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Soap Market In India (2018–2023)

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Research On Global Markets
Research On Global Markets

The soap manufacturing industry is one of the oldest industries operating in the FMCG sector in India, and accounts for more than 50% of the consumer goods sector. The soap and detergent industry covers laundry and toilet soaps, and synthetic detergents in the form of liquid, powder, and bar. Bar soaps can be classified into three sections—premium, popular, and economic. Read More: https://bit.ly/2COoS8b

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Prepared by Research on Global Markets Proprietary and Confidential, Copyright © 2018, Netscribes, Inc.. All Rights Reserved The content of this document is confidential and meant for the review of the recipient. Disclaimer: The names or logos of other companies and products mentioned herein are the trademarks of their respective owners
2 Executive summary Socio-economic indicators Table of contents Introduction India soap market overview India soap market segmentation Key product features – top 10 players Trade analysis Market influencers Market trends Competitive landscape Appendix
3 Executive summary Overview Trends2016 2018 2023 INR Bn • The soap market in India is expected to expand at a compound annual growth rate (CAGR) of x% between FY 2018 and FY 2023, to reach a value of INR x Bn by the end of FY 2023 • Companies like Colgate Palmolive (India) Ltd., Godrej Consumer Products Ltd., Hindustan Unilever Ltd., and ITC Ltd. are some of the major contributors to the growth of the market • xx • Soaps are available across multiple retail formats, ranging from small kirana stores to large retail chains and online stores • Increasing demand for soaps has encouraged many online retailers such as Nykaa, Amazon, and Flipkart to provide attractive deals with wider range of products to masses • Increased internet penetration across rural areas is expected to help consumers explore different kinds of high quality soaps offered by the market, and avail lucrative offers online • xx • More than 1/3rd of adults claim that they look for anti-bacterial features in their soaps and shower products  This is developing an opportunity for the manufacturers to position themselves as providers of hygienic solutions to customers • xx • Presence of harmful chemicals and other toxic elements in soaps often lead to allergies, migraines, and other health issues, thereby making people averse towards using specific products • Due to the reduction in circulation of currency notes, many manufacturers have recorded a decrease in production by x%, since January 2017 • xx
Total population 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Bn 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Personpersq.km Population density Socio-economic indicators 4
• The soap and detergent industry covers laundry and toilet soaps, and synthetic detergents in the form of liquid, powder and bar • Bar soaps can be classified into three segments - premium, popular, and economic • xx Bath and shower products xx xxxx xx xx xxxx xx xxxx xxxx Personal careHousehold care Food and beveragesHealth care FMCG Market definition and structure 5
FY 2016 FY 2017 FY 2018 INRBn 6 • The soap market in India is projected to expand at a CAGR of x% between FY 2018 and FY 2023, to reach a value of INR x Bn, from its FY 2016 value of INR x Bn • Personal wash products are expected to expand at a CAGR of x% during FY 2018 to FY 2023 • Government of India’s Swachh Bharat Mission has boosted the soap market • Currently, there are around x Mn retail outlets in India which sell soaps, out of which x Mn operates in rural areas • xxKey observations • The soap segment has the largest share in the FMCG category in India, with bathing soaps having a share of x% in urban, and x% in rural areas • The beauty and skin care sub-category accounts for ~x% of the total sales of soap in India • Herbal soap is the fastest growing category in the Indian soap market • Increasing awareness about hygiene in rural areas is providing growth opportunities to several players • xx Soap market in India - overview FY 2019e FY 2020e FY 2021e FY 2022e FY 2023e INRBn India historical market (based on value) India forecasted market (based on value) CAGR (2016-2018): x% CAGR (2019-2023): x%
Segments Based on product • Lux • Santoor • Dettol • Vivel • Others • The soap market in India is segmented based on brands, (Lux, Dove, Pears, Santoor, etc.), category (beauty soaps, health soaps, and others), and players operating in the market (Hindustan Unilever, ITC, Wipro, and others) • Among the top players, Hindustan Unilever Ltd. recorded maximum market share in FY 2018 • xx • Beauty soaps • Health soaps • Others Based on category SoapmarketinIndia Segments Based on market players • Hindustan Unilever Ltd. • ITC Ltd. • Wipro Ltd. • Godrej Consumer Products Ltd. • Others • Rural • Urban Based on consumption Market segmentation 7
