Asia-Pacific business software and services market is anticipated to grow at a CAGR of nearly 12.5% during the forecast period (2021-2027). The major factors contributing to the growth of the market include the surge in the adoption of cloud-based and mobile applications. Further, an increase in technological innovations in the region is expected to drive market growth. However, high installation costs and the availability of a less-skilled workforce are expected to hamper the growth of the market during the forecast period.
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The major cause for the increase in the adoption of cloud-based services is the reduction of the IT infrastructure costs of the enterprise to a certain extent. Additionally, mobile has become an important part of the work culture. Thus, there is an opportunity for enterprises to invest in cloud-connected mobile applications as they allow access to an individual anytime, and anywhere. Therefore, cloud-based solutions support organizations to maintain work-life balance and in turn increases the productivity of employees. Thus, the cloud segment is anticipated to grow at a significant CAGR during the forecast period.
Key companies across the globe are highly inclined towards the adoption of different growth strategies including capacity expansion, R&D investments, partnerships and collaborations, mergers and acquisitions, geographical expansion, new product launches, and product innovation to remain competitive in the marketplace. For instance, in October 2020, Wipro Ltd. declared its intention to expand its IBM Hybrid Cloud Practice. Led by technical experts from both organizations, the practice is expected to support Wipro customers to advance their digital operations across hybrid cloud environments by accelerating IBM Cloud Paks, containerized software running on Red Hat OpenShift. Wipro’s IBM Hybrid Cloud Practice unit will support customers to innovate at scale by leveraging Wipro solutions including ModernizR and BoundaryLess Enterprise (BLE). Both of these solutions were built with IBM Cloud Paks on Red Hat OpenShift and can run in any cloud environment, including the IBM public cloud.
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Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
Segment Covered-
Ø By Software
Ø By Services
Ø By Deployment Model
Ø By Size
Ø By End-User
Ø Competitive Landscape- SAP SE, Microsoft Corp., IBM Corp., and among others.
Key Questions Addressed by the Report
Ø What is the market growth rate?
Ø Which segment dominates the market in the base year?
Ø Which segment will project the fastest growth in the market?
Ø How COVID-19 impacted the market?
Ø ? Deviation from the pre-COVID-19 forecast
Ø ? Most affected segment
Ø Who is the leader in the market?
Ø How players are addressing challenges to sustain growth?
Ø Where is the investment opportunity?
Asia-Pacific Business Software and Services Market Report Segment
By Software
- Finance
- Human Resource
- Sales and Marketing
- Supply Chain
By Service
- Consultancy Services
- Maintenance & Operational Services
- Managed Services
By Deployment Model
- On-Premise
- Cloud
By Size
- Small and Medium Enterprises
- Large Enterprises
By End-User
- Aerospace and Defense
- BFSI
- Government
- Healthcare IT and Telecom
- Manufacturing
- Retail
- Transportation
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
