Cloud ERP expected to grow 10% annually until 2021
According to a new report by research firm MarketsandMarkets, the global enterprise resource planning (or ERP) market is set to expand at a healthy annual rate in the next few years. The global cloud ERP market was valued at a little over $18.5 billion in 2016, and it’s projected to increase to more than $29.8 billion by 2021, implying an average annual growth of 10% during the forecast period.
The healthy growth of the cloud ERP market should bring glad tidings to Oracle (ORCL). While Oracle isn’t the leading cloud vendor overall, research firm Gartner recently mentioned it as a leader in cloud ERP. Gartner describes cloud ERP leaders as those that have demonstrated characteristics such as a market-defined vision of how systems and processes can be supported and improved by migrating them to the cloud.