Enterprise Performance Management Software - Colombia

The Enterprise Performance Management Software market in Colombia is projected to generate a revenue of US$12.13m by 2024.
It is expected to grow at an annual growth rate (CAGR 2024-2029) of 4.74%, resulting in a market volume of US$15.29m by 2029.
The average Spend per Employee in the Enterprise Performance Management Software market in Colombia is projected to be US$0.47 in 2024.
In a global comparison, United States is expected to generate the highest revenue with US$2.87bn in 2024.
Colombia's growing economy and increasing adoption of advanced technology drive the demand for Enterprise Performance Management Software in the country's software market.

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

The Enterprise Performance Management Software market in Colombia has shown significant growth in recent years.

Customer preferences: Colombian businesses have shown a preference for Enterprise Performance Management Software that is easy to use and implement. They also value software that can be customized to their specific needs and integrates well with other business applications.

Trends in the market: One trend in the Colombian Enterprise Performance Management Software market is the increasing adoption of cloud-based solutions. This is driven by the need for more flexible and scalable solutions that can be accessed from anywhere. Another trend is the growing demand for mobile-enabled software that allows users to access data and reports on the go.

Local special circumstances: Colombia has a large number of small and medium-sized enterprises (SMEs) that are looking for affordable and easy-to-use software solutions. This has led to the development of a number of local software providers that cater specifically to this market segment. Additionally, there is a growing demand for software solutions that can help businesses comply with local regulations, such as those related to tax reporting.

Underlying macroeconomic factors: The Colombian economy has been growing steadily in recent years, which has led to increased investment in technology and infrastructure. Additionally, the government has been implementing policies to encourage entrepreneurship and innovation, which has led to the growth of the SME sector. These factors have created a favorable environment for the development of the Enterprise Performance Management Software market in Colombia.

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.