Singapore ERP Software Market Size & Share, by Component {Software, Services [Professional {Implementation Services (Project Management), Maintenance & Support Services}, Manages Services]}; Deployment Model (Cloud-Based, On-Premises, Hybrid); Organization (Large Enterprises, SMEs); Business Models (Human Resources Module, Manufacturing Module, Financing Module, Inventory Management, CRM, Supply Chain) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4672
  • Published Date: Jan 15, 2023
  • Report Format: PDF, PPT
  1. An Outline of the ERP Software Market
    1. Market Definition
    2. Market Segmentation
  2.  Assumptions and Acronyms
  3. Research Methodology
    1. Research Process
    2. Primary Research
    3. Secondary Research
    4. Market Size Estimation
  4. Summary of the Report for Key Decision Marker
  5. Forces of the Market Constituents
    1. Factors/Drivers Impacting the Growth of the Market
    2. Market Trends for Better Business Practices
  6. Key Market Opportunities for Business Growth
  7. Major Roadblocks for the Market Growth
  8. Government Regulation
  9. Industry Risk Analysis
  10. Global Economic Outlook: Challenges for Global Recovery and its Impact on Singapore ERP Software Market
    1. Ukraine-Russia Crisis
    2. Potential US Economic Slowdown
  11. Impact of COVID-19 on Singapore ERP Software Market
  12. Industry Pricing Benchmarking & Analysis
  13. Analysis on the Basis of ERP Software
  14. Industry Value Chain Analysis
  15. Industry Growth Outlook
  16. Analysis on Ongoing Technological Advancements in ERP Software Market
  17. End User Analysis
  18. Key Players Analysis for Singapore
  19. Competitive Landscape
    1. Market Share Analysis, 2022
    2. Competitive Positioning
    3. Competitive Benchmarking
    4. Company Profiles
      1. SAP SE
      2. Oracle
      3. Microsoft
      4. JMC Technologies Pte. Ltd.
      5. ABEO MANAGEMENT CORPORATION
      6. AFON Pte. Ltd.
      7. Inecom Pte. Ltd.
      8. Integrated Information Systems Pte. Ltd.
      9. Capgemini
      10. Atos SE
      11. KPMG International Limited
  20. Singapore ERP Software Market Outlook
    1. Market Overview
    2. By Value (USD million)
    3. Singapore ERP Software Segmentation Analysis (2019-2033)
      1. By Component
        1. Software, 2019-2033F (USD million)
        2. Services, 2019-2033F (USD million)
          1. Professional Services, 2019-2033F (USD million)
            1. Implementation Services, 2019-2033F (USD million)
              1. Project Management, 2019-2033F (USD million)
              2. Data Migration, 2019-2033F (USD million)
              3. Training & Deployment, 2019-2033F (USD million)
              4. Others, 2019-2033F (USD million)
            2. Maintenance and Support Services, 2019-2033F (USD million)
          2. Managed Services, 2019-2033F (USD million)
      2. By Deployment Model
        1. Cloud-Based, 2019-2033F (USD million)
        2. On-Premises, 2019-2033F (USD million)
        3. Hybrid, 2019-2033F (USD million)
      3. By Enterprise Size
        1. Small Enterprise, 2019-2033F (USD million)
        2. Medium Enterprise, 2019-2033F (USD million)
        3. Large Enterprise, 2019-2033F (USD million)
      4. By Business Modules
        1. Human Resource Module, 2019-2033F (USD million)
        2. Manufacturing Module, 2019-2033F (USD million)
        3. Financing Module, 2019-2033F (USD million)
        4. Inventory Management, 2019-2033F (USD million)
        5. Customer Relationship Management, 2019-2033F (USD million)
        6. Supply Chain, 2019-2033F (USD million)
        7. Others, 2019-2033F (USD million)
      5. By End User
        1. BFSI, 2019-2033F (USD million)
        2. Healthcare, 2019-2033F (USD million)
        3. Hospitality, 2019-2033F (USD million)
        4. Aerospace & Defense, 2019-2033F (USD million)
        5. Electronics & Technology, 2019-2033F (USD million)
        6. Food & Beverage, 2019-2033F (USD million)
        7. Construction & Home Improvement, 2019-2033F (USD million)
        8. Agribusiness, 2019-2033F (USD million)
        9. Others, 2019-2033F (USD million)

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Singapore ERP Software Market size is estimated to reach USD 2,642.4 Million by the end of 2033, growing at a CAGR of 12.4% during the forecast period, i.e., 2023-2033. In the year 2019, the industry size of Singapore ERP software was USD 547.2 Million. 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.

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
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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

 
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Singapore ERP Software Sector: Growth Drivers and Challenges

Market-Growth-Drivers

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 Segmentation

By Enterprise Size (Small Enterprise, Medium Enterprise, Large Enterprise)

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.

Deployment Model (Cloud-Based, On-Premises, Hybrid)

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 global 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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Companies Dominating the Singapore ERP Software Landscape

top-features-companies
    • SAP SE
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • 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
    • Others.

In-the-news

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.


Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 4672
  • Published Date: Jan 15, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

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.

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

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.

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

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.

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

The medium enterprise segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Singapore ERP Software Market Report Scope
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