Reading Time: 4 minutes

Imagine Gmail is a standalone application, and you can access it only from a laptop or desktop. What if you have to send an immediate update to your sales team about revenues and projected sales? This is the case with many technologies currently causing business challenges and lowering customer expectations. In the current technology-driven marketplace, running a business on obsolete methods and unnecessary manual interventions would negatively affect business growth and customer trust.  

On-premises enterprise resource planning (ERP) software has been the buzzword among businesses over the past three decades. It helps business owners focus on strategies instead of tedious processes. However, there are certain limitations with on-premises ERP systems in terms of ease-of-use and flexibility. 

Now, the trend has changed to cloud-based applications to save time, reduce costs, and deliver optimal performance. Most businesses are moving to cloud ERP software solutions to avail of accessibility features anywhere and at any time. With the evolution of cloud computing solutions, many ERP vendors are developing user-friendly applications to nurture clients and end users. Compared to legacy systems, cloud computing has manifold benefits that enable businesses to grow at a large scale with ease.  

Top reasons to opt for cloud computing solutions:

Every business in the transformative stage is empowered by innovation; they are changing:

  1. How they engage with customers.
  2. The speed at which they deliver services. 
  3. How they are innovative.
  4. Reliability and sustainability of operations.
  5. Future-proof developments and resilience.

What’s the future of cloud computing solutions in 2020:

Cloud computing is the practice of using remote servers hosted on the internet to store, manage, and process data instead of maintaining high-cost on-premises servers.

Most small and mid-size companies are opting for cloud computing solutions to reduce overhead costs and improve productivity. The future of cloud computing is more likely to be a hybrid environment, including SaaS-based applications and on-premises servers, which helps growing businesses benefit from the scalability, flexibility, and security.

Industry leaders’ thoughts on the future of cloud computing.   

1. Storage capacity:

Data plays an inevitable role in business growth. With technology advancements and business operations, data to be stored and processed is expected to double the size it is today. This would lead to complexities in handling and processing of the data. Cloud computing solutions free up businesses from maintaining high-end storage servers. 

2. Internet of Things:

The Internet of Things (IoT) has gained significant attention in recent times. Many businesses are developing IoT applications and sensors to track and supervise the operations from remote locations. IoT with cloud computing makes data processing easy and converts the data into conversational and actionable items. Cloud computing centralizes heaps of decision-making data from various sources quickly and improves efficiency. 

Ex: It helps manufacturing and wholesale distribution businesses with warehouse maintenance. Warehouse shelves empowered with IoT sensors help in replenishing the inventory at the right time.

3. Artificial intelligence:

As another big future enhancement for cloud computing solutions, artificial intelligence (AI) is the current fad in many industries and businesses. Cloud computing applications empowered with AI technology will help businesses make informed decisions before disruptions occur. AI technology helps in monitoring the health of various machines or operations within an organization. Hence, they can predict future disruptions.

4. Improvement in cloud services:

In 2030, experts will probably talk about how earlier there were servers and other infrastructure to maintain and process data. As technology is evolving and businesses are thinking ahead of the competition, the future of cloud computing includes:

  1. Infrastructure as a service (IaaS). 
  2. Platform as a service (PaaS).
  3. Software as a service (SaaS).

These advancements in cloud computing technology allow companies to tap the full potential of the business processes for a better customer experience.

Rise of cloud applications in the future 2019–2029 stats:

  1. Gartner predicts the worldwide public cloud services market is expected to reach $383 billion in 2020. Meanwhile, IDC says the rate of cloud computing spending has been growing at 4.5 times the rate of IT spending since 2009 and is expected to grow more than 6 times the rate of IT spending from 2015 to 2020.  

  2. By 2024, 90% of enterprises will have multi-cloud environments, with on-premises, private cloud, and public cloud. 

  3. 77% of decision-makers say they will adopt cloud by 2024. 

  4. 87% of decision-makers say that, by 2029, cloud computing solutions will become important in revenue growth. 

  5. 64% of decision-makers will have access to cloud computing solutions by 2029. 

Global ERP software market growth: 2020 stats

  1. The global ERP software market is expected to garner $41.69 billion in 2020, registering a compound annual growth rate (CAGR) of 7.2% during the forecast period (2014–2020). 

  2. The global ERP software market was valued at $35.81 billion in 2018, and is projected to reach $78.40 billion by 2026, growing at a CAGR of 10.2% from 2019 to 2026.

  3. The global enterprise resource planning (ERP) software market is forecast to grow to around 97 billion U.S. dollars by 2023. SAP and Oracle are two of the leading vendors in the market.

On the other hand, India is moving at a fast pace to harness and unleash the potential of cloud computing solutions. 

  1. In India, market insights show that cloud adoption levels are high.

  2. According to NASSCOM, India’s cloud market is expected to reach $7.1 billion by 2022. 

  3. Over 13% of India’s workloads are expected to be moved to the cloud, driving up the adoption of cloud-based technology.

Cloud ERP software will be the linchpin for business and revenue growth. Looking for a robust cloud ERP software solution? Then it’s a good time to migrate from existing, on-premises or legacy systems. Amzur will help you develop customized NetSuite ERP software solutions to integrate  disconnected business processes. We are the trusted NetSuite alliance partner in Tampa, Florida, USA, helping many businesses of various sizes. With the profound experience, we promise agility in your business operations and growth in numbers. 

Looking for business transformation with NetSuite ERP?