ERP software is nothing new. It is around for a couple decades now and many companies are using this backbone on daily bases. Only with one goal. ERP is here to support their business. But cloud ERP software is swiftly moving into a more advanced stage of development. Platforms evolve into cost efficient items and enablers of growth. New technologies are born in the cloud age and work together in these same environments. But how is the market doing? Is there room for growth?
Market for Cloud ERP
Cloud ERP software has already established a proven track record for effectiveness in the business community and the ERP software market is projected to reach $41.69 billion in sales by 2020. Actually this means a growth of 7.2 percent since 2014. This is amazing and full of potential. But why is ERP still growing this fast? Well the new innovations such as Artificial Intelligence, Internet of Things and the use of Big Data are demanding a steady ERP backbone. A backbone preferably as Cloud ERP.
Forrester Research on Cloud ERP
According to a 2017 report by Forrester Research, over the next three years, software as a service will become the “preferred deployment option”. This is general for all categories within software and for many different types of businesses. And the fact that ERP still one of the applications is that is deployed on local systems will there be an enormous replacement market.
Software platforms that enable customers to use the software by a subscription model are able to move fast is scaling up and down if needed. Also this model gives the possibility to eliminate all the factors of investing in expensive hardware. This model is going to gain a lot of interest and the move to subscription is already on the role. So is the move to Cloud ERP.