Asia-Pacific ERP Software Market to Reach $26.37 Billion by 2026 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Sep 27, 2019--
The “Asia-Pacific ERP Software Market by Deployment Model, Industry Vertical, and End User: Opportunity Analysis and Industry Forecast, 2019-2026” report has been added to ResearchAndMarkets.com’s offering.
According to the report, the Asia-Pacific ERP software market was valued at $9,669 million in 2018, and is projected to reach $26,370 million by 2026, growing at a CAGR of 13.3% from 2019 to 2026.
Rise in need for operational efficiency & transparency in business processes and surge in adoption of cloud & mobile applications are the major factors that fuel the growth of the Asia-Pacific ERP software market. In addition, increase in demand for data-driven decision-making is one of the crucial drivers of the market.
However, higher investment and maintenance costs are expected to hinder the Asia-Pacific ERP software market growth. On the contrary, increase in demand for ERP among small & medium enterprises and technological advancements in ERP are expected to provide lucrative opportunities for the market growth in the coming years.
Based on deployment model, the on-premise segment dominated the overall Asia-Pacific ERP software market size in 2018, and is expected to continue this trend during the forecast period. This is attributed to wide adoption of on-premise deployment mode in large enterprises, as it involves a significant investment to implement, and organizations need to purchase interconnected servers as well as software to manage the system. However, the cloud segment is expected to witness the highest CAGR during the Asia-Pacific ERP software market forecast period, due to a paradigm shift in the deployment methods from on-premise to cloud-based models among end users.
The finance business function was the highest contributor to the Asia-Pacific ERP software market share in 2018, and is projected to remain dominant during the forecast period, due to high adoption of finance modules in most of the organizations to reduce complexity in financial function and to achieve overall competency in business. However, the human resource (HR) module is expected to witness highest growth, owing to ongoing business expansion in Asia-Pacific, which compels businesses to adopt ERP HR modules for easy integration and management of all the required information of the present and additional workforce.
The manufacturing industry dominated the Asia-Pacific ERP software market analysis in 2018, and is expected to continue this trend during the forecast period. This is attributed to rise in number of entrants in pharmaceutical, automotive, garment, and consumer electronics manufacturing markets.
However, the aerospace & defense industry is expected to witness highest CAGR during the Asia-Pacific ERP software market analysis over the forecast period. This is attributed to surge in adoption of ERP software, due to development in business process, need to reduce IT complexity, and improvement in business agility. Furthermore, the adoption of cloud-enabled deployment model in high-tech sectors such as aerospace & defense sector is growing at a significant rate, which is opportunistic for the Asia-Pacific ERP software market.
India dominated the Asia-Pacific ERP software market size in 2018, and is projected to remain dominant during the forecast period. This is attributed to increased adoption of ERP among traditional end users such as manufacturing firms and retail companies, which have deployed ERP solutions. Moreover, developing industries, such as IT & telecom, education, and healthcare, have adopted ERP software for different business functions, such as HR, finance & accounting, and others, which has fueled the market growth in India.
Some of the key market players profiled in the report include Digiwinx Infotech PVT. LTD., Synergix Technologies, Focus Softnet PTE LTD, IFS AB, Deskera, HashMicro Pte. Ltd., 3i Infotech LTD., Rorko Technologies, Tigernix Pte. Ltd., and Accentuate Pte. Ltd. This study includes Asia-Pacific ERP software market trends, analysis, and future estimations to determine the imminent investment pockets.
For more information about this report visit https://www.researchandmarkets.com/r/b8zpk
View source version on businesswire.com:https://www.businesswire.com/news/home/20190927005383/en/
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KEYWORD: ASIA PACIFIC
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 09/27/2019 11:57 AM/DISC: 09/27/2019 11:57 AM