Market Insights Technology Software Enterprise Software

Enterprise Resource Planning Software - Kuwait

Kuwait

The Enterprise Resource Planning Software market in Kuwait is expected to see a significant increase in revenue, with projections indicating that it will reach US$17.64m by the year 2024.
This growth is further expected to continue with an annual growth rate of 1.00% between 2024 and 2029, resulting in a market volume of US$18.54m by the year 2029.
Furthermore, it is anticipated that the average Spend per Employee in the Enterprise Resource Planning Software market in Kuwait will reach US$6.94 in 2024.
This indicates the level of investment and value placed on this software within the country.
In a global context, United States is set to generate the highest revenue in the Enterprise Resource Planning Software market, with projections estimating it to reach a staggering US$26,700.00m in 2024.
This highlights the dominance of the US market in this sector.
Kuwait's growing demand for advanced ERP software reflects the nation's commitment to digital transformation and streamlining business operations.

Key regions: United Kingdom, China, Australia, Canada, United States

Market

Region

Region comparison

Currency

Analyst Opinion

The Enterprise Resource Planning (ERP) software market in Kuwait has been experiencing steady growth over the past few years.

Customer preferences: Kuwaiti businesses are increasingly adopting ERP software to manage their operations and streamline their processes. This is due to the growing need for businesses to increase productivity, reduce costs, and improve their overall efficiency. Additionally, the increasing availability of cloud-based ERP solutions has made it easier for businesses of all sizes to adopt ERP software.

Trends in the market: One major trend in the Kuwaiti ERP software market is the increasing demand for cloud-based ERP solutions. This is due to the many benefits that cloud-based solutions offer, such as lower costs, scalability, and ease of use. Another trend is the growing adoption of mobile ERP solutions, which allow businesses to access their ERP systems from anywhere, at any time.

Local special circumstances: Kuwait has a relatively small business community, with most businesses being small to medium-sized enterprises (SMEs). This means that ERP software vendors need to tailor their solutions to meet the specific needs of SMEs, such as affordability, ease of use, and scalability. Additionally, Kuwait has a relatively low level of digitalization compared to other countries in the region, which means that ERP software vendors need to focus on educating businesses about the benefits of ERP software and how it can help them improve their operations.

Underlying macroeconomic factors: Kuwait has a relatively stable economy, with a high GDP per capita and a low unemployment rate. This means that businesses in Kuwait have the financial resources to invest in ERP software to improve their operations. Additionally, Kuwait is strategically located in the Middle East, which makes it an attractive market for ERP software vendors looking to expand their presence in the region.

Methodology

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.