced that longtime customer Brentwood Industries Inc. will modernize its business processes across the organization with Infor CloudSuite Industrial, a powerful cloud-based, industry-focused enterprise resource planning (ERP) solution.
- In October 2023, Accenture is collaborating with SAP to help organizations adopt generative AI across their core business processes. Together, the companies will create AI-enabled solutions and use cases that can enhance an organization’s investment in SAP technology by improving business performance and employee productivity, accelerating time to value with SAP S/4HANA Cloud.