Beauty soaps Health soaps Others Market segmentation (continued) Key observations FY 2017 Based on product Based on category Lux Santoor Dettol Vivel Others FY 2017 • In India, ~x% of the overall soap market is captured by Lux, followed by Santoor and Vivel • Various beauty soaps have bagged nearly half of the market share across India • During FY 2017, the beauty soaps segment dominated the domestic soap market with a share of ~x%, followed by the health soaps segment • Popular beauty soap brands operating in India include Lux, Dove, Pears, Santoor, and Vivel • In FY 2017, Lux was the leading soap brand with a market share of ~x%, followed by Santoor, Vivel and other brands • xx 8
Company name Types of soap manufactured Brands Features Colgate Palmolive (India) Ltd. xx xx xx Godrej Consumer Products Ltd. xx xx xx Hindustan Unilever Ltd. xx xx xx ITC Ltd. xx xx xx Jyothy Laboratories Ltd. xx xx xx Wipro Ltd. xx xx xx Cholayil Pvt. Ltd. xx xx xx Karnataka Soaps and Detergents Ltd. xx xx xx The Himalaya Drug Company xx xx xx Reckitt Benckiser (India) Pvt. Ltd. xx xx xx Key product features – top 10 players 9
• Fierce rivalry exist among the top brands in the market • xx Threat of new entrant Buyer powersThreat of substitutions Supply power Competitive rivalry • Willingness to try new and better products encourage new entrants to the soap market • xx • The low switching costs of products control the buying patterns of price sensitive customers • xx • Manufacturers often have long term supply agreements with raw material providers • xx • Close substitutes for soap bars include shower gels • xx Porter’s five forces analysis 10
Export: HS code 2015 2016 2017 2018 Export (value) 2015 2016 2017 2018 Export (volume) 11
Export segmentation: HS code Country-wise segmentation (based on value) Country A Country B Country C Country D Country E Country F 2017 Country A Country B Country C Country D Country E Country F 2018 Country-wise segmentation (based on volume) Country A Country B Country C Country D Country E Country F Country A Country B Country C Country D Country E Country F 2017 2018 12
Import: HS code 2015 2016 2017 2018 Import (value) 2015 2016 2017 2018 Import (volume) 13
Import segmentation: HS code Country-wise segmentation (based on value) Country A Country B Country C Country D Country E Country F 2017 Country A Country B Country C Country D Country E Country F 2018 Country-wise segmentation (based on volume) Country A Country B Country C Country D Country E Country F Country A Country B Country C Country D Country E Country F 2017 2018 14
Market drivers • Recently, Indian consumers are looking for ultra-benefit offerings provided by premium soaps • Fragrance has turned out to be a vital ingredient in personal care products • Further, integrating cooling agents and herbal ingredients in bathing soaps is attracting more customers • xx 01 Introduction of new products with upgraded features • Health Literacy Programs started by the government are encouraging the use of soaps in rural areas • Moreover, increasing internet penetration across the country is expected to help rural consumers explore the soap market and avail offers online • Growing awareness about sanitation and increasing disposable income in rural India are acting as key drivers for the growth of the market • xx 02 Increasing rural consumption 15
• Most of the chemicals used in soaps often prove to be harmful for skin • Improper composition of chemicals in bathing soaps often cause allergies, and may often lead to migraines and other health issues • Presence of chemicals and other toxic elements in soaps often discourages consumers from using them • xx 01 • Withdrawal of INR 500 and INR 1000 currency notes by the Reserve Bank of India (RBI) has negatively affected the soap market in India • Due to reduction in circulation of currency notes, many manufacturers have recorded a decrease in production by x%, since January 2017 • xx 02 Impact of demonetization Impact of harmful ingredients in soap Market challenges 16
17 Soap as an instrument of hygiene Soap as a therapeutic agent • More than 1/3rd of the adults claim to look for anti-bacterial features in soaps and shower products • xx • With an increasing inclination towards Ayurveda, customers are currently considering the use of organic soaps as part of therapy to relax their minds and bodies • xx Key market trends
Public: domestic company – company A (continued) 18 Company information Products and services Corporate address xx Tel no. xx Fax no. xx Website xx Year of incorporation Xx Stock exchange : ticker xx Key people Name Designation Person 1 xx Person 2 xx Person 3 xx Person 4 xx Business description • xx Category Products and services Category 1 xx Category 2 xx
