Cloud ERP Market in India to Reach $97.8 million in 2015.
Rising operational and infrastructural costs, IT manpower constraints, need for ubiquitous data access are some factors that are leading to the rapid adoption of cloud ERP by enterprises. Infoholic Research LLP, a global market research and consulting company, has published a study titled “Cloud ERP Market in India – Restraints, Opportunities, Trends, and Forecasts to 2020”.Cloud ERP involves the use of cloud platform and services in enterprise resource planning which enables flexibility in business operations. Cloud ERP market is still in a nascent stage in India. Vendors in this market are entering strategic collaboration with several SMEs and are working towards the creation of a cloud ecosystem.According to Infoholic Research, the cloud ERP market in India was valued at $97.8 million in 2015.The Cloud ERP Market in India is projected to grow at a CAGR of 25.4% during the forecast period of 2015-2020. The cloud ERP adoption in SME segment is expected to grow at a CAGR of 23.9% during the forecast period 2015–2020. The manufacturing industry vertical is the largest contributor to the cloud ERP market revenue. The market would grow at a CAGR of 19.4% for this vertical.
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Cloud ERP is increasingly being embraced by enterprises worldwide. It reduces the need for investments on alternative IT resources. The SME segment contributes more towards the total market revenue than the larger enterprises. Security issues and increasing regulatory compliances restrains the market to a certain extent.
Government and the larger enterprises are investing heavily in cloud technology and this is creating opportunity for new entrants who wish to make their mark in the Cloud ERP market. The Indian government’s ‘Make in India’ initiative is an effort in this direction. The government is offering support to enterprises to upgrade their technologies and imbibe latest technologies.
“Large and small players will continue to increase their vertical expertise in ERP industry. They will also try to increase the number of partners in India to raise penetration and enhance their product portfolio,” said Jaydeep Bhattacharjee, Group Head – Syndicated Research.
Some of the major players present in the market are Oracle, Ramco, SAP, and Wipro. The report also considers some of the watch list companies such as IFS, MYOB and Workday.
- Private cloud ERP market has the highest market share with 70% of the overall cloud ERP market. Hybrid cloud ERP has higher growth prospects and the market is expected to grow at a CAGR of 62.1% from 2015 to 2020.
- The SME market is mostly driven by the private cloud deployment mode. The market is expected to grow at a CAGR of 20.3% from 2015 to 2020.
- SME segment has a higher growth rate than larger enterprises in implementing ERP through partners. The market is expected to grow at a CAGR of 30.8% from 2015 to 2020.
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