Key regions: United States, France, Germany, South Korea, Canada
Business Intelligence Software has seen a steady growth in Latvia over the past few years. The country has been investing in technology and digital infrastructure, which has led to an increase in demand for software that can help companies analyze data and make informed decisions.
Customer preferences: Latvian businesses are increasingly looking for software that can help them make sense of the vast amounts of data they generate. They want software that is easy to use, customizable, and can provide real-time insights. Cloud-based solutions are becoming more popular as they offer flexibility and scalability, making it easier for companies to manage and analyze their data.
Trends in the market: One of the key trends in the Latvian Business Intelligence Software market is the increasing adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies. These technologies can help businesses analyze data faster and more accurately, providing them with valuable insights that can help them make better decisions. Another trend is the growing demand for mobile BI solutions, which allow users to access data on the go and make decisions in real-time.
Local special circumstances: Latvia has a relatively small market compared to other countries in the region, which means that companies need to be innovative and agile to stay ahead of the competition. Many Latvian businesses are focused on exports, which requires them to have a deep understanding of global markets and trends. This has led to an increased demand for software that can help them analyze data from different markets and make informed decisions.
Underlying macroeconomic factors: Latvia's economy has been growing steadily over the past few years, driven by strong exports and a growing technology sector. The government has been investing heavily in digital infrastructure, which has created a favorable environment for businesses to adopt new technologies. Additionally, Latvia's strategic location at the crossroads of Europe and Asia has made it an attractive destination for companies looking to expand their operations in the region. All of these factors have contributed to the growth of the Business Intelligence Software market in Latvia.
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.
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