Enterprise Software - Northern Europe

Northern Europe

In 2024, the projected revenue for the Enterprise Software market in Northern Europe is estimated to reach US$7.04bn.
Within this market, Customer Relationship Management Software is expected to dominate with a projected market volume of US$2.09bn in the same year.
Looking ahead, the revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 4.59%, resulting in a market volume of US$8.81bn by 2029.
Furthermore, the average Spend per Employee in the Enterprise Software market is projected to reach US$380.50 in 2024.
When comparing globally, United States is forecasted to generate the highest revenue, amounting to US$150.50bn in 2024.
In Northern Europe, the enterprise software market is booming with companies in Sweden leading the way with innovative solutions.

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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Currency

Analyst Opinion

The Enterprise Software market in Northern Europe has been experiencing steady growth in recent years.

Customer preferences: Customers in Northern Europe are increasingly looking for enterprise software solutions that offer cloud-based services, mobile accessibility, and automation capabilities. They also prioritize data security and compliance with local regulations.

Trends in the market: One trend in the Enterprise Software market in Northern Europe is the adoption of Software as a Service (SaaS) solutions. This is due to the benefits it offers such as cost savings, scalability, and flexibility. Another trend is the increasing demand for Artificial Intelligence (AI) and Machine Learning (ML) solutions to improve business processes and decision-making. Additionally, the market is seeing a rise in the use of Robotic Process Automation (RPA) to automate repetitive tasks and increase efficiency.

Local special circumstances: Northern Europe has a highly skilled and educated workforce, which has contributed to the growth of the Enterprise Software market. The region also has a strong focus on innovation and sustainability, which has led to the development of new software solutions that address these concerns. Furthermore, the region has a high level of digitalization, which has created a favorable environment for the growth of the Enterprise Software market.

Underlying macroeconomic factors: The growth of the Enterprise Software market in Northern Europe can be attributed to several macroeconomic factors. Firstly, the region has a stable political and economic environment, which has created a favorable business climate. Secondly, the region has a high level of digital infrastructure, which has facilitated the adoption of new technologies. Thirdly, the region has a high level of investment in research and development, which has led to the development of new software solutions. Finally, the region has a highly skilled workforce, which has contributed to the growth of the Enterprise Software market.

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.