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Enterprise Resource Planning Software - Montenegro

Montenegro

Revenue in the Enterprise Resource Planning Software market is projected to reach US$5.87m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 5.71%, resulting in a market volume of US$7.33m by 2028.
The average Spend per Employee in the Enterprise Resource Planning Software market is projected to reach US$20.83 in 2024.
In global comparison, most revenue will be generated in the United States (US$26,440.00m in 2024).

Key regions: Australia, South Korea, China, United States, Japan

Market

Region

Region comparison

Currency

Analyst Opinion

The Enterprise Resource Planning (ERP) Software market in Montenegro has been experiencing significant growth in recent years.

Customer preferences: Montenegrin companies are increasingly investing in ERP software to improve their operational efficiency and decision-making capabilities. The majority of these companies are small and medium-sized enterprises (SMEs) operating in the manufacturing and services sectors. These companies are looking for ERP solutions that are cost-effective, easy to implement, and can be customized to meet their specific business needs.

Trends in the market: One of the major trends in the Montenegrin ERP software market is the shift towards cloud-based solutions. Many companies are moving away from traditional on-premise ERP systems and opting for cloud-based solutions due to their flexibility, scalability, and lower upfront costs. Another trend is the integration of artificial intelligence (AI) and machine learning (ML) capabilities in ERP systems. This is helping companies to automate routine tasks, improve decision-making, and enhance customer experience.

Local special circumstances: Montenegro is a small country with a population of just over 600,000 people. The country is heavily reliant on tourism, which accounts for around a quarter of its GDP. However, the government is keen to diversify the economy and attract more foreign investment. This has led to a growing number of start-ups and SMEs in the country, which are driving demand for ERP software.

Underlying macroeconomic factors: Montenegro has made significant progress in recent years in terms of economic growth and development. The country has a stable political environment and has made significant strides in reforming its economy. However, there are still some challenges that need to be addressed, such as high levels of public debt, a large informal economy, and a lack of skilled labor. These factors could impact the growth of the ERP software market in the country in the long run.

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.