Singapore ERP Software Market

Singapore ERP Software Market Analysis by Component {Software, and Services [Professional Services {Implementation Services (Project Management, and Others), Maintenance & Support Services}, and Manages Services]}; by Deployment Model (Cloud-Based, On-Premises, and Hybrid); by Enterprise Size (Small Enterprise, and Others); by Business Models (Human Resource Module, and Others); and by End User (BFSI, and Others) – Supply & Demand Analysis & Opportunity Outlook 2019-2033

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Report ID: 4672 | Published On: Feb 06, 2023

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


In The News

  •  The first cognitive digital ecosystem at NEOM, powered by NEOM Tech & Digital Company, has adopted Oracle Dedicated Region Cloud@Customer to build a scalable, agile, and modern platform for all mission-critical IT workloads, according to an announcement from Oracle.

  • SAP SE provided the intelligent ERP solution through the private edition of SAP S/4HANA Cloud, which was introduced as part of the RISE with SAP offering. For fast-paced, continuous innovation and digital advancement, customers could benefit from a subscription price plan for SAP S/4HANA and cloud services, as well as a combination of fit-to-standard architecture and extension options. Additionally, they could develop the intelligence they want on their terms and at their own time.


Singapore ERP Software Market Definition

The term "enterprise resource planning" (ERP) refers to a class of software that businesses use to oversee routine operations including accounting, purchasing, project management, risk management, and compliance. A comprehensive ERP package also contains enterprise performance management software, which aids in the planning, budgeting, forecasting, and reporting of an organization's financial results.

ERP is known to be the most important component for business. With the help of ERP, enterprise would be able to improve the business by bringing in more visibility and flexibility to employees, further encouraging them to take quick action and deliver more value to the business. Also, AI-powered solutions give businesses access to insights that improve business decision-making and guide them to move forward with operational performance improvement.

Further, ERP is a tool that could be used by almost all organizations to automate procedures, improve workflows, and speed up decision-making. Small businesses, mid-market businesses, and corporations expanding to meet rising demand and complex markets employ it. ERP platforms are frequently used in the following industries such as manufacturing, retail & e-commerce, not-for-profit organization, and healthcare, and more.


Singapore ERP Software Market: Key Insights

Base Year

2019

Forecast Year

2023-2033

CAGR

12.4%

Base Year Market Size (2019)

USD 547.2 Million

Forecast Year Market Size (2033)

USD 2,642.4 Million

Regional Scope

  • Singapore


Singapore ERP Software Market Size, Forecast, and Trend Highlights Over 2019-2033

The Singapore ERP software market is estimated to garner a revenue of USD 2,642.4 Million by the end of 2033 by growing at a CAGR of 12.4% over the forecast period, i.e., 2023 - 2033. Further, the market generated a revenue of USD 547.2 Million in the year 2019. Additionally, the revenue for the market in 2022 was USD 739.2 Million. The growth of the market can be attributed to rise in ICT industries owing to the growing investment and advancement of IT and allied industries. In 2022, the Singapore government was anticipated to spend up to USD 2.7 billion, which would be equal to 2021's spending but an increase of roughly 10% from 2020. About 70% (USD 2 billion) of the government's projected 2022 ICT spending was estimated to go towards application development to build new applications and upgrade existing ones. The money was used to transform the government's digital infrastructure and services for its citizens, businesses, and public officers. Hence, with the growth in ICT industries the requirement for ERP solution is estimated to increase.

Singapore ERP Software Market GraphGet more information on this report:Download Sample PDF

Further, there has been growing digitalization of organizations in this region which is also estimated to drive the growth of the market. Additionally, the growing government initiatives in order to boost the digital transformation is also driving the adoption of ERP software. For instance, using the agile methodology, GDS (Government Digital Services) created myResponder, an app that promises to offer quick assistance to heart attack patients, in six months. To guarantee a user-centric experience, it was built iteratively through a series of workshops with defence force officials and civilians. Also, medium scale businesses are expected to shift towards digitalization, hence the adoption of ERP software is anticipated to boost in these organization, in order to increase productivity and efficiency.


Singapore ERP Software Market Graph
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Singapore ERP Software Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Penetration of Mobile Phones

The number of smartphone users in Singapore was anticipated to reach about 4 million in 2020, with approximately 92 percent of the population expected to use the device by 2025. This growing penetration of mobile phones is further estimated to boost the demand for ERP software. A mobile ERP is a software program that users may access from anywhere using special mobile devices. It encourages user mobility, in-the-moment communication, and productivity. Hence, owing to this many organization is also planning to invest in mobile ERP software. 

  • Rise in Number of Small & Medium Enterprises

According to government figures, Singapore was having approximately 300,000 SMEs by the end of 2020.

  • Surge in IT Workforce in Singapore

According to the Ministry of Manpower, Singapore has roughly 90,000 IT and software professionals, or about 3% of the overall employment.

