Key regions: South Korea, China, Canada, United States, United Kingdom
The Other Enterprise Software market in Latvia has been experiencing steady growth in recent years.
Customer preferences: Latvian businesses are increasingly adopting Other Enterprise Software solutions to streamline their operations, improve efficiency, and reduce costs. This trend is driven by a growing awareness of the benefits of digital transformation and the need to remain competitive in an ever-changing business environment.
Trends in the market: One of the key trends in the Other Enterprise Software market in Latvia is the increasing demand for cloud-based solutions. Cloud-based solutions offer several advantages over traditional on-premise solutions, including lower upfront costs, greater scalability, and easier maintenance. As a result, more and more Latvian businesses are opting for cloud-based Other Enterprise Software solutions.Another trend in the market is the growing importance of data analytics and business intelligence. Latvian businesses are increasingly looking to leverage data to gain insights into their operations and make better-informed decisions. This has led to an increased demand for Other Enterprise Software solutions that offer robust data analytics and business intelligence capabilities.
Local special circumstances: Latvia's small market size and limited resources mean that Latvian businesses need to be more agile and efficient than their larger counterparts in other countries. This has led to a greater emphasis on automation and digital transformation, which has in turn driven demand for Other Enterprise Software solutions.
Underlying macroeconomic factors: Latvia's economy has been steadily growing in recent years, with GDP increasing by an average of 3.6% per year between 2017 and 2019. This growth has been driven by strong exports and a thriving services sector. As the Latvian economy continues to grow, businesses are investing more in technology to remain competitive, which is driving demand for Other Enterprise Software solutions. Additionally, Latvia's strategic location at the crossroads of Europe and Asia makes it an attractive market for businesses looking to expand their operations into the region, which is also driving demand for Other Enterprise Software solutions.
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.
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