ERP cloud market to grow by 8% until 2021, report says
The global ERP market is set for a sustained period of growth over the next five years, according to a new report.
Global Cloud ERP Market: Trends, Opportunities and Forecasts (2016-2021) forecasts that the growth rate will be around 8% until 2021 due to a number of combining factors.
Authors expect the market to be driving to a “surging adoption of cloud-based ERP solutions” across educational, retail and healthcare sectors. The growing popularity of cloud solutions in small businesses is also highlighted as being an important factor for future growth by researchers.
However, the report adds that overall need for on-demand and instant access to software and storage— which traditional on-premise solutions fail to provide — will be the real driver and see more companies opt to move to the cloud.
Researchers analysed historical market trends for cloud-based ERP solutions. They found that between 2011 and 2015 the market grew at a compound annual growth rate of 6.38%.
The report investigated and analysed all sizes of businesses, different types of cloud solutions, and focussed on organisations across Europe, North America and Asia Pacific.
It found that unsurprisingly North America has the fastest adoption rate of cloud-based services with the region also set to take the largest market share in the next five years. But it is the Asia Pacific region that has the most growth opportunities with the report pointing towards “huge growth potential” in Australia and Japan.
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