Enterprise Performance Management Software - Armenia

Armenia is projected to witness a significant growth in revenue in the Enterprise Performance Management Software market, with the figure expected to reach US$831.80k by 2024.
This growth is further expected to continue at a compound annual growth rate (CAGR 2024-2029) of 7.34%, resulting in a market volume of US$1.19m by 2029.
In terms of average Spend per Employee, in Armenia is projected to reach US$0.60 in 2024.
However, on a global scale, United States is expected to generate the highest revenue in the market, with a staggering US$2.87bn in 2024.
Armenia's growing tech industry is driving demand for Enterprise Performance Management Software, making it a thriving market for software providers.

Definition:

The Enterprise Performance Management Software market covers software solutions that help organizations to manage and improve their performance across various areas, such as finance, operations, and strategy. These solutions typically include features for financial planning and analysis, budgeting, forecasting, and consolidation. These are primarily focused on providing insights and strategic guidance to help organizations make informed decisions and achieve their long-term goals.

Products in the Enterprise Performance Management 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 Enterprise Performance Management 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 Oracle. SAP, Anaplan, IBM, and Workday.

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Performance management software, such as PerformYard, Engagedly, Leapsome, BambooHR, SAP SuccessFactors, Paylocity, and Workday
Financial planning and budgeting, such as SAP, Workday, and Centage (Budget Maestro)
Strategic planning and modeling, such as Workday Adaptive Planning, Jedox, and Host Analytics

Administrative software, such as ADP, Gusto, Workday, and SAP
Office software, such as Microsoft, Google, and Zoho
Collaboration software, such as Google, Slack, and Zoom

Armenia, a small landlocked country in the South Caucasus region, has been experiencing a steady growth in the Enterprise Performance Management (EPM) software market in recent years.

Customer preferences: Armenian businesses are increasingly turning towards EPM software to streamline their financial processes, improve budgeting and forecasting, and enhance decision-making capabilities. The software allows companies to consolidate financial data from various sources, automate manual processes, and provide real-time insights into business performance. Small and medium-sized enterprises (SMEs) are the main consumers of EPM software in Armenia, as they seek to optimize their financial operations and compete with larger players in the market.

Trends in the market: One of the emerging trends in the EPM software market in Armenia is the adoption of cloud-based solutions. Cloud-based EPM software offers several advantages over traditional on-premise solutions, including lower upfront costs, greater scalability, and easier maintenance. As more businesses in Armenia embrace digital transformation, cloud-based EPM software is becoming increasingly popular.Another trend in the market is the integration of artificial intelligence (AI) and machine learning (ML) capabilities in EPM software. AI and ML can help businesses analyze large volumes of financial data, identify patterns and trends, and make more accurate predictions. This can lead to better decision-making and improved business performance.

Local special circumstances: Armenia has a growing technology sector, with a number of startups and IT companies operating in the country. This has created a favorable environment for the development of the EPM software market, as businesses seek innovative solutions to improve their financial operations. Additionally, the government of Armenia has been actively promoting the development of the technology sector through various initiatives and incentives, which has further boosted the growth of the EPM software market.

Underlying macroeconomic factors: The Armenian economy has been growing steadily in recent years, driven by the services sector and exports. This has led to an increase in business activity and investment, which has in turn fueled the demand for EPM software. Additionally, Armenia has a highly skilled workforce, particularly in the IT sector, which has enabled the development of high-quality EPM software solutions. The country's strategic location between Europe and Asia also makes it an attractive destination for businesses looking to expand their operations in the region.

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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