Software

Finland

Highlights

Finland's Software market is expected to see a substantial increase in revenue, reaching US$3.40bn by 2024.
The market segment that holds the largest share is Enterprise Software , with a projected market volume of US$1.41bn in the same year.
This dominance of Enterprise Software is expected to continue, with a projected annual growth rate (CAGR 2024-2029) of 3.15%, resulting in a market volume of US$3.97bn by 2029.
In comparison to other countries, United States is forecasted to generate the highest revenue in the Software market, reaching US$363.40bn in 2024.
Finland's software market is thriving, with a strong emphasis on innovative solutions and a highly skilled workforce.

Key regions:

Definition:

In general, software is defined as a set of instructions written as programming code to execute specific tasks on a computing device. The Software market covers a wide range of software products and solutions that are publicly sold by various companies. Most software solutions in this market are designed for professional use, but some can also be suitable for personal use. They can also range from basic productivity tools such as word processors and spreadsheets to complex software solutions such as project management tools, graphic design software, and enterprise resource planning software.

Products in the 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 market contains four markets that are based on the functionality of the software:

Productivity Software refers to application software that supports activities such as producing documents, spreadsheets, drawings, and presentations. This market includes Administrative Software, Collaboration Software, Office Software, Creative Software, and Construction and Design Software.
Enterprise Software refers to all software that supports essential large-scale business activities such as enterprise resource management, customer management, and supply chain activities. This market includes Enterprise Resource Planning Software, Customer Relationship Management Software, Business Intelligence Software, Supply Chain Management Software, Content Management Software, and Other Enterprise Software.
Application Development Software refers to software and tools that help the overall application development process.
System Infrastructure Software refers to software that provides the base framework for operating and managing organizational processes and services on hardware devices.

Additional Information:

The Software market comprises revenue and revenue change 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 consumers (B2C), 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 Microsoft, Adobe, SAP, Oracle, and Salesforce.

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Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Finnish Software market is one of the fastest-growing markets in Europe, with several factors driving its growth.

Customer preferences: Finnish customers prefer software solutions that are easy to use, have a high level of functionality and are affordable. They also value software that is reliable, secure and can integrate with other systems.

Trends in the market: One trend that is driving the growth of the Finnish Software market is the increasing adoption of cloud-based solutions. This trend is due to the benefits of cloud-based software, such as scalability, cost-effectiveness and flexibility. Another trend is the increasing demand for Artificial Intelligence (AI) and Machine Learning (ML) solutions. This trend is driven by the need to automate processes, increase efficiency and improve decision-making. Furthermore, the increasing use of mobile devices is driving the growth of mobile application development.

Local special circumstances: Finland is known for its high-quality education system, which produces a highly skilled workforce. This has contributed to the growth of the Finnish Software market, as companies have access to a talented pool of software developers. Additionally, the Finnish government has implemented several initiatives to support the growth of the technology sector, such as tax incentives and funding for startups.

Underlying macroeconomic factors: The Finnish economy has been growing steadily in recent years, which has contributed to the growth of the Software market. Additionally, Finland has a strong technology sector, which has helped to attract foreign investment. The country's geographical location also makes it an attractive location for companies looking to expand into the Nordic region. In conclusion, the Finnish Software market is experiencing rapid growth due to a combination of factors, including customer preferences, trends in the market, local special circumstances and underlying macroeconomic factors. As the demand for software solutions continues to increase, it is likely that the Finnish Software market will continue to grow in the coming years.

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises, except for the Enterprise Software segment, in which consumer (B2C) spending is not considered. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and reports from our primary research. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, level of digitization, GDP sector composition, and observed level of software piracy. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. 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.