Business Plan Software Market
The most important driver of the market is the growing adoption of business plan software by small and medium-sized enterprises (SMEs) around the world. According to our analysis, SMEs represent around 75-80% of the current business environment and are vital to most of the world’s economies.
After briefly studying their operational structure and business model, one can rightly conclude that they are agile and that their ability to adapt quickly poses a serious threat to large companies. However, SMEs face complexities in terms of irregularity in tracking sales and investment data due to the adoption of conventional software and spreadsheets, which creates a barrier to their overall growth. As a solution, several software vendors are adapting end-to-end business management solutions to the growing needs of SMBs. With this in mind, they introduce more advanced capabilities focused on obtaining more important information and reducing deployment costs.
Thus, profitable business operations management solutions, such as business plan software scaling, show higher adoption rates. SMBs operate with a solution and software adoption mentality by investing too much in skilled workforce to run their business processes because they are profitable which further drives adoption of business plan software. According to our analysis, SMEs operating in different industries across the world are expected to register an adoption rate of 65-75% for software associated with business process management during the forecast period 2020-2029.
The business plan software market is growing moderately with a CAGR of 7.4% during the forecast period, 2020-2029.
Impact of COVID-19
The COVID-19 pandemic has left a grueling impact not only on SMEs but also on large corporations around the world. Additionally, the premature nature of the pandemic has led to a level of distress where business leaders have developed a mindset to welcome such events. To materialize such a mindset and further prepare for such untimely natural events, companies are navigating a wide range of solutions such as “business plan software” that would help them to gain economic insights, strengths. and financial weaknesses, to reorient operations and plan operational functions accordingly. Thus, the business plan software market, in these times of testing, should gain ground because it is an ideal solution.
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Business Plan Software Market: Segmentation
Android Popularity in Asia Pacific, Middle East & South America Drives Market Growth
The extended application of Android OS is due to its convenience and compatibility with all devices. The OS is developed by Google, which provides regular updates. Google is giving away a portion of Android for free to hardware manufacturers and phone carriers who want to use Android on their devices. Google only charges manufacturers if they install the Google apps portion of the operating system. Android is inexpensive and can be modified to strengthen its security protocols or use obfuscators to prevent malicious attacks. Android benefits where iOS falls apart. In recent years, Google’s mobile operating system has enjoyed good progress in India, Indonesia, Ireland, Japan, Malaysia, France and South Korea. Hence, it can be concluded that Asia-Pacific, Middle East and South America prefer Android over iOS.
SMEs make up around 80% of its total business structure and form the backbone of the region’s economy. The growing number of SMEs is intensifying the role of business plan software as it is an important element in attracting investors. Asia Pacific (APAC) is a solid foundation for Android (for mobile and Linux for PC), and the reach of Android-based business plan software will have a significant impact on the overall market.
Germany to spearhead the European business plan software market
The European business plan software market is mature but continues to offer growth opportunities. According to the Process Excellence Network, government, financial services and healthcare are at the top of the list of industries looking to invest in business plan software over the next two years. Europe is also home to a significant number of financial and healthcare companies, further boosting the growth of the market.
In recent years, the German economy has consistently outperformed the rest of Europe. The continued success of German companies is based on their ability to introduce technological innovations at competitive cost levels. German industries have succeeded by exploiting the latest working methods, and German companies are under constant pressure to rationalize services. Banking and insurance companies prioritize their ability to stay in compliance and invest in certain aspects of the customer experience. To stay competitive, companies are adopting various innovative services, such as business plan software. Thus, the German market is expected to generate profit in the enterprise software market in the coming years with an attractive CAGR of 7.3% during the forecast period, 2020-2027.
Growing number of SMEs in Asia-Pacific to increase demand for business planning software
The business plan software market in Asia-Pacific offers great opportunities as the region is seen as a hub of SMEs with emerging economies such as China, India and Japan. SMEs have become a very vibrant and dynamic sector of the Asian economy over the past five decades. They represent over 96% of all Asian businesses. Therefore, it is vital for Asian economies that they have fully operational support measures for SMEs, as they face major challenges in accessing cheap finance and business planning. When it comes to starting a successful business, business planning software plays a vital role. Many SMEs lack the financial means and business planning becomes essential to overcome these problems.
SMEs contribute around 60% of China’s industrial production and create 80% of jobs in China. But in recent years, Chinese SMEs have been struggling due to lack of planning. Faced with this indictment of faltering growth, the Chinese government’s 12th five-year plan contains a key strategy specifically in favor of SMEs. According to the plan, the total number of Chinese SMEs will increase steadily over the next five years and reach an average annual growth rate of 8%. For this to happen, planning plays a critical role and hence, it is expected that SMEs will adopt business planning software in the coming years.
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Palo Alto software
Atlas Business Solutions Inc.
iPlanner, Business Sorter Ltd
Metronome Growth Systems
Business Plan Software Market: Segmentation
Mac / iOS
The Middle East and Africa
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