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eCommerce Software - Montenegro

Montenegro

Revenue in the eCommerce Software market is projected to reach US$0.92m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 5.51%, resulting in a market volume of US$1.14m by 2028.
The average Spend per Employee in the eCommerce Software market is projected to reach US$3.27 in 2024.
In global comparison, most revenue will be generated in the United States (US$4,127.00m in 2024).

Key regions: United States, Japan, Germany, Australia, France

Market

Region

Region comparison

Currency

Analyst Opinion

Montenegro, a small country in Southeast Europe, has been experiencing a steady growth in its eCommerce Software market.

Customer preferences: Montenegro's consumers have been showing an increasing interest in online shopping due to the convenience it offers. With the rise of internet penetration and smartphone usage, consumers are becoming more comfortable with shopping online. Additionally, the COVID-19 pandemic has accelerated this trend as consumers are opting for contactless delivery and avoiding physical stores.

Trends in the market: The eCommerce Software market in Montenegro is witnessing a shift towards mobile commerce. Consumers are increasingly using their smartphones to shop online, and businesses are responding by developing mobile-friendly eCommerce websites and apps. Another trend in the market is the rise of social media commerce. Businesses are leveraging social media platforms to reach a wider audience and sell their products directly through these platforms.

Local special circumstances: Montenegro's small market size and limited resources have resulted in a highly competitive eCommerce Software market. Local businesses are competing with international players who have a strong presence in the region. To remain competitive, local businesses are focusing on providing excellent customer service and personalized experiences to their customers.

Underlying macroeconomic factors: Montenegro's economy heavily relies on tourism, which has been negatively impacted by the COVID-19 pandemic. As a result, businesses are turning to eCommerce as an alternative revenue stream. The government has also been supportive of the eCommerce industry, providing funding and incentives for businesses to develop their online presence. Additionally, Montenegro's strategic location and favorable business environment make it an attractive destination for eCommerce businesses looking to expand into the Balkan region.

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.