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:
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 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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Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.
Most recent update: Jul 2024
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
The demand for Enterprise Software in Nigeria has been on the rise in recent years, driven by various factors such as increasing adoption of digital technologies by businesses, growth in the IT sector, and government initiatives to promote digitalization.
Customer preferences: Nigerian businesses are increasingly adopting digital technologies to streamline their operations, improve efficiency, and gain a competitive edge. This has led to a growing demand for enterprise software solutions that can help businesses to automate their processes, manage their data, and enhance their decision-making capabilities. Additionally, with the rise of remote work due to the COVID-19 pandemic, businesses are increasingly turning to cloud-based software solutions that can be accessed from anywhere.
Trends in the market: The Enterprise Software market in Nigeria is witnessing a shift towards cloud-based solutions, as businesses seek to take advantage of the scalability, flexibility, and cost-effectiveness of cloud computing. Furthermore, there is a growing trend towards the adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies in enterprise software, as businesses seek to leverage the power of data analytics to gain insights into their operations and make more informed decisions.Local Special circumstances: Nigeria is home to a vibrant and rapidly growing IT sector, with a large pool of skilled professionals and a thriving startup ecosystem. This has led to the emergence of a number of local software companies that are developing innovative enterprise software solutions tailored to the needs of Nigerian businesses. Additionally, the Nigerian government has launched various initiatives to promote digitalization and technology adoption, such as the National Digital Economy Policy and Strategy and the Nigerian Technology Innovation and Entrepreneurship Center.
Underlying macroeconomic factors: Nigeria is the largest economy in Africa and is projected to continue growing in the coming years. The country has a young and rapidly growing population, which is increasingly tech-savvy and digitally connected. Furthermore, the Nigerian government has been implementing various economic reforms aimed at diversifying the economy and promoting private sector growth. These factors are expected to drive the demand for enterprise software solutions in Nigeria in the coming years.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Sources: Statista Market Insights, Financial Statements of Key Players, National statistical offices
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights
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.