19 Financial snapshot 2015 2016 2017 2018 Particulars FY 2015 FY 2016 FY 2017 FY 2018 Profitability ratios Gross margin % xx xx xx xx Net income margin % xx xx xx xx EBITDA margin % xx xx xx xx EBITA margin % xx xx xx xx EBIT margin % xx xx xx xx Return on assets % xx xx xx xx Return on capital % xx xx xx xx Return on equity % xx xx xx xx Return on common equity % xx xx xx xx Liquidity ratios xx xx xx xx Current ratio xx xx xx xx Quick ratio xx xx xx xx Leverage ratios xx xx xx xx Total debt/equity xx xx xx xx Total debt/capital xx xx xx xx Interest coverage xx xx xx xx Efficiency ratios xx xx xx xx Total asset turnover xx xx xx xx Fixed asset turnover xx xx xx xx Accounts receivable turnover xx xx xx xx Inventory turnover xx xx xx xx Key ratios Indicators Value Market capitalization (INR Mn) xx Total enterprise value (INR Mn) xx Key financial performance indicators Public: domestic company – company A (continued)
Key business segments Key geographical segments 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Country A 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Segment 1 Company A has been operating solely in the business of segment 1 for the last four years Company A has been operating solely in country A for the last four years 28 Public: domestic company – company A (continued)
Private: domestic company – company B (continued) 21 Company information Products and services Corporate address xx Tel no. xx Fax no. xx Website xx Year of incorporation xx Key people Name Designation Person 1 xx Person 2 xx Person 3 xx Person 4 xx Business description • xx Category Products and services Category 1 xx Category 2 xx
Appendix 22 Research methodology Secondary research Print media Annual reports of companies Leading newspapers Magazines and journals Open sources Company website Premium databases Electronic media Developed by an internal team of market analysts who track government statistics, consumer and trade association statistics, market research reports, annual company reports and accounts, directories, press articles from around the world and online databases. The effect of macroeconomic and demographic factors influencing consumer spending patterns have been considered while analyzing the current market dynamics and predicting growth forecasts.
Appendix 23 About Research On Global Markets In-house Research Data VisualizationGlobal CoveragePanel Expertise Premium Databases Specialized panel of senior executives, analysts and practitioners Extensive experience of working on various premium databases Ability to conduct research across the globe in multiple languages Ability to present complex data insights in crisp, easy- to-understand visuals We utilize an in-house resource model to provide our clients with actionable insights Owned by Netscribes, Research on Global Markets is the go-to platform for global professionals looking for credible and transparent research on developed and emerging markets. We set ourselves apart from other online market research publishers with our focused coverage, commitment to data authenticity, simple licensing, and complete user privacy. About Netscribes Netscribes provides end-to-end research-driven solutions that help clients meet their growth objectives by collaboratively transforming information into business advantage. Global market intelligence and content management firm – services across the research and information value chain Venture-funded by US and Singapore private equity firms 725+ member delivery team across Mumbai, Kolkata and Gurgaon, and sales presence in USA, UK, Singapore, Dubai and Israel Revenue composition: USA: 45% Europe/MENA: 45% APAC: 10% ISO 9001:2008 certified by DNV GL since 2014
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Soap Market In India (2018–2023)

  • 1. Prepared by Research on Global Markets Proprietary and Confidential, Copyright © 2018, Netscribes, Inc.. All Rights Reserved The content of this document is confidential and meant for the review of the recipient. Disclaimer: The names or logos of other companies and products mentioned herein are the trademarks of their respective owners
  • 2. 2 Executive summary Socio-economic indicators Table of contents Introduction India soap market overview India soap market segmentation Key product features – top 10 players Trade analysis Market influencers Market trends Competitive landscape Appendix
  • 3. 3 Executive summary Overview Trends2016 2018 2023 INR Bn • The soap market in India is expected to expand at a compound annual growth rate (CAGR) of x% between FY 2018 and FY 2023, to reach a value of INR x Bn by the end of FY 2023 • Companies like Colgate Palmolive (India) Ltd., Godrej Consumer Products Ltd., Hindustan Unilever Ltd., and ITC Ltd. are some of the major contributors to the growth of the market • xx • Soaps are available across multiple retail formats, ranging from small kirana stores to large retail chains and online stores • Increasing demand for soaps has encouraged many online retailers such as Nykaa, Amazon, and Flipkart to provide attractive deals with wider range of products to masses • Increased internet penetration across rural areas is expected to help consumers explore different kinds of high quality soaps offered by the market, and avail lucrative offers online • xx • More than 1/3rd of adults claim that they look for anti-bacterial features in their soaps and shower products  This is developing an opportunity for the manufacturers to position themselves as providers of hygienic solutions to customers • xx • Presence of harmful chemicals and other toxic elements in soaps often lead to allergies, migraines, and other health issues, thereby making people averse towards using specific products • Due to the reduction in circulation of currency notes, many manufacturers have recorded a decrease in production by x%, since January 2017 • xx
