Increasing Government Initiatives for Digitalization of SMEs Bolster Asia Pacific Cloud ERP Market
Increasing government initiatives to promote digitization in small and medium-sized enterprises (SMEs) presents a substantial opportunity for the cloud ERP market. Governments of various countries offer financial incentives, grants, or subsidies to SMEs that invest in digital solutions, including cloud ERP systems. These incentives can offset the initial costs of adoption. In 2017, the Government of India launched the Digital MSME scheme. The purpose of the Digital MSME Scheme is to encourage the use of ICT in the MSME sector by integrating ICT tools and applications into their business and production processes. In addition, raising awareness, fostering e-platforms and advancements, fostering literacy, providing training, and advancing digital marketing within MSME sectors are all goals of the digital MSME program. Government initiatives play an essential role in creating a conducive environment for SMEs to embrace digital technologies, including cloud ERP. These programs offer financial support, educational resources, and industry-specific guidance to increase the adoption of cloud ERP solutions among SMEs. Thus, government initiatives for the digitalization of SMEs are creating opportunities for the growth of the cloud ERP market.Asia Pacific Cloud ERP Market Overview
Various players operating in the cloud ERP market are expanding their presence in APAC to enhance and support the digitalization process for their customers. For instance, in August 2021, ACUMATICA, INC, a cloud ERP solutions provider, announced ACUMATICA INC's accelerated expansion across APAC to enhance support channels and better serve their customers in South Asia with a focus on Sri Lanka. Through Acumatica's strong partner ecosystem and its international workforce, customers across South Asia will benefit from increased regional support for deployment and product feature updates, as well as time-sensitive issue resolution.In countries such as India, the increasing digitalization of SMEs accelerates the adoption of cloud ERP. In August 2023, according to the Digitalization of Indian SMEs survey by software review and selection platform Capterra India, a significant trend emerged among SMEs in India, with 88% of them now having a digitalization strategy in place. In Asia Pacific, various cloud ERP providers are expanding their presence to streamline the work processes of midsized companies. For instance, in April 2023, SAP SE announced a new product,"GROW with SAP," for Indian customers. This is a new product designed to help midsize customers deploy cloud ERP that enables speed, predictability, and continuous innovation. The GROW with SAP offering also integrates SAP S/4HANA Cloud, a public edition with accelerated deployment services, a global community of experts, and free learning resources. Such a type of development will help to boost the adoption of cloud ERP in APAC.
Asia Pacific Cloud ERP Market Segmentation
The Asia Pacific cloud ERP market is segmented into business function, organization size, vertical, and country.Based on business function, the Asia Pacific cloud ERP market is segmented into finance and accounting, sales and marketing, inventory and order management, human capital management, and others. The finance and accounting segment held the largest share of the Asia Pacific cloud ERP market in 2022.
In terms of organization size, the Asia Pacific cloud ERP market is bifurcated into large enterprises and SMEs. The large enterprises segment held a larger share of the Asia Pacific cloud ERP market in 2022.
By vertical, the Asia Pacific cloud ERP market is segmented into manufacturing, IT and telecom, BFSI, healthcare, retail, government, aerospace and defense, and others. The manufacturing segment held the largest share of the Asia Pacific cloud ERP market in 2022.
Based on country, the Asia Pacific cloud ERP market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific cloud ERP market in 2022.
ACUMATICA, INC; Epicor Software Corp; Infor Inc; Microsoft Corp; Oracle Corp; Sage Group Plc; SAP SE; SYSPRO Proprietary Ltd; Unit4 Group Holding BV; and Workday Inc are some of the leading companies operating in the Asia Pacific cloud ERP market.
Table of Contents
Companies Mentioned
- ACUMATICA, INC
- Epicor Software Corp
- Infor Inc
- Microsoft Corp
- Oracle Corp
- Sage Group Plc
- SAP SE
- SYSPRO Proprietary Ltd
- Unit4 Group Holding BV
- Workday Inc
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 109 |
Published | May 2024 |
Forecast Period | 2022 - 2030 |
Estimated Market Value ( USD | $ 6.78 Billion |
Forecasted Market Value ( USD | $ 28.84 Billion |
Compound Annual Growth Rate | 19.8% |
Regions Covered | Asia Pacific |
No. of Companies Mentioned | 10 |