The COVID-19 pandemic exposed weaknesses in every organization’s back-office system. The inability to easily access data, enable self-service capabilities, and intelligently automate processes has created demand for self-driving and autonomous enterprise resource planning (ERP) solutions. Add the shift to the cloud, the pressure of digital transformation, and replacement-cycle dynamics, and customers are seeing the greatest level of innovation in a decade as vendors compete for a five-year refresh cycle. Moreover, new cloud deployments provide a catalyst for improving and automating back-office processes like never before.
This market overview examines the wide range of cloud ERP solutions from the lenses of product- versus services-centric and unregulated versus regulated solutions. Although the number of vendors in the market has diminished due to mergers and acquisitions, this consolidation has led to concentrated platform investments in the cloud, leading to an estimated $44.6 billion market by 2026.
Successful deployments will achieve the elusive goal of improving efficiencies and preparing for exponential growth. The use of artificial intelligence (AI) in the back office will power the next wave of postdigital ERP advancements.