Business Intelligence Software - Armenia

The projected revenue for the Business Intelligence Software market in Armenia is estimated to reach US$3.57m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 8.10%, resulting in a market volume of US$5.28m by 2029.
In terms of average Spend per Employee, it is projected to reach US$2.58 in 2024.
When compared globally, United States is expected to generate the highest revenue with US$13.96bn in 2024.
Armenia's growing tech sector is fueling the demand for advanced business intelligence software solutions.

Definition:

The Business Intelligence Software market covers software applications that support organizations in analyzing, visualizing, and reporting data. They are also used to present information in a business context and thus support rational business decisions. These applications help to access data, implement queries, create reports, and perform advanced predictive analytics.

Products in the Business Intelligence Software market can be obtained in two ways: as on-premises software that is sold via a transactional license or a subscription and as cloud-based software (software as a service/ SaaS) that is most frequently sold as a subscription.

Additional Information:

The Business Intelligence Software market comprises revenue and revenue growth as the key performance indicators. Only the revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included and the revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by enterprises (B2B) and governments (B2G).

Key players in this market include SAS Institute, SAP, and IBM.

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Reporting & analysis software, such as Zoho Analytics, IBM Cognos Analytics, and Domo
Advanced & predictive analytics, such as Tableau, Amazon Forecast, and Adobe Analytics

AI software platforms, such as OpenAI, Alphabet, and DeepMind
Supply chain and product analytics, such as Azure Machine Learning, Tableau, and Qlik Supply Chain Analytics
Analytic data management and integration, such as SAS, IBM, TIBCO, and DataStax
Analytics and performance management applications, such as Paycor, BambooHR, and Lattice

The Business Intelligence Software market in Armenia has been growing steadily in recent years.

Customer preferences: Armenian companies are increasingly adopting Business Intelligence Software to stay competitive in the global market. They are looking for solutions that can help them make data-driven decisions, improve operational efficiency, and enhance customer experience. Additionally, there is a growing demand for cloud-based Business Intelligence Software as it offers greater flexibility, scalability, and cost-effectiveness.

Trends in the market: One of the key trends in the Armenian Business Intelligence Software market is the increasing adoption of self-service BI tools. These tools allow business users to access and analyze data without the need for IT support, enabling faster decision-making and greater agility. Another trend is the integration of AI and machine learning capabilities into BI software, which can help companies uncover hidden insights and automate repetitive tasks.

Local special circumstances: Armenia has a small but growing technology sector, with a number of startups and IT companies operating in the country. The government has been actively promoting the development of the tech industry, offering tax breaks and other incentives to attract foreign investment. This has created a favorable environment for the adoption of Business Intelligence Software, as companies seek to leverage data to gain a competitive advantage.

Underlying macroeconomic factors: Armenia is a small, landlocked country with a population of around 3 million. The economy is heavily dependent on remittances from Armenians living abroad, as well as exports of precious stones and metals. However, the government has been working to diversify the economy by promoting the development of the tech industry and other sectors. This has led to an increase in demand for Business Intelligence Software, as companies seek to improve their operations and gain a competitive edge. Additionally, the country's strategic location at the crossroads of Europe and Asia makes it an attractive destination for foreign investment, further driving the growth of the Business Intelligence Software market.

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

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These activities are planned and put into stages in a logical order, a process known as the software development life cycle (SDLC) or software development. The SDLC often includes six stages: requirement analysis, design, development, testing, implementation, documentation, and evolution. Programming languages such as JavaScript and C++ are used to create software, with JavaScript being the most popular programming language in 2023 and used by roughly 65 percent of software developers.