Services Segment is Expected to be Fastest Growing During Forecast Period for APAC Region
According to The Insight Partners market research study on “APAC Lead Generation Solution Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Offering and Enterprise Size” is expected to reach US$ 2,436.54 million by 2028 from US$ 743.29 million in 2021. The market is estimated to grow at a CAGR of 18.5% from 2021 to 2028. The report provides trends prevailing in the APAC lead generation solution market along with the drivers and restraints pertaining to the market growth. Rapid growth of finance and insurance sector and amalgamation with artificial intelligence and machine learning are the major factor driving the growth of the APAC lead generation solution market. However, scarcity of awareness about lead generation tools hinders the growth of APAC lead generation solution market.
In case of COVID-19, APAC is highly affected especially India. APAC experienced a notable decline in several economic activities as the government authorities imposed strict lockdowns, travel bans, and business shutdown. Many countries in Asia are in a developing state. Owing to layoffs and salary cuts, buying capacity of majority of consumers was affected drastically. Expenditure on nonessentials was avoided as much as possible. Reduced purchasing power resulted in weak demand from various sectors. Many small and medium sized enterprises (SMEs) were closed permanently. Automobiles, restaurants, transport, and textile are some of worst-affected businesses in the APAC region. Thus, lead generation solution companies serving the mentioned businesses suffered negatively owing to lesser demand. Since schools and colleges were closed, scope for online education has grown to a large extent. In order to avoid infection and adhere to several precautionary measures, schools, colleges, and coaching institutes continued their schedule from remote places, wherever possible. Also, online platforms offering coding classes for young children grew to unimaginable extent. WhiteHat Jr., an online platform for coding, witnessed a monthly growth of 100% since the imposition of lockdown. Health insurance providers experienced a remarkable rise in the count of medical insurance related enquiries with 30–40% more clients looking for cover against the deadly virus. Lead generation software and services catering to education and health insurance sector saw considerable demand even during the lockdown.
The APAC lead generation solution market is bifurcated based on offering, enterprise size, and country. Based on offering, the market is segmented into software and services. The software segment accounted for a larger share of APAC lead generation solution market in 2020 and services segment is expected to be fastest growing during forecast period. In terms of enterprise size, the market is segmented into small and medium size enterprises (SMEs) and large enterprises. The large enterprises segment dominated the APAC lead generation solution market in 2020 and small and medium size enterprise (SMEs) segment is growing at highest CAGR considering enterprise size. Based on country, the market is segmented into China, India, Japan, South Korea, Australia, and rest of APAC.
agilecrm.com; Bitrix, Inc.; callboxinc.com; Cience Technologies; HubSpot, Inc.; and TechTarget are among the leading companies in the APAC lead generation solution market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, CIENCE had announced High Performer in Lead Generation Services grid by G2 (former G2 Crowd). The inauguration of CIENCE is simultaneous to the outstanding growth that the company has experienced throughout 2019.
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