Large Enterprises Segment to Dominate APAC Trade Promotion Management Software Market during 2021–2028
According to The Insight Partners market research study on “APAC Trade Promotion Management Software Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Deployment Type, Application, and Industry” is expected to reach US$ 920.09 million by 2028 from US$ 393.75 million in 2021. The market is estimated to grow at a CAGR of 12.9% from 2021 to 2028. The report provides trends prevailing in the APAC trade promotion management software market along with the drivers and restraints pertaining to the market growth. Emphasis towards attracting individuals from different generation is the major factor driving the growth of the APAC trade promotion management software market. However, issues associated with the adoption of spreadsheet over software hinder the growth of APAC trade promotion management software market.
The APAC trade promotion management software market is segmented based on deployment type, application, industry, and country. Based on deployment type, the trade promotion management software market is segmented into cloud and on premise. The cloud segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. In terms of application, the trade promotion management software market is categorized into large enterprises and small & medium size enterprises. The large enterprises segment dominated the market in 2020 and small & medium size enterprises segment is expected to be the fastest growing during the forecast period. Based on industry, the trade promotion management software market is segmented into retail & consumer goods, IT, pharmaceutical, manufacturing, and others. The retail & consumer goods segment dominated the market in 2020 and pharmaceutical segment is expected to be the fastest growing during the forecast period. In terms of country, the APAC trade promotion management software market is segmented into— China, Japan, South Korea, India, and Australia.
The COVID-19 pandemic has severely impacted APAC due to wide disease spread. Countries in this region are among the highly populated, which leads to the greater risk of infection spread. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has adversely affected major economies such as China, India, Australia, and Japan, which are experiencing inflation. India is the worst-hit country due to the pandemic in this region. In Asian economy, the e-commerce and m-commerce sales increased drastically amid COVID-19 pandemic. Countries such as Singapore, India, and China observed a positive trend in the penetration of e-commerce channels. Rise in e-commerce orders due to the increasing number of COVID-19 cases helps in developing more trade promotion strategies to increase sales and optimize ROI. Additionally, amid pandemic, retail sales in Asia have skyrocketed. In the similar time, various retailers have pulled back on investing in promotions. With businesses getting back on track, both retailers and trade promotion management software providers have an opportunity to provide advanced and connected platform to handle discrepancies caused due to the pandemic.
Accenture; Aera Technology; Cornerstone; Deloitte; Exceedra by TELUS; o9 Solutions, Inc. ; Oracle Corporation; Palantir Technologies; SAP SE; and UpClearamong the leading companies in the APAC trade promotion management software market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic 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 2021, Accenture Acquires Edenhouse.
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