The global cloud ERP market is set to grow by USD 19.98 billion from 2024 to 2028, driven by a surge in digital transformation initiatives across businesses worldwide. This growth is expected to occur at a CAGR of 11.53%, highlighting the increasing integration of advanced technologies within ERP solutions.
Key players in the market, including Microsoft, Oracle, and SAP, are focusing on enhancing operational efficiency through technologies like Artificial Intelligence (AI) and the Internet of Things (IoT). AI is automating routine tasks and providing intelligent insights, while IoT facilitates real-time data management, optimizing supply chains and improving decision-making processes.
However, the cloud ERP landscape faces challenges, particularly from rising cyber threats targeting cloud software. The market's expansion is propelled by the growing emphasis on customer relationship management and analytics tools, which are becoming integral for businesses aiming to enhance their operational capabilities.
As companies increasingly adopt cloud ERP solutions, the demand for customizable and reliable software is expected to rise, further transforming the way organizations manage their resources and data.