  • 4. Total population 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Bn 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Personpersq.km Population density Socio-economic indicators 4
  • 5. • The soap and detergent industry covers laundry and toilet soaps, and synthetic detergents in the form of liquid, powder and bar • Bar soaps can be classified into three segments - premium, popular, and economic • xx Bath and shower products xx xxxx xx xx xxxx xx xxxx xxxx Personal careHousehold care Food and beveragesHealth care FMCG Market definition and structure 5
  • 6. FY 2016 FY 2017 FY 2018 INRBn 6 • The soap market in India is projected to expand at a CAGR of x% between FY 2018 and FY 2023, to reach a value of INR x Bn, from its FY 2016 value of INR x Bn • Personal wash products are expected to expand at a CAGR of x% during FY 2018 to FY 2023 • Government of India’s Swachh Bharat Mission has boosted the soap market • Currently, there are around x Mn retail outlets in India which sell soaps, out of which x Mn operates in rural areas • xxKey observations • The soap segment has the largest share in the FMCG category in India, with bathing soaps having a share of x% in urban, and x% in rural areas • The beauty and skin care sub-category accounts for ~x% of the total sales of soap in India • Herbal soap is the fastest growing category in the Indian soap market • Increasing awareness about hygiene in rural areas is providing growth opportunities to several players • xx Soap market in India - overview FY 2019e FY 2020e FY 2021e FY 2022e FY 2023e INRBn India historical market (based on value) India forecasted market (based on value) CAGR (2016-2018): x% CAGR (2019-2023): x%
  • 7. Segments Based on product • Lux • Santoor • Dettol • Vivel • Others • The soap market in India is segmented based on brands, (Lux, Dove, Pears, Santoor, etc.), category (beauty soaps, health soaps, and others), and players operating in the market (Hindustan Unilever, ITC, Wipro, and others) • Among the top players, Hindustan Unilever Ltd. recorded maximum market share in FY 2018 • xx • Beauty soaps • Health soaps • Others Based on category SoapmarketinIndia Segments Based on market players • Hindustan Unilever Ltd. • ITC Ltd. • Wipro Ltd. • Godrej Consumer Products Ltd. • Others • Rural • Urban Based on consumption Market segmentation 7
  • 8. Beauty soaps Health soaps Others Market segmentation (continued) Key observations FY 2017 Based on product Based on category Lux Santoor Dettol Vivel Others FY 2017 • In India, ~x% of the overall soap market is captured by Lux, followed by Santoor and Vivel • Various beauty soaps have bagged nearly half of the market share across India • During FY 2017, the beauty soaps segment dominated the domestic soap market with a share of ~x%, followed by the health soaps segment • Popular beauty soap brands operating in India include Lux, Dove, Pears, Santoor, and Vivel • In FY 2017, Lux was the leading soap brand with a market share of ~x%, followed by Santoor, Vivel and other brands • xx 8
  • 9. Company name Types of soap manufactured Brands Features Colgate Palmolive (India) Ltd. xx xx xx Godrej Consumer Products Ltd. xx xx xx Hindustan Unilever Ltd. xx xx xx ITC Ltd. xx xx xx Jyothy Laboratories Ltd. xx xx xx Wipro Ltd. xx xx xx Cholayil Pvt. Ltd. xx xx xx Karnataka Soaps and Detergents Ltd. xx xx xx The Himalaya Drug Company xx xx xx Reckitt Benckiser (India) Pvt. Ltd. xx xx xx Key product features – top 10 players 9
  • 10. • Fierce rivalry exist among the top brands in the market • xx Threat of new entrant Buyer powersThreat of substitutions Supply power Competitive rivalry • Willingness to try new and better products encourage new entrants to the soap market • xx • The low switching costs of products control the buying patterns of price sensitive customers • xx • Manufacturers often have long term supply agreements with raw material providers • xx • Close substitutes for soap bars include shower gels • xx Porter’s five forces analysis 10
  • 11. Export: HS code 2015 2016 2017 2018 Export (value) 2015 2016 2017 2018 Export (volume) 11
  • 12. Export segmentation: HS code Country-wise segmentation (based on value) Country A Country B Country C Country D Country E Country F 2017 Country A Country B Country C Country D Country E Country F 2018 Country-wise segmentation (based on volume) Country A Country B Country C Country D Country E Country F Country A Country B Country C Country D Country E Country F 2017 2018 12
