Singapore and Indonesia ERP Implementation Market size is projected to cross USD 3,455.2 Million and USD 2,197.2 Million by the end of 2035, witnessing around CAGR of 12.71% and 15.35% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of singapore and indonesia ERP implementation was USD 739.2 Million and USD 345.2 Million. The growth of the market can be attributed to rise in investment by organization to develop their allied sectors, including IT. Hence, owing to this the adoption of ERP system is estimated to boost in different sectors with an aim of satisfying organization and customers need. For instance, the Government of Singapore were expected to spend up to USD 2.7 billion on ICT procurement in 2022, which is similar to 2021 but represents a rise of roughly 10% from 2020. About 70% (USD 2 billion) of the government's anticipated ICT spending for 2022 were anticipated to be allocated to application development, which would be used to create new applications and improve existing ones. The money would be used to transform the government's digital infrastructure and services for its citizens, businesses, and public officers.
Additionally, government are implementing various favorable policies on a large scale in order to encourage adoption of digital technology software. Also, they have taken various initiatives to encourage digital education which further anticipated to boost the adoption of ERP system in education institutions. The management of daily tasks, internal and external resources, control procedures, student enrollment and management, courses and curriculum, tests and results, teacher and other employee management, lectures, and more are all made easier by the use of ERP software in schools and colleges. Hence, the preference for ERP software is expected to grow among these institutions. Additionally, lockdown was the another major factor which boosted the adoption of digital technologies not only for education but also various other industries. Owing to the lockdown working from home became new normal in which ERP software played an efficient role. However, it is estimated that still large number of people prefer working from home. Hence, the growth of ERP implementation market in these regions is expected to boost further.
Growth Drivers
Surge in Penetration of Smartphones- In Indonesia, about 75 percent of people used smartphones in 2021. By 2028, there would probably be 270 million smartphone users in the country. Implementing ERP is possible on smartphones. The way firms perform their daily operations is being impacted by mobility. Hence, mobile ERPs improve mobility inside an organization's structure, boosting productivity. Instead of using a stationary computer, users in a mobile ERP configuration could comfortably access their ERP system through mobile devices such as smartphones and tablets. Users of mobile ERP could effortlessly produce, access, and share company information via handheld mobile devices. Without making a substantial investment in equipment or setup, this guarantees instant access to data. Hence owing to growing penetration of smart phones, the market is estimated to boost.
Growing Demand for Cloud Services- Around 19% of Singaporean enterprises were estimated to be utilizing cloud computing services in 2020.
Surge in Number of Small and Medium Enterprises - Over 60 million SMEs (Small and Medium-sized Enterprises) were operating in Indonesia as of 2021, or one SME for every five citizens. About 59 million of them, or approximately 97%, were microbusinesses.
Growing Use of Internet - Around 4 million people used the internet in Singapore in 2020. This figure is expected to rise significantly further during the next few years.
Surge in IT Workforce - Around 90,000 IT and software experts, or around 3% of all employees, work in Singapore, according the Ministry of Manpower.
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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Singapore CAGR |
12.71% |
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Indonesia CAGR |
15.35% |
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Singapore Base Year Market Size (2022) |
USD 739.2 Million |
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Indonesia Base Year Market Size (2022) |
USD 345.2 Million |
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Singapore Forecast Year Market Size (2035) |
USD 3,455.2 Million |
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Indonesia Forecast Year Market Size (2035) |
USD 2,197.2 Million |
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Regional Scope |
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Deployment (On-Premises, Cloud, Hybrid)
The Singapore and Indonesia ERP implementation market is segmented and analyzed for demand and supply by deployment into on-premises, cloud, and hybrid. Out of these, the cloud segment is anticipated to garner the largest revenue of USD 1,665.4 Million and USD 1,208.5 Million respectively by the end of 2035. Further in the year 2022, the segment is this region generated revenue of USD 349.6 Million and USD 180.6 Million. This growth of segment in terms of revenue can be attributed to growing deployment of cloud services in organization. In Indonesia, about 76% of firms used cloud-based IT solutions in 2021, and approximately 82% of those same organizations felt that cloud-based tools helped them handle their business needs in COVID-19. Hence the adoption of cloud based ERP software is estimated to increase. With cloud-based ERP, an organization could access and save data on any device with an internet connection, typically with the purchase of a subscription. Further, with cloud-based ERP, businesses can run SaaS enterprise applications, which is also expected to contribute to the growth of the segment during the forecast period. Additionally, since large number of people prefer working from home the preference for cloud-based ERP is further expected to boost. Further, the cloud segment in Indonesia is anticipated to grow at the highest CAGR 15.80% over the forecast period. However, in Singapore, the hybrid segment is expected to grow at a highest CAGR of 13.29% over the forecast period.
By Enterprise Size (Small Enterprises, Medium Enterprises, Large Enterprises)
The Singapore and Indonesia ERP implementation market is also segmented and analyzed for demand and supply by enterprise size into small enterprise, medium enterprise, and large enterprise. Amongst these segment, the large enterprise segment is anticipated to hold the largest revenue of USD 1,634.3 Million and USD 1,285.4 Million respectively by the end of 2035, up from a revenue of USD 355.6 Million and USD 211.6 Million respectively, in the year 2022. The growth of the segment can be attributed to growing adoption of ERP software since they have bigger infrastructure and a bigger income stream. Additionally, the demand for enterprise resource management in the Singapore and Indonesian markets is anticipated to increase owing to the urgent requirement for securing key company assets and managing operational processes and technology. Large businesses have multiple locations; thus they need a system that could integrate numerous company functions on a large scale. However, the medium enterprise is anticipated to grow at the highest CAGR of 13.22% and 16.69% over the forecast period respectively.
Our in-depth analysis of the global market includes the following segments:
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By Component |
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By Deployment |
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By Enterprise Size |
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By Business Function |
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By End User |
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IBM Corporation
The most recent version of Epicor Kinetic, a cloud-based ERP platform for manufacturers, was announced by Epicor Software Corporation, a leader in sector-specific enterprise software meant to foster corporate growth. The new enhancements support the company's ongoing dedication to creating best-in-class Industry Cloud solutions to enable manufacturers greater flexibility to improve productivity and profitability.
At Workday Rising, the company's annual customer conference, Workday Inc., a pioneer in enterprise cloud applications for finance and human resources, announced the introduction of Industry Accelerators. The first round of Industry Accelerators would focus on accelerating enterprise cloud transformation initiatives for the financial services, healthcare, insurance, and technology industries. With the support of these initiatives, Workday clients would get access to a strong ecosystem with extensive industry knowledge, enabling them to deliver even more innovation and unique solutions as they transform the operations of finance, human resources (HR), planning, and supply chain.
Author Credits: Abhishek Verma, Hetal Singh
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