Regionally, the Southeast Asia ERP software market is segmented into Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam, and Myanmar. Among the markets in these regions, the Singapore ERP software market is estimated to hold leading share of 36.86% by the end of 2024 and attain a revenue of USD 1063.2 Million in the same year. The market in the region is further expected to grow with a CAGR of 16.33% during the forecast period. Singapore is one of the fastest-growing economies in the South East Asian region. According to the report titled “The Global Competitiveness Report 2020”, published by the World Economic Forum, Singapore ranked 6th in ICT adoption, 3rd on the digital legal framework, and 6th on Digital Skills ranking. Moreover, according to the statistics by the Department of Statistics, Singapore, foreign direct investments in the country grew from around USD 1.27 Million in 2018 to around USD 1.42 Million in 2019. The market in the country is also anticipated to grow on account of the growing ICT industry. In other statistics by the Department of Statistics, Singapore, total operating receipts from the ICT industry in the year 2019 recorded to USD 78.439 Million. Further, the various tax incentives of the government of the nation to investors looking to invest in multiple businesses in the country are expected to show a positive trend in the growth of the market in the coming years.
The Southeast Asia ERP software market is segmented by component into software and services. Out of these, the services segment is expected to grow with the highest CAGR of 16.93% during the forecast period. Alternatively, the software segment is projected to hold the largest market share by the end of 2024. Based on deployment, the market is segmented into on-cloud, on-premise, and hybrid, out of which, the on-cloud segment is expected to hold the largest market share throughout the forecast period and further reach a revenue of USD 1397.1 Million by the end of 2024. The hybrid segment is although expected to grow with the highest CAGR of 20.21% during the forecast period. The market is also segmented on the basis of enterprise size into small & medium enterprises (SME) and large enterprises. Amongst these segments, the SME segment is anticipated to grow with the highest CAGR of 18.22% during the forecast period. On the basis of business models, the market is segmented into human resource model, manufacturing model, financing model, inventory management, customer management, supply chain, and others, out of which, the manufacturing model segment is expected to grab the largest market share over the forecast period and further reach a revenue of USD 846.4 Million by the end of 2024. The human resource model, on the other hand, is projected to grow massively by growing with the highest CAGR of 22.44% during the forecast period. Further, the market is also segmented on the basis of end user into automotive, healthcare, hospitality, aerospace & defense, electronics & technology, food & beverage, construction & home improvement, clothing, consumer goods & retail, agribusiness, industrial machinery & components, pharmaceuticals & life sciences, and others. Amongst these segments, the electronics & technology segment is expected to hold the largest revenue of USD 663.7 Million by the end of 2024.
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 Southeast Asia ERP software market that are included in our report are MicroChannel Services, ERP Logic, JMC Technologies Pte Ltd, Accenture, Atos SE, Capgemini, ABEO Management Corporation, AFON Pte Ltd., Inecom Pte Ltd., Integrated Information Systems Pte Ltd, and others.
Key Reasons to Buy Our Report
March 2021: Accenture PLC announced that it had acquired the U.K based technology consultancy, REPL Group. The acquisition, whose terms were not disclosed, is expected to help Accenture to enhance its capabilities for its clients across retail and adjacent industries.
February 2021: Atos SE announced that it had acquired the independent Managed Security Services (MSS) provider in the Netherlands, Motiv ICT Security. The acquisition will strengthen Atos position as a MSS provider.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Amplifying demand from small and medium enterprises for efficient organization management and increase in adoption of enterprise resource planning (ERP) software across industry verticals are the major factors responsible for the growth of the market.
Ans: The market is anticipated to attain a CAGR of 15.36% over the forecast period i.e., 2020-2024.
Ans: Integration issue with on-premises systems and high maintenance cost are estimated to act as barriers to the market growth.
Ans: Malaysia is estimated to create notable growth opportunities for market growth over the forecast period.
Ans: The major players in the market are MicroChannel Services, ERP Logic, JMC Technologies Pte Ltd, Accenture, Atos SE, Capgemini, ABEO Management Corporation, AFON Pte Ltd., Inecom Pte Ltd., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by component, deployment model, enterprise size, business model and by region.
Ans: The software segment is anticipated to hold largest market size in value and is estimated to display significant growth opportunities.