Enterprise Software - Nordics

Nordics

The Enterprise Software market in the Nordics is expected to achieve a revenue of US$6.87bn in 2024.
Among the various segments, Customer Relationship Management Software stands out with a projected market volume of US$2.04bn in 2024.
With an annual growth rate of 4.57% (CAGR 2024-2029), the revenue is anticipated to reach US$8.59bn by 2029.
In terms of average Spend per Employee, the Enterprise Software market is projected to reach US$451.30 in 2024.
When compared globally, United States is expected to generate the highest revenue, amounting to US$150.50bn in 2024.
The Nordic countries have emerged as leaders in the adoption of enterprise software, with a strong focus on innovation and sustainability.

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.
AI Development Tool Software refers to a specialized category of software designed to facilitate the creation, testing, deployment, and management of artificial intelligence (AI) models and applications.
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 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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Analyst Opinion

The Enterprise Software market in Nordics has been steadily growing in recent years, driven by several factors such as the increasing adoption of cloud-based solutions and the digital transformation of businesses in the region.

Customer preferences: Customers in Nordics have shown a strong preference for cloud-based enterprise software solutions due to their flexibility, scalability, and cost-effectiveness. This has led to a shift away from traditional on-premise software solutions. Additionally, customers in the region prioritize software that is easy to use and integrates well with other systems.

Trends in the market: One of the major trends in the Enterprise Software market in Nordics is the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies. These technologies are being used to improve business processes, enhance customer experience, and drive innovation. Another trend is the growing demand for software solutions that address sustainability and environmental concerns.

Local special circumstances: Nordics is known for its innovative and tech-savvy culture, which has contributed to the growth of the Enterprise Software market in the region. Additionally, the region has a strong focus on sustainability, which has led to the development of software solutions that address environmental concerns. The region also has a highly skilled workforce, which has helped to drive innovation and technological advancements.

Underlying macroeconomic factors: The strong economy in Nordics has played a significant role in the growth of the Enterprise Software market. Additionally, the region has a high level of digitalization, which has created a favorable environment for the adoption of enterprise software solutions. The region also has a supportive regulatory environment that encourages innovation and entrepreneurship.

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.