Key regions: China, Germany, United States, United Kingdom, Canada
The Enterprise Performance Management Software market in Nordics has been steadily growing over the past few years.
Customer preferences: Businesses in the Nordics region have been increasingly adopting Enterprise Performance Management (EPM) software to streamline their financial planning, budgeting, and forecasting processes. This has been driven by a desire to improve operational efficiency and increase profitability. Additionally, the rise of remote work due to the COVID-19 pandemic has further accelerated the adoption of cloud-based EPM solutions.
Trends in the market: One of the key trends in the EPM market in Nordics is the shift towards cloud-based solutions. Cloud-based EPM software offers several benefits, including lower upfront costs, greater flexibility, and easier scalability. This trend is expected to continue in the coming years, as more businesses in the region look to modernize their financial planning and analysis processes.Another trend in the EPM market in Nordics is the increasing use of artificial intelligence (AI) and machine learning (ML) to automate financial processes. AI and ML can help businesses to improve forecasting accuracy, identify cost-saving opportunities, and optimize resource allocation. This trend is expected to continue as the technology becomes more advanced and accessible.
Local special circumstances: The Nordics region has a unique business culture that values transparency, sustainability, and social responsibility. This has led to an increased focus on non-financial metrics, such as environmental impact and employee satisfaction, in financial planning and analysis. As a result, EPM software providers in the region have developed solutions that can help businesses to track and report on these metrics alongside traditional financial metrics.
Underlying macroeconomic factors: The Nordics region has a highly developed economy with a strong focus on innovation and technology. This has created a favorable environment for the growth of the EPM market, as businesses in the region are more likely to adopt new technologies that can help them to stay competitive. Additionally, the region has a highly educated workforce with a strong background in finance and technology, which has helped to drive the 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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