New York, Dec. 10, 2021 (GLOBE NEWSWIRE) -- According to the statistics by the Asian Development Bank, the share of the total number of micro, small & medium enterprises (MSMEs) to the total number of enterprises in Southeast Asia between the years 2010 and 2019 registered to 97.2%. During the same period, MSMEs in this region contributed 41.1% to the national GDP. On the other hand, according to the statistics by the Association of Southeast Asian Nations (ASEAN), the trade on services in the ASEAN member countries grew from USD 440609.66 Million in the year 2010 to USD 844567.98 Million in the year 2019. These included growth in exports from USD 214521.48 Million to USD 444779.09 Million, and that of imports from USD 226088.18 Million to USD 399788.89 Million between the same period.
Research Nester has recently released a research report on “Southeast Asia ERP Software Market” which focuses on the key dynamic factors, such as opportunities, market trends, and the factors that are expected to accelerate the market growth. The report also uses different statistical tools to analyze the key matrices and also focuses on the strategies adopted by the key players to keep themselves ahead in the competition.
The Southeast Asian region is home to several small, medium, and large enterprises. Over the past few years, the region has witnessed massive growth in the total number of enterprises as well as in their contribution to the GDP of the nations. According to the statistics by the World Bank, the GDP (in current US$) in Vietnam, Philippines, Malaysia, Singapore, Thailand, and Indonesia grew from USD 115.932 Billion, USD 208.369 Billion, USD 255.017 Billion, USD 239.809 Billion, USD 341.105 Billion and USD 755.094 Billion in the year 2010 respectively to USD 261.921 Billion, USD 376.823 Billion, USD 364.681 Billion, USD 374.386 Billion, USD 544.264 Billion, and USD 1.119 Trillion in the year 2019 respectively. On the other hand, the trade in services amongst the Southeast Asian countries also increased significantly in the past few years. In the other statistics by the ASEAN, the trade in services amongst intra-ASEAN countries increased from USD 81338.09 Million in the year 2010 to USD 125387 Million in the year 2019. This included growth in exports from USD 42060.39 Million to USD 67897.32 Million, along with growth in imports from USD 39277.70 Million to USD 57489.67 Million between the same period. With the growing number of industries in the Southeast Asian region and the rise in trade, there is an increase in demand for enterprise applications, such as enterprise resource planning (ERP) software, amongst businesses so as to enhance and optimize their operational flow and further lower the cost of operations. Such a factor is expected to drive the growth of the Southeast Asia ERP software market during the forecast period, i.e., 2020-2024. The market garnered a revenue of USD 1580 Million in the year 2019 and is further projected to reach USD 2884.9 Million by the end of 2024 by growing with a CAGR of 15.36% during the forecast period.
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The Southeast Asia ERP software market is segmented by region into Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam, and Myanmar, out of which, the market in Singapore is expected to hold the majority of the market share throughout the forecast period. The market in the country garnered a revenue of USD 565.8 Million in the year 2019 and is further expected to reach USD 1063.2 Million by the end of 2024. The market in the country is also expected to grow with a CAGR of 16.33% during the forecast period. The growth of the market in the country can primarily be attributed to the presence of numerous local and foreign enterprises in the country. According to the statistics by the Department of Statistics Singapore, in the year 2020, there were a total of 281300 enterprises in the country, of which 19% were foreign enterprises and 81% were local enterprises, while SMEs represented 99% of the share of total enterprises and the rest 1% represented non-SMEs.
The Southeast Asia ERP software market is segmented by type into on-cloud, on-premise, and hybrid. Out of these, the on-cloud segment is anticipated to garner the highest market share throughout the forecast period. The segment is further projected to touch the largest revenue of USD 1397.1 Million by the end of 2024, up from USD 765.3 Million in 2019. Alternatively, the hybrid segment is expected to grow with the highest CAGR of 20.21% during the forecast period. The market is also segmented by business models into human resource model, manufacturing model, financing model, inventory management, consumer management, supply chain, and others. Out of these, the manufacturing model is expected to hold the highest market share and further touch the largest revenue of USD 846.4 Million by the end of 2024, up from USD 485.1 Million in 2019. The segment is also expected to grow with a CAGR of 14.31% during the forecast period. The human resource model, on the other hand, is anticipated to grow with the highest CAGR of 22.44% during the forecast period.
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The Southeast Asia ERP software market is also segmented on the basis of component, enterprise size, and by end-user.
Southeast Asia ERP Software Market, Segmentation by Component
- Software
- Services
Southeast Asia ERP Software Market, Segmentation by Enterprise Size
- Small & Medium Enterprise (SME)
- Large Enterprise (LE)
Southeast Asia ERP Software Market, Segmentation by End-User
- Automotive
- Healthcare
- Hospitality
- Aerospace & Defense
- Electronics & Technology
- Food & Beverage
- Construction & Home Improvement
- Clothing, Consumer Goods & Retail
- Agribusiness
- Industrial Machinery & Components
- Pharmaceuticals & Life Science
- Others
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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.
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