At 18.2% CAGR, North America Cloud ERP Market is Projected to be Worth US$ 35,804.84 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America cloud ERP market was valued at US$ 9,398.12 million in 2022 and is expected to reach US$ 35,804.84 million by 2030, registering a CAGR of 18.2% from 2022 to 2030. Rising adoption of cloud ERP solutions across various verticals and technological advancements are among the critical factors attributed to the North America cloud ERP market expansion.

The reach of ERP solutions has expanded from traditional solutions to support most business functions and manufacturing to front-office functions such as marketing automation, sales force automation (SFA), and e-commerce. ERP systems with integrated artificial intelligence and machine learning capabilities assist in fulfilling the growing need for personalization and enhance a variety of business operations in the background. In the past, businesses could add AI functionality to select ERP systems, but manufacturers are now offering ERP software products that are already embedded with AI features. Organizations rely on AI to deliver insightful business decisions based on the vast amounts of operational and customer data they collect. AI technologies can scan large volumes of unstructured data, swiftly recognizing patterns and forecasting different trends that are impossible to detect with processing numerical data alone. AI helps to improve and automate a whole range of processes. For instance, a just-in-time inventory strategy is implemented with the intent to deliver components to minimize inventory carrying costs. AI, in the form of ML, can optimize labor schedules and supply delivery to increase productivity and lower costs. IFS's Global Enterprise Software Solution Provider study found that 40% of manufacturers planned to implement AI for inventory logistics and planning, and 36% intended to use it for customer relationship management and production scheduling. Therefore, technological advancements are likely to bring new trends into the cloud ERP market in the coming years.

On the contrary, availability of limited customized options for SaaS ERP solutions hampers the growth of North America cloud ERP market.

Based on business function, the North America 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 34.6% share of North America cloud ERP market in 2022, amassing US$ 3,255.34 million. It is projected to garner US$ 13,495.86 million by 2030 to expand at 19.5% CAGR during 2022-2030.

Based on organization size, the North America cloud ERP market is bifurcated into large enterprises and SMEs. The large enterprises segment held 64.4% share of North America cloud ERP market in 2022, amassing US$ 6,056.19 million. It is projected to garner US$ 22,345.94 million by 2030 to expand at 17.7% CAGR during 2022-2030.

Based on vertical, the North America cloud ERP market is segmented into manufacturing, IT and telecom, BFSI, healthcare, retail, government, aerospace and defense, and others. The manufacturing segment held 24.6% share of North America cloud ERP market in 2022, amassing US$ 2,309.64 million. It is projected to garner US$ 8,940.07 million by 2030 to expand at 18.4% CAGR during 2022-2030.

Based on country, the North America cloud ERP market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 74.0% share of North America cloud ERP market in 2022. It was assessed at US$ 6,954.61 million in 2022 and is likely to hit US$ 26,065.92 million by 2030, exhibiting a CAGR of 18.0% during 2022-2030.

Key players operating in the North America 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 September 2023, Infor, the industry cloud company, announced that longtime customer Brentwood Industries Inc. will modernize its business processes across the organization with Infor CloudSuite Industrial, a powerful cloud-based, industry-focused enterprise resource planning (ERP) solution.
  
  
• In June 2023, SAP and Bain & Company are collaborating to help executives maximize the impact of cloud-enabled ERP transformation. By bringing together solutions like RISE with SAP and Bain's business-led transformation expertise, the partnership aims to enable clients to reach their business goals faster and achieve their full ERP potential.
  
  

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com