  • 13. Import: HS code 2015 2016 2017 2018 Import (value) 2015 2016 2017 2018 Import (volume) 13
  • 14. Import segmentation: HS code Country-wise segmentation (based on value) Country A Country B Country C Country D Country E Country F 2017 Country A Country B Country C Country D Country E Country F 2018 Country-wise segmentation (based on volume) Country A Country B Country C Country D Country E Country F Country A Country B Country C Country D Country E Country F 2017 2018 14
  • 15. Market drivers • Recently, Indian consumers are looking for ultra-benefit offerings provided by premium soaps • Fragrance has turned out to be a vital ingredient in personal care products • Further, integrating cooling agents and herbal ingredients in bathing soaps is attracting more customers • xx 01 Introduction of new products with upgraded features • Health Literacy Programs started by the government are encouraging the use of soaps in rural areas • Moreover, increasing internet penetration across the country is expected to help rural consumers explore the soap market and avail offers online • Growing awareness about sanitation and increasing disposable income in rural India are acting as key drivers for the growth of the market • xx 02 Increasing rural consumption 15
  • 16. • Most of the chemicals used in soaps often prove to be harmful for skin • Improper composition of chemicals in bathing soaps often cause allergies, and may often lead to migraines and other health issues • Presence of chemicals and other toxic elements in soaps often discourages consumers from using them • xx 01 • Withdrawal of INR 500 and INR 1000 currency notes by the Reserve Bank of India (RBI) has negatively affected the soap market in India • Due to reduction in circulation of currency notes, many manufacturers have recorded a decrease in production by x%, since January 2017 • xx 02 Impact of demonetization Impact of harmful ingredients in soap Market challenges 16
  • 17. 17 Soap as an instrument of hygiene Soap as a therapeutic agent • More than 1/3rd of the adults claim to look for anti-bacterial features in soaps and shower products • xx • With an increasing inclination towards Ayurveda, customers are currently considering the use of organic soaps as part of therapy to relax their minds and bodies • xx Key market trends
  • 18. Public: domestic company – company A (continued) 18 Company information Products and services Corporate address xx Tel no. xx Fax no. xx Website xx Year of incorporation Xx Stock exchange : ticker xx Key people Name Designation Person 1 xx Person 2 xx Person 3 xx Person 4 xx Business description • xx Category Products and services Category 1 xx Category 2 xx
  • 19. 19 Financial snapshot 2015 2016 2017 2018 Particulars FY 2015 FY 2016 FY 2017 FY 2018 Profitability ratios Gross margin % xx xx xx xx Net income margin % xx xx xx xx EBITDA margin % xx xx xx xx EBITA margin % xx xx xx xx EBIT margin % xx xx xx xx Return on assets % xx xx xx xx Return on capital % xx xx xx xx Return on equity % xx xx xx xx Return on common equity % xx xx xx xx Liquidity ratios xx xx xx xx Current ratio xx xx xx xx Quick ratio xx xx xx xx Leverage ratios xx xx xx xx Total debt/equity xx xx xx xx Total debt/capital xx xx xx xx Interest coverage xx xx xx xx Efficiency ratios xx xx xx xx Total asset turnover xx xx xx xx Fixed asset turnover xx xx xx xx Accounts receivable turnover xx xx xx xx Inventory turnover xx xx xx xx Key ratios Indicators Value Market capitalization (INR Mn) xx Total enterprise value (INR Mn) xx Key financial performance indicators Public: domestic company – company A (continued)
  • 20. Key business segments Key geographical segments 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Country A 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Segment 1 Company A has been operating solely in the business of segment 1 for the last four years Company A has been operating solely in country A for the last four years 28 Public: domestic company – company A (continued)
  • 21. Private: domestic company – company B (continued) 21 Company information Products and services Corporate address xx Tel no. xx Fax no. xx Website xx Year of incorporation xx Key people Name Designation Person 1 xx Person 2 xx Person 3 xx Person 4 xx Business description • xx Category Products and services Category 1 xx Category 2 xx
  • 22. Appendix 22 Research methodology Secondary research Print media Annual reports of companies Leading newspapers Magazines and journals Open sources Company website Premium databases Electronic media Developed by an internal team of market analysts who track government statistics, consumer and trade association statistics, market research reports, annual company reports and accounts, directories, press articles from around the world and online databases. The effect of macroeconomic and demographic factors influencing consumer spending patterns have been considered while analyzing the current market dynamics and predicting growth forecasts.
