Accounting applications to generate $586.8 mln in 2009

Fact recorded on: August 24, 2005. Categories: Software.

According to IDC, the Asia/Pacific (excluding Japan) applications market is valued at $1.06 bln in 2004 and is expected to grow steadily at a 5-year compound annual growth rate (CAGR) of 13.2% to reach $1.97 bln by 2009. The Enterprise Resource Management (ERM) functional market includes accounting, human resource management (HRM), procurement and sales order processing, and inventory management applications. Within the ERM market, accounting applications contributed 37% to the total market in 2004 with revenues of $396 mln. The accounting applications are forecast to grow to $586.8 mln in 2009, indicating a five-year CAGR of 8%.

The market shares for procurement and sales order processing, and inventory management application were 14% and 13% respectively in 2004. The five-year CAGRs for both procurement and sales order processing, and inventory management application functional markets, were two of the highest in terms of ERM solution growth. The 5-year CAGR for procurement and sales order processing application is expected to reach 19% in 2009 to potentially become the second largest functional market segment in the region. China continues to dominate the market with a market share estimated at 36.8% of the total APEJ market in 2004. This is followed by Australia and Korea with approximately 24.1% and 10.7%, respectively. Overall, these three countries contribute close to 72% to the total APEJ market.

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