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Southeast Asia CRM Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 120 Pages
  • January 2022
  • Region: Asia Pacific
  • Mordor Intelligence
  • ID: 5026113
UP TO OFF until Jun 30th 2023

The Southeast Asian CRM analytics market is expected to register a CAGR of over 12% over the forecast period, 2021-2026. CRM has become a must-have for enterprises of all sizes, as the ERP system became for managing supply chain activities.

Key Highlights

  • The Southeast Asian region witnessed an uptake in midmarket and enterprise companies moving to more modern business software applications to enhance their business processes and enrich the customer experience. E-commerce, ERP, and Customer Relationship Management (CRM) applications have all been at the forefront of this software technology adoption.
  • Analytics adoption in Southeast Asia is growing due to an increase in data, which led to the development of the digital economy.
  • The percentage of active social media users in Southeast Asia increased by 47%, a trend that continued into 2019. This increased mobile and internet penetration in countries resulted in a drastic increase in the marketing expenditure in the region, specifically in Singapore, Indonesia, Thailand, Malaysia, and Vietnam.
  • Additionally, marketers in Southeast Asian countries are prioritizing real-time marketing, omnichannel delivery and engagement, customer journey mapping, and AI.
  • CRM analytics solutions help the marketing team plan, execute, and measure campaigns across channels and make a strategic decision based on the results derived from the data available on customer behavior and choices. Moreover, they offer a 360-degree view of real-time insights to the entire organizations to know about their customers and have fact-based actions.
  • Considering the ongoing trend of omnichannel presence across industries, including retail and BFSI, marketers are using a multi-channel strategy to fulfill different purposes, like brand awareness, brand building, lead/sales generation, and customer retention.
  • Furthermore, e-commerce may be a key driver among these Southeast Asian countries in the next few years, as investments from global organizations are starting to change and enhance Southeast Asia’s e-commerce market, where the number of online shoppers is increasing every month.
  • However, the recent outbreak of COVID-19 has affected the growth of various industries in the region. Several countries in the region have moved to impose extended lockdowns, export bans, and other heightened trade barriers in response to the continued outbreak of COVID-19.
  • According to ICAEW’s Southeast Asia report, economic growth in Malaysia is anticipated to slow to 3.7% in 2020 amid the COVID-19 situation. The impact of the COVID-19 situation on China’s economy may continue to spill over to Malaysia in the first and second quarters of 2020. On the other hand, online shopping apps in the region have been witnessing a gradual decline in conversion rates since January 2020. This was the time when Malaysia, Singapore, and Thailand reported their first cases, and the numbers surged within days.

Key Market Trends

Increasing Adoption of SaaS and Cloud Business Software Applications are Driving the Market's Growth

  • SaaS-powered CRM analytics is affordable and provides a way to make sure the organization does not lose track of customers or miss out on key dates and events. It is the first step toward a better digital infrastructure.
  • Digitization in the region is benefiting the market's growth positively. It is expected that the developing economies in Southeast Asia are anticipated to become Asia’s next top-ranking digital marketing markets, owing to the growing number of mobile users, increasing demand in internet access, and declining internet connectivity or data prices.
  • According to We Are Social and Hootsuite's January 2019 report, internet users in Indonesia, Malaysia, and Thailand were 150.0 million, 25.28 million, and 57.0 million, respectively. Additionally, social media users in Indonesia and Thailand reached 150.0 million and 51.0 million, respectively.
  • According to the CRM Cloud Survey Report by SoftClouds (a vendor in technology solutions and digital transformation), 82% of companies use CRM solutions for sales process automation and sales reporting. According to Salesforce, CRM software helps increase employee productivity, enhance customer engagement and retention, and reap other business benefits. According to the Cloudswave, using CRM in sales can increase the number of purchases customers make with the company.
  • Owing to the high costs of proprietary technology development, SMEs and startups in the region are increasingly turning to cloud software, infrastructure, and platforms as services. SaaS-based CRM analytics offers many benefits to SMEs.
  • The digital transformation of SMEs means not only enhancing their access to information and communication technologies but also improving the uptake and use of digital applications and services. Together, these improvements can foster the digital transformation within economies that are needed to turn the use of digital services and applications into opportunities in the Southeast Asian region.

Growing Adoption of Analytics in Singapore is Expected to Create Growth Opportunities

