Enterprise Performance Management Software - Estonia

The Enterprise Performance Management Software market is expected to generate a revenue of US$839.40k in 2024.
This market segment is projected to experience an annual growth rate (CAGR 2024-2029) of 3.95%, leading to a market volume of US$1.02m by 2029.
In Estonia, the average Spend per Employee is estimated to be US$1.11 in 2024.
However, it is important to note that in global comparison, United States is anticipated to generate the highest revenue in this market, amounting to US$2.87bn in 2024.
Estonia is emerging as a leading hub for innovative Enterprise Performance Management Software solutions, attracting global investors and fostering a thriving tech ecosystem.

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 Estonia has been steadily growing in recent years, driven by a number of factors unique to the region.

Customer preferences: Estonian companies are increasingly looking to improve their financial management practices by adopting Enterprise Performance Management Software. This is driven by a desire to improve financial reporting accuracy, increase efficiency, and reduce costs. Companies are also looking to gain better insights into their financial data to help inform strategic decision-making.

Trends in the market: One trend in the Estonian market is a shift towards cloud-based Enterprise Performance Management Software solutions. This is driven by a desire to reduce IT costs and increase flexibility, as well as the growing availability of cloud-based solutions. Another trend is the increasing use of data analytics and artificial intelligence within Enterprise Performance Management Software, allowing companies to gain deeper insights into their financial data and make more informed decisions.

Local special circumstances: Estonia has a highly developed IT sector, with a number of successful software companies operating in the country. This has helped to drive innovation in the Enterprise Performance Management Software market, with local companies developing cutting-edge solutions tailored to the needs of Estonian businesses. Additionally, Estonia has a relatively small business community, which has enabled local software companies to build strong relationships with their customers and provide personalized support.

Underlying macroeconomic factors: Estonia has a strong and stable economy, with a high level of economic freedom and a favorable business environment. This has helped to attract foreign investment and drive growth in the Enterprise Performance Management Software market. Additionally, Estonia has a highly educated workforce, with a strong focus on STEM education, which has helped to drive innovation in the software sector. Finally, Estonia has a relatively low cost of living, which has helped to make the country an attractive destination for software development and other IT-related activities.

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.