Cloud based systems that offer greater flexibility and better service to the user are in high demand today. We have seen the top players including Amazon, IBM, Microsoft etc. reporting increasing revenue in every quarter. With this backdrop, let us look at the future of the an interconnected, worldwide enterprise resource planning (ERP) approach.
The broad forecast of ERP in the cloud is that it will grow at a CAGR of about 7-10%. According to reports from independent and diverse sources, the cloud ERP industry is expected to grow to about USD 30 billion to USD 35 billion by 2020-2022.
It is worthwhile to note that in the recent past, from 2011 till 2015, the global ERP scene has registered a growth of about 6.5%. It is predicted that with the drive towards efficiency and transparency in companies today, this growth rate will increase. Some estimates even suggest that if some of the gaps in the cloud technology are bridged, then the market might grow to even USD 60 billion by 2020-2021.
Industry experts believe that the cloud ERP has huge scope all over the world, especially in the USA, Asia-Pacific region and Australia in the near future. So, on the outlay, the forecast for global cloud enterprise resource planning remains significantly positive.