  • 23. Appendix 23 About Research On Global Markets In-house Research Data VisualizationGlobal CoveragePanel Expertise Premium Databases Specialized panel of senior executives, analysts and practitioners Extensive experience of working on various premium databases Ability to conduct research across the globe in multiple languages Ability to present complex data insights in crisp, easy- to-understand visuals We utilize an in-house resource model to provide our clients with actionable insights Owned by Netscribes, Research on Global Markets is the go-to platform for global professionals looking for credible and transparent research on developed and emerging markets. We set ourselves apart from other online market research publishers with our focused coverage, commitment to data authenticity, simple licensing, and complete user privacy. About Netscribes Netscribes provides end-to-end research-driven solutions that help clients meet their growth objectives by collaboratively transforming information into business advantage. Global market intelligence and content management firm – services across the research and information value chain Venture-funded by US and Singapore private equity firms 725+ member delivery team across Mumbai, Kolkata and Gurgaon, and sales presence in USA, UK, Singapore, Dubai and Israel Revenue composition: USA: 45% Europe/MENA: 45% APAC: 10% ISO 9001:2008 certified by DNV GL since 2014
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Editor's Notes

  1. https://autotechreview.com/technology/tech-update/iot-to-bring-disruptive-changes-to-automotive-industry important
  2. https://news.sap.com/2017/07/sap-leonardo-live-sap-edge-services-going-digital/ https://blogs.sap.com/2018/05/11/extending-the-intelligent-enterprise-to-the-edge-sap-leonardo-iot-edge-sap-edge-services-2018-spring-releases-highlights/ https://www.statista.com/statistics/263852/saps-revenue-by-region/ https://blogs.sap.com/2017/08/03/intelligence-at-the-cutting-edge-with-sap-leonardo-iot-edge/
  3. https://www.mordorintelligence.com/industry-reports/fog-networking-market https://www.techrepublic.com/article/why-public-cloud-and-edge-computing-are-essential-to-the-future-of-smart-cities/ https://dzone.com/articles/competitive-landscape-on-the-edge-of-iot https://dzone.com/articles/competitive-landscape-on-the-edge-of-iot
  4. https://www.researchgate.net/publication/302873049_Advanced_Driver_Assistance_Systems_Human-Machine_Interaction_Technologies_Patents_and_Future_Market_Opportunities https://autotechreview.com/media/attachments/20_25_atrJun2016.pdf https://program-ace.com/blog/the-future-of-touchless-technologies-voice-or-gesture/
  5. https://news.sap.com/2017/07/sap-leonardo-live-sap-edge-services-going-digital/ https://blogs.sap.com/2018/05/11/extending-the-intelligent-enterprise-to-the-edge-sap-leonardo-iot-edge-sap-edge-services-2018-spring-releases-highlights/ https://www.statista.com/statistics/263852/saps-revenue-by-region/ https://blogs.sap.com/2017/08/03/intelligence-at-the-cutting-edge-with-sap-leonardo-iot-edge/
  6. https://news.sap.com/2017/07/sap-leonardo-live-sap-edge-services-going-digital/ https://blogs.sap.com/2018/05/11/extending-the-intelligent-enterprise-to-the-edge-sap-leonardo-iot-edge-sap-edge-services-2018-spring-releases-highlights/ https://www.statista.com/statistics/263852/saps-revenue-by-region/ https://blogs.sap.com/2017/08/03/intelligence-at-the-cutting-edge-with-sap-leonardo-iot-edge/
  7. https://news.sap.com/2017/07/sap-leonardo-live-sap-edge-services-going-digital/ https://blogs.sap.com/2018/05/11/extending-the-intelligent-enterprise-to-the-edge-sap-leonardo-iot-edge-sap-edge-services-2018-spring-releases-highlights/ https://www.statista.com/statistics/263852/saps-revenue-by-region/ https://blogs.sap.com/2017/08/03/intelligence-at-the-cutting-edge-with-sap-leonardo-iot-edge/