Enterprise Software - North Macedonia

North Macedonia

The Enterprise Software market in North Macedonia is expected to generate a revenue of US$23.98m by 2024.
Among the various software categories, Customer Relationship Management Software is projected to dominate the market with a market volume of US$7.26m in 2024.
The revenue in this market segment is anticipated to grow at an annual rate of 8.14% from 2024 to 2029, resulting in a market volume of US$35.47m by 2029.
Furthermore, the average Spend per Employee in the Enterprise Software market is estimated to reach US$25.39 in 2024.
In terms of global comparison, United States is expected to generate the highest revenue of US$150.50bn in 2024.
North Macedonia is experiencing a rise in demand for enterprise software solutions, driven by the country's growing tech sector.

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 North Macedonia has been steadily growing in recent years, driven by various factors such as customer preferences, local special circumstances, and underlying macroeconomic factors.

Customer preferences: North Macedonia has a high demand for enterprise software that can help businesses streamline their operations and improve their productivity. Small and medium-sized enterprises (SMEs) in particular are increasingly adopting cloud-based software solutions to reduce costs and enhance flexibility. Furthermore, there is a growing need for software that can help businesses comply with regulatory requirements and improve data security.

Trends in the market: One of the major trends in the Enterprise Software market in North Macedonia is the increasing adoption of cloud-based solutions. This trend is driven by the need for flexibility and scalability, as well as the cost savings that cloud-based solutions can provide. Another trend is the growing demand for software that can help businesses automate their processes and improve their efficiency. This includes software for enterprise resource planning (ERP), customer relationship management (CRM), and supply chain management (SCM).

Local special circumstances: North Macedonia is a small market with a relatively low level of technology adoption. This presents both challenges and opportunities for enterprise software vendors. On the one hand, there is a limited pool of potential customers, which means that vendors need to be strategic in their approach to marketing and sales. On the other hand, there is significant room for growth as more businesses in the country adopt technology solutions.

Underlying macroeconomic factors: The Enterprise Software market in North Macedonia is influenced by various macroeconomic factors, including the level of economic development, government policies, and the availability of skilled labor. North Macedonia is a lower-middle-income country with a relatively small economy, which means that businesses may have limited resources to invest in technology. However, the government has been supportive of efforts to promote entrepreneurship and innovation, which could help to drive growth in the Enterprise Software market. Additionally, North Macedonia has a young and educated workforce, which could help to attract foreign investment and drive innovation in the technology sector.

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.