  • Singapore is one of the prominent markets in the region, owing to the increasing adoption of analytics solutions, growing digital population, and government support. According to We Are Social and Hootsuite's January 2019 report, internet users and social media users in Singapore were 4.92 million and 4.60 million, respectively.
  • This increased mobile and internet penetration in countries resulted in a drastic increase in marketing expenditure in the region, specifically in Singapore, Indonesia, Thailand, Malaysia, and Vietnam.
  • Additionally, Singapore made the greatest advances in analytics and AI. The analytics adoption in Singapore is witnessing substantial growth, owing to the continued government support seen in the form of e-Singapore government initiatives. The city-state has innovated, tested, and piloted various emerging technology solutions. Moreover, Singapore, known as the global hub for innovation, has made its biggest impact on the fintech ecosystem due to its established data and analytics practice.
  • In Singapore, efforts by the government and various mobile payments players were showing positive results, as adoption of mobile payments rose by 12% points, from 34% in 2018 to 46% in 2019.
  • An important economic sector in the country, retail is made up of about 22,000 establishments and employs approximately 3% of the country’s workforce. For instance, according to the Singapore Department of Statistics, in 2018, the GDP of the Singaporean wholesale and retail industry amounted to approximately SGD 82 billion. In a further boost to Singapore’s retail scene, the government announced a Retail Industry Transformation Map (ITM) to support retailer productivity by embracing digital technologies.
  • Retailers benefit from CRM data by tracking purchase behavior over time, suggesting related products for upselling opportunities, and logging loyalty points in customers' accounts to apply toward discounts and free offers.
  • Tableau is being used to analyze data from CRM, email, and automation platform. It combines multiple data sources into a single view of closed-loop marketing efforts. Metro, a Singapore-born retail chain, used tableau to break out of limitations from their brick-and-mortar operating model and develop savvier marketing campaigns that improve the customer experience.
  • According to Metro, by analyzing customers’ buying history, it developed customer behavior profiles and determined the types of products that they prefer. With this, the company can specifically target them with appealing promotions, helping to save on advertising costs and enhancing customer satisfaction.
  • Additionally, Pan Pacific Hotels Group in Singapore is using analytics to identify trends between different sets of customers across diverse regions and countries, so the hospitality vendor can understand and anticipate booking behavior, handle any negative feedback in a more timely way, and deliver more personal and attentive service.
  • In October 2019, Spiro, the provider of the proactive relationship management platform, announced that it had recently opened a Singapore office to further expand its presence in the region. According to the company, Singapore is fostering a technology-forward mindset with initiatives that embrace AI throughout its global workforce.
  • In Q3, 2019, the company finalized a USD 3 million seed funding round, bringing the total funding to USD 8 million. The additional funding is helping the Spiro scale more rapidly and invest in its innovative AI and natural language processing (NLP) technology. The company's growth is being fueled by its new approach to sales automation, called proactive relationship management that consolidates CRM with telephony and sales enablement into a single, AI-driven platform.
  • Furthermore, Singapore’s approach toward tackling the virus outbreak has been the most noteworthy in this region. To mitigate the impact on the business, the country government has extended support in the form of the Unity Budget and the Resilience Budget aimed at helping SMEs tide over this challenging period.

Competitive Landscape

The Southeast Asian CRM Analytics market is competitive and consists of global and local players. These companies are leveraging product enhancements and partnership initiatives to strengthen their market shares and increase profitability.

  • February 2020 - Brekeke Software Inc. announced the integration of Brekeke PBX with Zoho CRM. Office telephonic services built with Brekeke PBX can now seamlessly connect with Zoho CRM by adding their Zoho account information in the Brekeke PBX admin tool. Brekeke PBX users can utilize Zoho’s CRM system to enhance productivity and the quality of their services.
  • September 2019 - SugarCRM Inc., a company that helps organizations provide exceptional customer experiences, announced Sugar Discover, an enhanced analytics solution acquired from Corvana, a vendor in advanced CRM Analytics that offers insights to even the most complicated revenue analytics questions, accurately and fast. Sugar customers can look forward to automating 24/7 monitoring of CRM data, detecting events, feeding users what they need to know, and guiding them to answers.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Support and Guidelines for Fostering the Development of SMEs
4.2.2 Increasing Adoption of SaaS and Cloud Business Software Applications
4.3 Market Restraints
4.3.1 Significant Resistance Toward On-premise Solutions Due to Complex Pricing Models
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Assessment of Impact of COVID-19 on the Industry
5 QUALITATIVE COVERAGE OF KEY TRENDS IN MAJOR COUNTRIES (In-depth Analysis Pertaining to the Adoption and Utilization of CRM Analytics Tools in Major Countries, such as Malaysia, Singapore, Thailand, Indonesia, and Vietnam)6 MARKET SIZING AND FORECAST OF SOUTHEAST ASIAN CRM ANALYTICS MARKET (in USD million, with 2019 Being the Base Year and 2020-2025 Being the Forecast Period)
7.1 Company Profiles
7.1.1 AquaCRM (Thailand) Co. Ltd
7.1.2 AsiaBiz Networks Company
7.1.3 Microsoft Services Asia
7.1.4 Oracle Corporation Malaysia Sdn Bhd
7.1.5 Peppercan (Safecoms.com)
7.1.6 Sage Software Solutions Pvt. Ltd
7.1.7 Salesforce.com Inc.
7.1.8 SugarCRM Inc.
7.1.9 Zoho Corporation
7.1.10 Plexure Sdn Bhd
7.1.11 Star CRM Sdn Bhd
7.1.12 iZeno Pte Ltd
7.1.13 Hubspot Asia Pte Ltd
7.2 Relative Ranking of Vendors

Companies Mentioned

A selection of companies mentioned in this report includes:

  • AquaCRM (Thailand) Co. Ltd
  • AsiaBiz Networks Company
  • Microsoft Services Asia
  • Oracle Corporation Malaysia Sdn Bhd
  • Peppercan (Safecoms.com)
  • Sage Software Solutions Pvt. Ltd
  • Salesforce.com Inc.
  • SugarCRM Inc.
  • Zoho Corporation
  • Plexure Sdn Bhd
  • Star CRM Sdn Bhd
  • iZeno Pte Ltd
  • Hubspot Asia Pte Ltd