Cloud ERP is booming, according to MaM survey

The global Cloud ERP market is expected to grow from USD 64.7 billion in 2022 to USD 130.0 billion by 2027, at a compound annual growth rate (CAGR) of 15.0%, according to Markets And Markets. Let’s look at the most interesting findings of this survey.

Key factors driving the cloud ERP market include the adoption of cloud solutions and services across industries and increased government investments in this market.

According to Markets and Markets, the enterprise segment is expected to grow significantly in terms of size during this period. The appeal of cloud ERP to SMEs will also be significant, as they too are gradually adopting cloud ERP solutions and services that will improve their operational efficiency.

This is partly because such solutions are cost-effective and partly due to the economies of scale that allow businesses to reap the benefits of cloud ERP. Large enterprises spend significant amounts on R&D in the manufacturing sector, which enables them to leverage advanced digital solutions, including cloud ERP, to improve their business processes. In today’s highly competitive world, businesses are not missing any opportunities to expand their market share and are therefore spending significant amounts of money to ensure they are technologically competent. Moreover, large enterprises are investing in ERP workshops and training to keep their employees up to date with the latest trends and technological advancements in the Cloud ERP market.

Significant growth for IT and Telecom

IT and Telecom are expected to hold a significant share of the Cloud ERP market due to the different benefits offered by service providers who need to be ready to move quickly to accommodate Cloud, Content, and new cloud-based applications and services. Cloud ERP has been adopted for critical industry sectors such as IT and ITeS to improve revenue generation, increase customer insights, reduce costs, and deliver market-relevant products quickly and efficiently. Digital transformation is essential for survival in a globally connected and increasingly competitive environment. IT and Telecom companies are investing in new technologies, such as smart computing products, IoT, cloud computing, and Cloud ERP, to gain efficiency, drive innovation and attract consumers. The growing volume of data creates a huge demand for storage, backup and related cloud services to keep confidential data safe and available on demand.

IT and Telecom are two prevailing industries in the Cloud ERP market. The volume of data generated in the telecom industry is enormous, requiring superior storage solutions and services. It is vital for Telecom and IT companies to reassess their strategies and implement advanced technologies to gain a competitive edge against the multitude of companies operating in this market.