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(Chicago.CityRegions.Com, March 09, 2017 ) The report "Cloud ERP Market by Component (Solutions and Services), Function (Finance, Marketing, Sales, Operations, and Human Resource), Deployment Mode (Public, Private, and Hybrid), Organization Size, Vertical, and Region - Global Forecast to 2021", The cloud ERP market size is estimated to grow from USD 18.52 Billion in 2016 to USD 29.84 Billion by 2021, at an estimated Compound Annual Growth Rate (CAGR) of 10.0%.
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The cloud ERP solutions and services help streamline business processes, increase efficiency & productivity, achieve more user-centric communication, and avoid redundancy. Moreover, increasing demand from Small and Medium Enterprises (SMEs) operating across diverse industry verticals and regions is expected to drive the market growth during the forecast period.
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An increasing need for business process efficiency and transparency drives the cloud ERP market
The major forces driving the cloud ERP market include, an increasing need for operational efficiency, increasing awareness & adoption across SMEs and large enterprises working across various industry verticals, and implementation of cloud infrastructure & enterprise mobile applications. Cloud ERP is a technique to deploy ERP solutions that makes use of cloud computing platforms and services, providing businesses with more flexible business process transformation. Such solutions facilitate transparent and seamless integration of various modules, providing flow of information between all functions within the enterprise in a consistently visible manner.
The finance function segment to play a key role in the cloud ERP market
The finance ERP function segment is projected to grow at the highest CAGR during the forecast period, as deployment of such ERP applications in organizations will continue to grow. An ERP system is largely used for efficient management of financial functions such as financial consolidation, cash management along with activities related to management of fixed assets, payables and reciveable along with maintenace of general ledgers for the enterprise.
The operations ERP function segment is expected to have the largest market share and dominate the cloud ERP market from 2016 to 2021, due to growing demand for such solutions across manufacturing and related industry verticals.
The Banking, Financial Services, and Insurance (BFSI) vertical is expected to grow at the highest CAGR in the cloud ERP market
The manufacturing industry vertical is expected to contribute the largest market share in the cloud ERP market, as it requires efficient management of a large number of business processes, staring from procurement of raw materials to the distribution of finished goods. The BFSI sector is expected to grow at the highest CAGR from 2016 to 2021, in the cloud ERP market, due to the technological proliferation of banking and financial processes. Implementation of ERP solutions brings in the ease of handling and managing such critical financial transactions & processes, thus driving the demand.
North America expected to contribute the largest market share, whereas APAC is expected to grow the fastest
North America is expected to have the largest market share and dominate the cloud ERP market from 2016 to 2021, due to the presence of large number of cloud ERP solution vendors and early innovative technology adopters across the U.S. and Canada. APAC offers potential growth opportunities in the cloud ERP market, as there is a wide presence of SMEs that are turning towards such hosted ERP solutions to efficiently manage their business processes, particularly in developing countries such as India, China, and Singapore.
The major vendors in the cloud ERP market include Microsoft Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Infor (U.S.), Sage Software, Inc. (U.K.), Epicor Software Corporation (U.S.), Intacct Corporation (U.S.), Financialforce.com (U.S.), Plex Systems, Inc. (U.S.), and Ramco Systems (India).