Office Software - Estonia | Statista Market Forecast

The Office Software market in Estonia is anticipated to witness a significant growth in revenue, projecting to reach US$4.68m by 2024.
According to forecasts, this market segment is expected to display a promising compound annual growth rate (CAGR 2024-2029) of 2.79%, leading to a market volume of US$5.37m by 2029.
When compared globally, United States is projected to generate the highest revenue in this sector, amounting to a staggering US$15.24bn in 2024.
Estonia's innovative tech ecosystem has led to a surge in demand for cloud-based office software solutions.

Definition:

The Office Software market covers software applications that are used for productivity and work-related tasks in an office environment such as word processing, spreadsheet management, and presentation creation in both personal and professional environments.

Products in the Office 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.

Additional Information:

The Office 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 consumers (B2C), enterprises (B2B) as well as governments (B2G).

Key players in this market include Microsoft and Google.

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Word-processing, such as Microsoft Word, LibreOffice, and Grammarly
Spreadsheet-software, such as Google Sheets, Microsoft Excel, and Zoho Sheet
Visualization software, such as Microsoft Power BI, Tableau, and Infogram
Consumer and enterprise spend, such as Airbase, Spendesk, and Procurify

Creative software, such as Adobe, Canva, and Apple
Free-of-charge software, such as Airtable, Anaplan, and BlackLine

Estonia, a small country in Northern Europe, has been experiencing a steady growth in its Office Software market in recent years.

Customer preferences: Estonian customers are increasingly looking for Office Software that offers cloud-based solutions, as well as mobile accessibility. This is in line with global trends, as more and more people are working remotely and need access to their work tools on the go. Additionally, customers in Estonia are placing a high value on software that offers collaboration features, allowing for easy communication and project management within teams.

Trends in the market: One of the main trends in the Estonian Office Software market is the rise of local software providers. While international brands still dominate the market, Estonian companies are gaining ground by offering tailored solutions that meet the specific needs of local businesses. Another trend is the increasing popularity of open-source software, which is seen as a cost-effective alternative to proprietary software. This is particularly appealing to small and medium-sized enterprises (SMEs) that are looking to save on costs.

Local special circumstances: Estonia has a highly developed digital infrastructure, which has helped to drive the growth of the Office Software market. The country is known for its e-government initiatives and has a high rate of internet penetration, with over 80% of the population using the internet. Additionally, Estonia has a thriving start-up scene, which has led to the development of innovative software solutions that are gaining popularity both domestically and internationally.

Underlying macroeconomic factors: Estonia's economy has been growing steadily in recent years, with a focus on innovation and technology. This has created a favorable environment for the development of the Office Software market, as businesses are investing in digital tools to improve efficiency and productivity. Additionally, Estonia's membership in the European Union has opened up new opportunities for trade and investment, further fueling the growth of the market.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

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