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Administrative Software - Montenegro

Montenegro

Revenue in the Administrative Software market is projected to reach US$1.90m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 4.43%, resulting in a market volume of US$2.26m by 2028.
In global comparison, most revenue will be generated in the United States (US$7,422.00m in 2024).

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

Market

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Currency

Analyst Opinion

Administrative software has been gaining popularity in Montenegro in recent years, with more and more businesses adopting these tools to streamline their operations.

Customer preferences: Montenegrin businesses are increasingly looking for administrative software that can help them automate their administrative tasks, such as invoicing, payroll, and inventory management. They also prefer software that is easy to use and can be customized to their specific needs. Cloud-based solutions are also becoming more popular, as they offer greater flexibility and accessibility.

Trends in the market: One of the major trends in the administrative software market in Montenegro is the increasing adoption of cloud-based solutions. This is being driven by the growing popularity of remote work and the need for businesses to have access to their administrative data from anywhere. Another trend is the integration of artificial intelligence and machine learning technologies into administrative software, which can help businesses automate even more tasks and improve their decision-making processes.

Local special circumstances: Montenegro is a small country with a population of just over 600,000 people. This means that the market for administrative software is relatively small compared to larger countries. However, there is still a growing demand for these tools as businesses look for ways to improve their efficiency and competitiveness.

Underlying macroeconomic factors: Montenegro has a relatively small and open economy that is heavily dependent on tourism and foreign investment. The country has been experiencing steady economic growth in recent years, which has helped to drive demand for administrative software. However, there are also challenges, such as a high level of bureaucracy and a shortage of skilled workers in certain industries, which could impact the growth of the administrative software market in the future.

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.