Enterprise Software - Estonia

Estonia

Revenue in the Enterprise Software market is projected to reach US$46.54m in 2024.
Customer Relationship Management Software dominates the market with a projected market volume of US$13.64m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.71%, resulting in a market volume of US$60.35m by 2028.
The average Spend per Employee in the Enterprise Software market is projected to reach US$68.16 in 2024.
In global comparison, most revenue will be generated in the United States (US$147.60bn in 2024).

Key regions: Germany, United States, Canada, Netherlands, France

Definition:

The Enterprise Software market covers software applications designed to support essential business activities by large organizations such as enterprise resource planning, customer relationship management, business intelligence, and supply chain management.

Products in the Enterprise 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 Enterprise Software market contains eight markets that are based on the functionality of the software:

Business Intelligence Software refers to software applications that support organizations to analyze, visualize, and report data.
Content Management Software refers to a wide range of software applications that support organizations to manage their digital content such as documents, images, and videos.
Customer Relationship Management Software refers to software applications that support organizations to manage their interactions with customers, clients, and prospects.
eCommerce Software refers to a wide range of software applications that support organizations to manage their online sales channels.
Enterprise Performance Management Software refers to software solutions that help organizations to manage and improve their performance across various areas, such as finance, operations, and strategy.
Enterprise Resource Planning Software refers to software applications that support organizations to manage, integrate and optimize important business activities related to resources such as people, finance, capital, materials, and orders.
Supply Chain Management Software refers to software applications that support organizations to manage their supply chain activities such as inventory optimization, supplier and vendor management, and logistic operations.
Other Enterprise Software refers to aggregated revenues for the types of enterprise software that are not specifically mentioned in the other Enterprise Software markets, such as Project Management Software, Product Life Cycle Management Software, and Production and Operation Software.

Additional Information:

The Enterprise 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). Detailed definitions of each market can be found on the respective page where the market data is displayed.

Key players in this market include SAP, Salesforce, Adobe, and Oracle.

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Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Estonian companies are increasingly adopting cloud-based Enterprise Software solutions as they offer greater flexibility and scalability. Additionally, there is a growing demand for software that can integrate with other business applications, such as accounting and customer relationship management tools.

Trends in the market: One trend that has emerged in the Estonian Enterprise Software market is the rise of local startups offering innovative solutions for small and medium-sized businesses. These companies are able to quickly adapt to changing customer needs and offer personalized support, which has helped them gain market share. Another trend is the increasing adoption of artificial intelligence and machine learning technologies in Enterprise Software, which has led to more efficient and accurate data analysis.

Local special circumstances: Estonia has a highly developed digital infrastructure, which has helped to drive the growth of the Enterprise Software market. The country has a high level of internet penetration and a tech-savvy population, which has created a favorable environment for software companies to thrive. Additionally, the Estonian government has been actively promoting the development of the country's technology sector through initiatives such as e-Residency, which allows entrepreneurs to establish and run a business in Estonia remotely.

Underlying macroeconomic factors: Estonia has a small, open economy that is heavily reliant on exports. The country's strong economic growth and stable political environment have attracted foreign investment, which has helped to fuel the growth of the Enterprise Software market. Additionally, Estonia's membership in the European Union has provided access to a large market of potential customers and investors, which has created opportunities for software companies to expand their operations.

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.