Enterprise Performance Management Software - South Korea

The Enterprise Performance Management Software market in South Korea is expected to see a significant increase in revenue, reaching US$72.39m in 2024.
Looking ahead, the market is projected to grow at an annual growth rate of 4.43% (CAGR 2024-2029), resulting in a market volume of US$89.89m by 2029.
When it comes to the average Spend per Employee in the Enterprise Performance Management Software market, it is expected to reach US$2.42 in 2024.
This metric indicates the amount of money spent on the software per employee in a company.
In a global comparison, it is worth noting that United States is projected to generate the highest revenue in the Enterprise Performance Management Software market, with an estimated US$2.87bn in 2024.
This demonstrates the dominance of the United States in this market segment.
South Korea's increasing focus on data-driven decision making is driving the demand for advanced enterprise performance management software 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

South Korea, a country known for its technological advancements, has been experiencing a steady growth in the Enterprise Performance Management Software market.

Customer preferences: South Korean businesses are increasingly adopting cloud-based solutions for their Enterprise Performance Management needs. This is driven by the need for a more flexible, scalable and cost-effective solution. Additionally, businesses are looking for software that can integrate with other systems and provide real-time data analysis.

Trends in the market: South Korea's Enterprise Performance Management Software market is expected to grow at a steady pace in the coming years. One of the key trends in the market is the adoption of cloud-based solutions. The market is also seeing an increasing demand for solutions that can provide real-time data analysis and integrate with other systems. Another trend in the market is the increasing use of mobile devices for accessing Enterprise Performance Management Software.

Local special circumstances: South Korea has a highly competitive business environment, which is driving the need for businesses to adopt Enterprise Performance Management Software. Additionally, the country has a large number of small and medium-sized enterprises (SMEs) that are looking for cost-effective solutions to manage their business operations.

Underlying macroeconomic factors: South Korea's economy has been growing steadily in recent years, which is driving the demand for Enterprise Performance Management Software. Additionally, the government has been promoting the adoption of digital technologies, which is contributing to the growth of the market. The country's high level of technological advancement and skilled workforce is also attracting foreign investments and driving the growth of the market.

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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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.