Key regions: China, Germany, United States, United Kingdom, Canada
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.
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