Enterprise Software - ASEAN

ASEAN

In 2024, the revenue in the Enterprise Software market is projected to reach US$3.66bn.
The market is dominated by Customer Relationship Management Software, which is expected to have a market volume of US$1.10bn in the same year.
Looking ahead, the revenue is anticipated to grow at an annual growth rate of 8.17% (CAGR 2024-2029), resulting in a market volume of US$5.42bn by 2029.
Furthermore, the average Spend per Employee in the Enterprise Software market is projected to reach US$10.55 in 2024.
When compared globally, United States is expected to generate the highest revenue, reaching US$150.50bn in 2024.
It is worth noting that these projections are applicable to the ASEAN region, specifically in the Enterprise Software market.
In the ASEAN region, Singapore remains at the forefront of the Enterprise Software market, with its advanced technology infrastructure and strong government support for digital transformation initiatives.

Key regions: France, United Kingdom, Australia, Canada, South Korea

Definition:

The Enterprise Software market covers software applications designed to support essential business activities by large organizations such as enterprise resource planning, customer relationship management, business intelligence, and supply chain management.

Products in the Enterprise Software market can be obtained in two ways: as on-premises software that is sold via a transactional license or a subscription and as cloud-based software (software as a service/ SaaS) that is most frequently sold as a subscription.

Structure:

The Enterprise Software market contains eight markets that are based on the functionality of the software:

Business Intelligence Software refers to software applications that support organizations to analyze, visualize, and report data.
Content Management Software refers to a wide range of software applications that support organizations to manage their digital content such as documents, images, and videos.
Customer Relationship Management Software refers to software applications that support organizations to manage their interactions with customers, clients, and prospects.
eCommerce Software refers to a wide range of software applications that support organizations to manage their online sales channels.
Enterprise Performance Management Software refers to software solutions that help organizations to manage and improve their performance across various areas, such as finance, operations, and strategy.
Enterprise Resource Planning Software refers to software applications that support organizations to manage, integrate and optimize important business activities related to resources such as people, finance, capital, materials, and orders.
Supply Chain Management Software refers to software applications that support organizations to manage their supply chain activities such as inventory optimization, supplier and vendor management, and logistic operations.
AI Development Tool Software refers to a specialized category of software designed to facilitate the creation, testing, deployment, and management of artificial intelligence (AI) models and applications.
Other Enterprise Software refers to aggregated revenues for the types of enterprise software that are not specifically mentioned in the other Enterprise Software markets, such as Project Management Software, Product Life Cycle Management Software, and Production and Operation Software.

Additional Information:

The Enterprise Software market comprises revenue and revenue growth as the key performance indicators. Only revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included, and revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by enterprises (B2B) as well as governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed.

Key players in this market include SAP, Salesforce, Adobe, and Oracle.

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Currency

Analyst Opinion

The Enterprise Software market in ASEAN is experiencing steady growth due to a combination of factors such as increasing demand for cloud-based solutions, expanding small and medium-sized enterprises (SMEs), and digital transformation initiatives.

Customer preferences: Customers in ASEAN are increasingly opting for cloud-based enterprise software solutions due to their ease of use, scalability, and cost-effectiveness. In addition, the growing number of SMEs in the region are looking for software solutions that can help them streamline their operations and improve efficiency. Furthermore, customers are also looking for software solutions that can help them with their digital transformation initiatives and improve their overall competitiveness.

Trends in the market: In Indonesia, the Enterprise Software market is expected to grow rapidly due to the government's focus on developing the country's digital economy. The government has launched a number of initiatives to promote the adoption of technology by SMEs, which is expected to drive demand for enterprise software solutions. In addition, the country's large population and increasing internet penetration rate are also contributing to the growth of the market.In Singapore, the Enterprise Software market is expected to continue its growth trajectory due to the country's strong focus on innovation and technology. The government has launched a number of initiatives to promote the adoption of technology by businesses, which is expected to drive demand for enterprise software solutions. In addition, the country's well-developed infrastructure and highly skilled workforce are also contributing to the growth of the market.

Local special circumstances: In Thailand, the Enterprise Software market is being driven by the country's strong manufacturing sector. The government has launched a number of initiatives to promote the adoption of technology by manufacturers, which is expected to drive demand for enterprise software solutions. In addition, the country's growing e-commerce sector is also contributing to the growth of the market.

Underlying macroeconomic factors: The ASEAN region is expected to continue its strong economic growth in the coming years, which is expected to drive demand for enterprise software solutions. In addition, the region's young and tech-savvy population is also contributing to the growth of the market. Furthermore, the increasing adoption of digital technologies by businesses in the region is expected to drive demand for enterprise software solutions.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.