Key regions: China, Germany, United States, United Kingdom, Canada
The Enterprise Performance Management Software market in Ghana has been experiencing steady growth in recent years, driven by various factors.
Customer preferences: Ghanaian businesses are increasingly adopting Enterprise Performance Management Software to improve their financial planning and analysis capabilities. This software allows companies to streamline their financial reporting processes, automate data collection, and gain real-time insights into their financial performance. Additionally, the software's ability to integrate with other business systems and provide a single source of truth for financial data is highly valued by Ghanaian businesses.
Trends in the market: One trend that has been observed in the Ghanaian Enterprise Performance Management Software market is the increasing demand for cloud-based solutions. This is driven by the need for businesses to access their financial data remotely, especially in light of the COVID-19 pandemic. Another trend is the growing popularity of mobile-friendly software, which allows users to access financial data on the go.
Local special circumstances: One factor that has contributed to the growth of the Enterprise Performance Management Software market in Ghana is the government's efforts to improve the country's business environment. This has led to increased foreign investment and a growing number of small and medium-sized enterprises (SMEs) in the country. These businesses are increasingly looking to adopt Enterprise Performance Management Software to improve their financial management capabilities and compete with larger companies.
Underlying macroeconomic factors: Ghana's economy has been growing steadily in recent years, with a GDP growth rate of 6.5% in 2019. This growth has been driven by the country's expanding oil and gas sector, as well as its growing services sector. Additionally, Ghana's stable political environment and improving infrastructure have made it an attractive destination for foreign investment. These macroeconomic factors have contributed to the growth of the Enterprise Performance Management Software market in Ghana, as businesses seek to improve their financial management capabilities and take advantage of the country's growing economy.
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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