  • Growth in Adoption of Digital Technology

In response to the COVID-19 outbreak, the Ramco Innovation Lab in Singapore unveiled the RamcoGEEK, an advanced facial recognition-based Time & Attendance System that is embedded with Temperature recording and Internet of Things sensor doors.

  • Growing Use of Internet

The number of internet users in Singapore in 2020 was about 4 million. In the ensuing several years, this number is anticipated to increase much further.

Challenges

  • High Price of ERP Implementation - Since ERP software is more complex, creating it is difficult and expensive. To create enterprise resource planning software that meets the needs of the customer, a skilled, experienced team is required. Considerable expertise levels necessitate expensive hourly rates; hence the price of a tailored solution may be high. Although ready-made ERP systems are speedier options, their license costs are also very hefty. Hence this factor is estimated to hinder the growth of the market.
  • Lack of Skilled Employees Handling ERP Software
  • Strict Rules & Regulation Set by Government


Singapore ERP Software Market Segmentation

The Singapore ERP software market is segmented and analyzed for demand and supply by enterprise size into small enterprise, medium enterprise, and large enterprise. Out of which, the medium enterprise segment is estimated to garner the highest revenue of USD 1,490.3 Million by the end of 2033, growing at a CAGR of 12.7% over the forecast period. Further, the segment generated revenue of USD 404.3 Million in the year 2022. The growth of this segment can be attributed to growing investment in cloud ERP software owing to the growing cases of cyberattacks and frauds. According to research, ransomware affects one in three SMEs in Singapore. According to the survey, about 19% of these impacted businesses even had to shut down as a result. Hence, protecting businesses for various cyber-attacks has become necessity. Also, cybersecurity precautions become even more important as more people preferred working from home on their phones and tablets.

The Singapore ERP software market is also segmented and analyzed for demand and supply by deployment model into cloud-based, on premise, and hybrid, amongst which the cloud-based segment is anticipated to generate the highest revenue of USD 1,265.7 Million by the end of 2033, up from a revenue of USD 349.6 Million in the year 2022. This growth can be attributed to the growing adoption of cloud ERP by various organization. According to estimates, businesses that lack the most current editions of their ERP software are about 2% less likely to experience increases in profitability. Hence, with a cloud-based ERP, the burden of updates and upgrades falls on the supplier. Minor updates are released without interfering with one’s daily activities, whereas significant changes are disclosed beforehand and frequently involve end-user training and a sandbox-training environment. This would ensure that the company could always take advantage of cutting-edge technologies. However, the hybrid segment is anticipated to grow at a highest CAGR of 13.0% over the forecast period.

Our in-depth analysis of the Singapore ERP software market includes the following segments:

          By Component

  • Software
  • Services
    • Professional Services
      • Implementation Services
        • Project Management
        • Data Migration
        • Training & Deployment
        • Others
      • Maintenance & Support Services
    • Managed Services

          By Deployment Model

  • Cloud-Based
  • On-Premises
  • Hybrid

          By Enterprise Size

  • Small Enterprise
  • Medium Enterprise
  • Large Enterprise

         By Business Models

  • Human Resources Module
  • Manufacturing Module
  • Financing Module
  • Inventory Management
  • Customer Relationship Management
  • Supply Chain
  • Others

          By End User

  • BFSI
  • Healthcare
  • Hospitality
  • Aerospace & Defense
  • Electronics & Technology
  • Food & Beverage
  • Construction & Home Improvement
  • Agribusiness
  • Others
    • Manufacturing
    • Retail
    • Government
    • Others


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Top Featured Companies Dominating the Singapore ERP Software Market

    Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the Singapore ERP software market that are included in our report are SAP SE, Oracle, Microsoft, JMC Technologies Pte. Ltd., ABEO MANAGEMENT CORPORATION, AFON Pte. Ltd., Inecom Pte. Ltd., Integrated Information System Pte. Ltd., Capgemini, Atos SE, KPMG International Limited, and others.

     


Key Questions Answered in the Report

1) What are the major factors driving the growth of the singapore erp software market?

Ans: The major factors driving the growth of the market are growing penetration of mobile phones, rise in number of small & medium enterprises, surge in IT workforce in Singapore, and others.

2) What would be the CAGR of singapore erp software market over the forecast period?

Ans: The market is anticipated to attain a CAGR of 12.4% over the forecast period, i.e., 2023-2033.

3) What are the challenges affecting the singapore erp software market growth?

Ans: Lack of skilled employees handling ERP software, strict rules & regulations set by government, and high price of ERP implementation estimated to be the growth hindering factors for the market expansion.

5) Who are the major players dominating the singapore erp software market?

Ans: The major players in the market are SAP SE, Oracle, Microsoft, JMC Technologies Pte. Ltd., ABEO MANAGEMENT CORPORATION, and more.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the Singapore ERP software market?

Ans: The market is segmented by component, deployment model, enterprise size, business models, end user, and by region.

8) Which segment captures the largest market size in the enterprise size segment in the Singapore ERP software market?

Ans: The medium enterprise segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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