Increase in need for operational efficiency & transparency in business processes, surge in adoption of cloud & mobile applications, and increase in demand for data-driven decision-making have boosted the growth of the Asia-Pacific ERP software market. However, higher investment and maintenance costs hamper the market growth. On the contrary, surge in demand for ERP among small and medium enterprises and technological advancement in ERP is expected to create lucrative opportunities in the near future.
The Asia-Pacific ERP software market was pegged at $9.67 billion in 2018 and is expected to reach $26.37 billion by 2026, registering a CAGR of 13.3% from 2019 to 2026.
The Asia-Pacific ERP software market is segmented on the basis of deployment model, business function, industry vertical, end user, and country. Based on deployment model, the market is divided into on-premise, cloud, and hybrid. The on-premise segment dominated the market, contributing around half of the market. However, the cloud segment is projected to register the fastest CAGR of 15.5% during the forecast period.
The Asia-Pacific ERP software market is analyzed across various countries such as India, Indonesia, Thailand, Singapore, Malaysia, Philippines, Vietnam, Nepal, Sri Lanka, Hongkong, Bangladesh, Cambodia, Fiji, and rest of Asia-Pacific. The market across India dominated the market in 2018. However, the market across Bangladesh is projected to portray the fastest CAGR of 29.5% from 2019 to 2026.
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On the basis of business function, the market is divided into finance, human resource (HR), supply chain, customer management, inventory management, manufacturing module, and others. The finance segment held the largest share in 2018, contributing more than one-fifth of the market. However, the HR segment is anticipated to register 18.7% during the forecast period.
Based on industry vertical, the market is categorized into BFSI, Healthcare, retail & distribution, government & utilities, IT & telecom, construction, aerospace & defense, and others. The aerospace & defense segment is estimated to manifest the fastest CAGR of 20.7% during the study period. However, the manufacturing segment held the largest share in 2018, contributing around one-third of the market.
Profiling Key Players: Synergix Technologies, Digiwinx Infotech PVT. LTD., IFS AB, Focus Softnet PTE LTD, HashMicro Pte. Ltd., Deskera, Rorko Technologies, 3i Infotech LTD., Accentuate Pte. Ltd., and Tigernix Pte. Ltd.
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