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Enterprise Resource Planning Software - Nordics

Nordics

The Enterprise Resource Planning Software market in the Nordics is expected to generate a revenue of US$1.25bn by 2024.
The market is projected to experience a steady annual growth rate (CAGR 2024-2029) of 2.87%, resulting in a market volume of US$1.44bn by 2029.
The average Spend per Employee in the Enterprise Resource Planning Software market is estimated to reach US$81.96 in 2024.
In comparison to other countries, United States is predicted to generate the highest revenue of US$26,700.00m in 2024.
In the Nordics, there is a growing demand for cloud-based ERP software solutions to streamline business operations and increase efficiency.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Customers in Nordics have been increasingly adopting cloud-based ERP solutions due to their flexibility, scalability, and cost-effectiveness. Additionally, there has been a growing demand for ERP solutions that integrate with other business applications, such as customer relationship management (CRM) and supply chain management (SCM) systems. This has led to an increase in demand for ERP vendors that offer open APIs and easy integration options.

Trends in the market: One of the major trends in the ERP software market in Nordics is the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies. ERP vendors are incorporating AI and ML capabilities into their solutions to automate routine tasks, improve decision-making, and enhance overall efficiency. Another trend is the growing demand for mobile ERP solutions, allowing users to access critical business data and processes from anywhere, at any time.

Local special circumstances: The Nordics region has a strong focus on sustainability and environmental responsibility. This has led to an increasing interest in ERP solutions that can help companies track and reduce their carbon footprint. Additionally, the region has a highly skilled workforce, which has led to a growing demand for ERP solutions that can support complex business processes and workflows.

Underlying macroeconomic factors: The Nordics region has a stable and mature economy, with a strong emphasis on innovation and technology. This has led to a growing demand for ERP solutions that can support digital transformation initiatives and help companies stay competitive in the global marketplace. Additionally, the region has a high level of government support for small and medium-sized enterprises (SMEs), which has led to a growing number of startups and a need for ERP solutions that can support their unique business needs.

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.