Enterprise Software - Iceland

Iceland

Revenue in the Enterprise Software market is projected to reach US$58.31m in 2024.
Customer Relationship Management Software dominates the market with a projected market volume of US$17.38m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.67%, resulting in a market volume of US$88.36m by 2029.
The average Spend per Employee in the Enterprise Software market is projected to reach US$231.00 in 2024.
In global comparison, most revenue will be generated in the United States (US$150.50bn in 2024).

Key regions: France, United Kingdom, Australia, Canada, South Korea

Definition:

The Enterprise Software market covers software applications designed to support essential business activities by large organizations such as enterprise resource planning, customer relationship management, business intelligence, and supply chain management.

Products in the Enterprise 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.

Structure:

The Enterprise Software market contains eight markets that are based on the functionality of the software:

Business Intelligence Software refers to software applications that support organizations to analyze, visualize, and report data.
Content Management Software refers to a wide range of software applications that support organizations to manage their digital content such as documents, images, and videos.
Customer Relationship Management Software refers to software applications that support organizations to manage their interactions with customers, clients, and prospects.
eCommerce Software refers to a wide range of software applications that support organizations to manage their online sales channels.
Enterprise Performance Management Software refers to software solutions that help organizations to manage and improve their performance across various areas, such as finance, operations, and strategy.
Enterprise Resource Planning Software refers to software applications that support organizations to manage, integrate and optimize important business activities related to resources such as people, finance, capital, materials, and orders.
Supply Chain Management Software refers to software applications that support organizations to manage their supply chain activities such as inventory optimization, supplier and vendor management, and logistic operations.
Other Enterprise Software refers to aggregated revenues for the types of enterprise software that are not specifically mentioned in the other Enterprise Software markets, such as Project Management Software, Product Life Cycle Management Software, and Production and Operation Software.

Additional Information:

The Enterprise Software market comprises revenue and revenue growth as the key performance indicators. Only 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 revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed.

Key players in this market include SAP, Salesforce, Adobe, and Oracle.

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Market

Region

Region comparison

Currency

Analyst Opinion

The Enterprise Software market in Iceland has been experiencing steady growth in recent years, driven by a number of factors unique to the region.

Customer preferences: Icelandic customers have shown a preference for cloud-based software solutions, which offer a number of benefits including scalability, cost-effectiveness, and ease of use. This trend is in line with global preferences, as businesses increasingly move away from on-premise software solutions in favor of cloud-based alternatives.

Trends in the market: One of the key trends in the Icelandic Enterprise Software market is the growing demand for solutions that can help businesses streamline their operations and improve efficiency. This has led to increased investment in software solutions that automate key business processes, such as accounting, inventory management, and customer relationship management.Another trend in the Icelandic market is the increasing importance of data analytics. With businesses generating more data than ever before, there is a growing need for software solutions that can help them make sense of this information and use it to drive business decisions.

Local special circumstances: One of the unique factors driving the Enterprise Software market in Iceland is the country's small population size. With a population of just over 350,000 people, Icelandic businesses face a number of challenges that are not present in larger markets. For example, there are fewer resources available for businesses to draw on, and the market is more tightly knit, meaning that word of mouth and personal recommendations can be particularly important.

Underlying macroeconomic factors: Iceland's economy has been growing steadily in recent years, with strong growth in the tourism, technology, and energy sectors. This has created a favorable environment for businesses to invest in Enterprise Software solutions, as they look to capitalize on the opportunities presented by a growing economy.Another macroeconomic factor driving the Enterprise Software market in Iceland is the country's highly educated workforce. With a strong emphasis on education and training, Icelandic workers are well-equipped to take advantage of the latest software solutions, making them more productive and efficient in their work.

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.