Enterprise Performance Management Software - Kuwait

The Enterprise Performance Management Software market in Kuwait is expected to witness substantial growth in the coming years.
By 2024, the projected revenue is estimated to reach US$1.73m.
Furthermore, the market is expected to exhibit a compound annual growth rate (CAGR) of 2.68% between 2024 and 2029, resulting in a market volume of US$1.97m by the end of 2029.
In terms of spending, the average Spend per Employee in the Enterprise Performance Management Software market is projected to reach US$0.68 by 2024.
This indicates the potential for increased investment and adoption of these software solutions in Kuwait.
On a global scale, United States is anticipated to be the leading revenue generator in the Enterprise Performance Management Software market, with an estimated revenue of US$2.87bn in 2024.
This highlights the dominance of the United States in this market segment.
Kuwait's adoption of cloud-based Enterprise Performance Management Software is driving increased efficiency and accuracy in financial planning and analysis for businesses in the country.

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 Kuwait has been experiencing a steady growth rate in recent years.

Customer preferences: Kuwaiti businesses have been showing an increasing interest in EPM software due to its ability to streamline financial processes and improve decision-making capabilities. The software's ability to provide real-time data analysis, forecasting, and budgeting has made it an attractive option for businesses of all sizes.

Trends in the market: One of the major trends in the EPM software market in Kuwait is the increasing adoption of cloud-based solutions. This trend is driven by the need for businesses to access their financial data from anywhere and at any time. Additionally, the cloud-based solutions are more cost-effective, as they eliminate the need for businesses to invest in expensive hardware and IT infrastructure.Another trend in the market is the integration of artificial intelligence and machine learning capabilities into EPM software. This integration allows businesses to automate routine tasks, such as data collection and analysis, and focus on more strategic decision-making.

Local special circumstances: Kuwait's economy is heavily dependent on the oil industry, which has been experiencing volatility in recent years. This has led businesses in Kuwait to focus on improving their financial management and decision-making capabilities to weather the economic uncertainty. EPM software has emerged as a valuable tool in achieving this goal.

Underlying macroeconomic factors: Kuwait's economy is expected to grow steadily in the coming years, driven by government investments in infrastructure and the non-oil sector. This growth is expected to drive demand for EPM software as businesses seek to improve their financial management capabilities to capitalize on the opportunities presented by the growing economy. Additionally, Kuwait's government has been promoting digital transformation initiatives, which are expected to further drive adoption of EPM software.

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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