Enterprise Resource Planning Software - South Korea

South Korea is expected to see a significant increase in revenue within the Enterprise Resource Planning Software market.
According to projections, the revenue is set to reach US$779.10m in the year 2024.
This showcases the country's growing interest and investment in this sector.
Moreover, it is anticipated that the revenue will continue to grow steadily, with an expected annual growth rate (CAGR 2024-2029) of 3.54%.
By 2029, the market volume is estimated to reach an impressive US$927.10m.
When considering the average Spend per Employee in the Enterprise Resource Planning Software market, in South Korea is projected to reach US$26.05 in 2024.
This figure highlights the financial commitment and dedication of businesses in the country towards implementing and utilizing ERP software to enhance their operations.
It is worth noting that, in comparison to other countries, United States is set to generate the most revenue within the Enterprise Resource Planning Software market.
In 2024 alone, the projected revenue for the United States is an impressive US$26.70bn.
This indicates the dominance and significance of the US market in this particular industry.
South Korea's adoption of Enterprise Resource Planning software is driven by a strong emphasis on efficiency and streamlining of business processes.

Definition:

The Enterprise Resource Planning (ERP) Software market covers software applications that support organizations in managing, integrating, and optimizing important business activities related to resources such as people, finance, capital, materials, and orders. These software applications help organizations to streamline their internal business processes, increase efficiency, and make more informed decisions.

Products in the Enterprise Resource Planning 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.

Additional Information:

The Enterprise Resource Planning Software market comprises revenue and revenue growth as the key performance indicators. Only the 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 the revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by enterprises (B2B) and governments (B2G).

Key players in this market include SAP, Intuit Inc., Oracle, Infor, and Sage.

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Financial applications, such as QuickBooks, Oracle NetSuite, and Xero
Asset management applications, such as Asset Panda, ManageEngine AssetExplorer, and GoCodes
Procurement software, such as SAP Ariba, Kissflow, and Procurify
Resource planning, such as Smartsheet, Float, and Hub Planner

SCM Software, such as Anvyl, Tada, and Magaya Supply Chain
BI software, such as Microsoft Power BI, SAS Business Intelligence, and MicroStrategy
CRM software, such as Salesforce Sales Cloud, Monday sales CRM, and HubSpot CRM

South Korea, a country known for its technological advancements, has seen a steady growth in its Enterprise Resource Planning (ERP) software market.

Customer preferences: With the rise of digitalization, many businesses in South Korea have shifted towards cloud-based ERP systems, which offer greater flexibility and cost-effectiveness. Additionally, businesses are also looking for ERP systems that can be easily integrated with other software and provide real-time data analysis.

Trends in the market: One of the major trends in the South Korean ERP software market is the increasing adoption of mobile ERP systems. This allows businesses to access real-time data and insights from anywhere, at any time. Another trend is the growing popularity of industry-specific ERP solutions, which cater to the unique needs of businesses in specific sectors such as manufacturing, healthcare, and retail.

Local special circumstances: South Korea has a highly competitive business environment, with many small and medium-sized enterprises (SMEs) operating in the market. As a result, there is a growing demand for ERP software that is tailored to the needs of SMEs and is affordable for them. Additionally, the country has a strong focus on data security and privacy, which has led to the development of ERP systems that comply with strict data protection regulations.

Underlying macroeconomic factors: South Korea has a strong economy and is a major player in the global technology industry. The government has been actively promoting the adoption of digital technologies, which has led to a greater demand for ERP software. Additionally, the country has a highly skilled workforce and a well-developed IT infrastructure, which has made it easier for businesses to adopt and integrate ERP systems into their operations.Overall, the South Korean ERP software market is expected to continue its growth trajectory in the coming years, driven by the increasing adoption of cloud-based and mobile ERP systems, as well as the demand for industry-specific solutions and affordable options for SMEs.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

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