Report : Europe Cloud ERP Market Forecast to 2030 - Regional Analysis - by Business Function (Finance and Accounting, Sales and
At 18.8% CAGR, Europe Cloud ERP Market is Projected to be Worth US$ 30,991.20 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Europe cloud ERP market was valued at US$ 7,817.05 million in 2022 and is expected to reach US$ 30,991.20 million by 2030, registering a CAGR of 18.8% from 2022 to 2030. Rising adoption of cloud ERP solutions across various verticals and increasing government initiatives for digitalization of SMEs are among the critical factors attributed to the Europe cloud ERP market expansion.
Increasing government initiatives to promote digitization in small and medium-sized enterprises (SMEs) presents a substantial opportunity for the cloud ERP market. Governments of various countries offer financial incentives, grants, or subsidies to SMEs that invest in digital solutions, including cloud ERP systems. These incentives can offset the initial costs of adoption. For instance, the European Union's "Digital Europe" program aims to promote the digital transformation of European businesses, including SMEs, by providing access to digital tools and services. Adopting cloud ERP systems allows SMEs to enhance their operational efficiencies, reduce costs, and gain a competitive edge. Also, the European government is supporting to accelerate their ability to innovate and compete on a global scale. The "Industry 4.0" initiative in Germany encourages SMEs to embrace digital transformation, including cloud ERP adoption, to stay competitive in advanced manufacturing. Government initiatives play an essential role in creating a conducive environment for SMEs to embrace digital technologies, including cloud ERP. These programs offer financial support, educational resources, and industry-specific guidance to increase the adoption of cloud ERP solutions among SMEs. Thus, government initiatives for the digitalization of SMEs are creating opportunities for the growth of the cloud ERP market.
On the contrary, availability of limited customized options for SaaS ERP solutions hampers the growth of Europe cloud ERP market.
Based on business function, the Europe cloud ERP market is segmented into finance and accounting, sales and marketing, inventory and order management, human capital management, and others. The finance and accounting segment held 35.6% share of Europe cloud ERP market in 2022, amassing US$ 2,783.58 million. It is projected to garner US$ 12,006.02 million by 2030 to expand at 20.0% CAGR during 2022-2030.
In terms of organization size, the Europe cloud ERP market is bifurcated into large enterprises and SMEs. The large enterprises segment held 63.6% share of Europe cloud ERP market in 2022, amassing US$ 4,968.82 million. It is projected to garner US$ 19,064.42 million by 2030 to expand at 18.3% CAGR during 2022-2030.
By vertical, the Europe cloud ERP market is segmented into manufacturing, IT and telecom, BFSI, healthcare, retail, government, aerospace and defense, and others. The manufacturing segment held 25.1% share of Europe cloud ERP market in 2022, amassing US$ 1,964.24 million. It is projected to garner US$ 7,904.47 million by 2030 to expand at 19.0% CAGR during 2022-2030.
Based on country, the Europe cloud ERP market has been categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 25.7% share of Europe cloud ERP market in 2022. It was assessed at US$ 2,011.33 million in 2022 and is likely to hit US$ 9,032.37 million by 2030, exhibiting a CAGR of 20.7% during 2022-2030.
Key players operating in the Europe cloud ERP market are ACUMATICA, INC; Epicor Software Corp; Infor Inc; Microsoft Corp; Oracle Corp; Sage Group Plc; SAP SE; SYSPRO Proprietary Ltd; Unit4 Group Holding BV; and Workday Inc, among others.
- In May 2023, Kyndryl, the world's largest IT infrastructure services provider, announced an expanded strategic partnership with SAP focused on developing new solutions to help customers solve their most complex digital business transformation challenges.
- In March 2023, SYSPRO, a global provider of ERP software, announced that Nevados, a premier solar power equipment manufacturer, has chosen SYSPRO ERP to automate its supply chain processes and provide a financial management system of record.
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