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Enterprise Resource Planning Software - Latvia

Latvia

Latvia is projected to witness a significant increase in revenue within the Enterprise Resource Planning Software market, with a projected revenue of US$8.97m in 2024.
This growth is expected to continue at an annual growth rate of 4.75% (CAGR 2024-2029), resulting in a market volume of US$11.31m by 2029.
Furthermore, the average Spend per Employee within the Enterprise Resource Planning Software market is projected to reach US$9.14 in 2024.
In terms of global comparison, United States is anticipated to generate the highest revenue within the Enterprise Resource Planning Software market, with a projected revenue of US$26,700.00m in 2024.
Latvia has seen an increasing demand for cloud-based Enterprise Resource Planning Software solutions in the software market.

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

Market

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Currency

Analyst Opinion

The Enterprise Resource Planning Software market in Latvia has been steadily growing in recent years, driven by various factors such as increasing demand from businesses of all sizes and the need for better management of resources and data.

Customer preferences: Latvian businesses are increasingly looking for software solutions that can help them streamline their operations, improve efficiency, and reduce costs. This has led to a growing demand for Enterprise Resource Planning (ERP) software, which can help businesses manage their resources, including finances, inventory, and customer data, in a more integrated and efficient way. Many businesses in Latvia are also looking for cloud-based ERP solutions, which can offer greater flexibility and scalability, as well as easier access to data from anywhere.

Trends in the market: One of the key trends in the ERP software market in Latvia is the growing adoption of cloud-based solutions. Cloud ERP software offers several advantages over traditional on-premise solutions, including lower upfront costs, greater flexibility, and easier scalability. As a result, more and more businesses in Latvia are choosing cloud ERP solutions over traditional on-premise software.Another trend in the market is the increasing focus on mobile ERP solutions. With more employees working remotely and on-the-go, there is a growing need for ERP software that can be accessed from mobile devices such as smartphones and tablets. Many ERP vendors are now offering mobile apps that allow employees to access key data and functions from anywhere, at any time.

Local special circumstances: One of the unique factors influencing the ERP software market in Latvia is the country's relatively small size and population. With a population of just over 1.9 million, Latvia has a relatively small business community, which means that ERP vendors may need to tailor their solutions to the needs and preferences of this market. Additionally, Latvia's location in Northern Europe means that it may be more closely aligned with the preferences and trends of other Nordic countries, such as Sweden and Finland.

Underlying macroeconomic factors: Latvia has experienced steady economic growth in recent years, which has helped to support the growth of the ERP software market. Additionally, the country's membership in the European Union has helped to open up new opportunities for businesses, including access to a larger market and increased investment. However, Latvia also faces challenges such as a relatively low average wage and a high level of emigration, which can make it difficult for businesses to attract and retain skilled workers. These factors may influence the demand for ERP software, as businesses look for solutions that can help them manage their resources more efficiently and effectively.

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.