Key regions: China, Germany, United States, United Kingdom, Canada
The Enterprise Performance Management Software market in Latvia has been experiencing steady growth in recent years.
Customer preferences: Latvian businesses are increasingly looking for software solutions that can help them streamline their financial and operational processes. Enterprise Performance Management Software, which provides real-time data analysis and forecasting capabilities, is becoming more popular as businesses seek to improve their decision-making abilities and increase their efficiency. Additionally, the growing trend towards cloud-based software solutions is also driving demand for Enterprise Performance Management Software in Latvia.
Trends in the market: One of the key trends in the Enterprise Performance Management Software market in Latvia is the increasing adoption of cloud-based solutions. This is due to the many benefits that cloud-based software offers, such as lower costs, greater flexibility, and improved scalability. Another trend is the growing demand for software solutions that can provide real-time data analysis and forecasting capabilities. This is particularly important for businesses that need to make quick decisions based on changing market conditions.
Local special circumstances: Latvia is a small country with a relatively small business community. This means that there is a limited pool of potential customers for Enterprise Performance Management Software vendors. However, the country's location on the Baltic Sea and its membership in the European Union make it an attractive location for businesses looking to expand into the region. This has led to an increase in demand for software solutions that can help businesses manage their operations across multiple countries.
Underlying macroeconomic factors: Latvia's economy has been growing steadily in recent years, with GDP growth rates consistently outpacing the Eurozone average. This has led to increased investment in the country and a growing number of businesses operating in Latvia. Additionally, the country's favorable tax regime and business-friendly environment have made it an attractive location for foreign investors. These factors have contributed to the growth of the Enterprise Performance Management Software market in Latvia.
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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