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.
