Business Intelligence Software - Serbia

The projected revenue in the Business Intelligence Software market in Serbia is expected to reach US$8.02m in 2024.
It is anticipated that this revenue will experience an annual growth rate (CAGR 2024-2029) of 10.05%, resulting in a market volume of US$12.94m by 2029.
Additionally, the average Spend per Employee in the Business Intelligence Software market is projected to reach US$2.47 in 2024.
In comparison to other countries, United States is expected to generate the highest revenue, amounting to US$13.96bn in 2024.
Serbia is experiencing a surge in demand for business intelligence software, as companies seek to optimize their data-driven decision-making processes.

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 demand for Business Intelligence Software in Serbia has been increasing steadily in recent years.

Customer preferences: Serbian businesses are increasingly adopting Business Intelligence Software to help them make data-driven decisions. The software is particularly popular among large enterprises in the country, who are using it to manage their complex data sets and gain insights into their operations. Small and medium-sized enterprises are also beginning to adopt Business Intelligence Software, as they seek to become more competitive and efficient.

Trends in the market: One of the key trends in the Business Intelligence Software market in Serbia is the growing demand for cloud-based solutions. Many businesses are looking to move away from traditional on-premises software and take advantage of the flexibility and scalability offered by the cloud. This trend is being driven by the increasing availability of high-speed internet connections in Serbia, which is making it easier for businesses to access cloud-based software.Another trend in the market is the increasing use of artificial intelligence and machine learning in Business Intelligence Software. These technologies are being used to automate data analysis and generate insights more quickly and accurately than traditional methods. This trend is particularly relevant for businesses in Serbia, as they look to gain a competitive edge in an increasingly globalized market.

Local special circumstances: Serbia is a country with a rapidly growing economy, and many businesses are looking to take advantage of this growth by investing in new technologies. The government has been actively promoting the development of the technology sector, and this has helped to create a favorable environment for businesses looking to adopt new technologies like Business Intelligence Software.

Underlying macroeconomic factors: Serbia's economy has been growing steadily in recent years, and this has created a favorable environment for businesses looking to invest in new technologies. The country's GDP has been growing at a steady rate, and this has helped to create a growing middle class with increasing purchasing power. This has created a growing market for Business Intelligence Software, as businesses seek to become more competitive and efficient in an increasingly globalized market. Additionally, the government has been investing heavily in infrastructure, including high-speed internet connections, which has helped to create a favorable environment for businesses looking to adopt cloud-based software.

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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