The market's most prominent driver is the rising adoption of business plan software by small and medium enterprises (SMEs) across the globe. As per our analysis, SMEs account for about 75–80% of the current business environment and are vital to most of the economies around the globe.
After briefly studying their operational structure and business model, it can be fairly concluded that they are agile, and their ability to rapidly adapt poses a severe threat to large enterprises. However, SMEs face complexities in terms of irregularity in the tracking of sales and investment data from the adoption of conventional software and spreadsheets, which creates an obstacle to their overall growth. As a solution, several software vendors are tailoring end-to-end business management solutions to the growing needs of SMEs. In line with this, they are introducing more advanced capabilities focused on unlocking more significant insights and minimizing deployment costs.
Thus, cost-effective business operation management solutions, such as business plan software scale-up, observe higher adoption rates. SMEs operate with a mindset of adopting solutions and software over-investing in skilled labor to manage their business processes as they are cost-efficient, which further drives the adoption of business plan software. As per our analysis, SMEs operating in different sectors across the globe are expected to record an adoption rate of 65–75% for software associated with business process management during the forecast period, 2020–2029.
The business plan software market experiences moderate growth with a CAGR of 7.4% during the forecast period, 2020–2029.
Impact of COVID-19
COVID-19 pandemic has left a draining impact not only on the SMEs but also the large enterprises across the globe. Additionally, the untimely nature of the pandemic has led to a level of distress where the business leaders have developed a mindset of welcoming such events. To attain materialization of such a mindset and be further ready for any such untimely natural events, businesses are navigating a broad range of solutions such as the 'Business Plan Software' that would help them attain economic insights, financial strengths and weakness, re-orienting operations, and plan operating functions accordingly. Thus, the business plan software market, in such testing times, is projected to gain significant traction as it results to be an ideal solution.
Business Plan Software Market: Segmentation
Android's Popularity in Asia-Pacific, the Middle East, and South America Drives the Market Growth
The extensive application of Android OS is attributable to its convenience and compatibility with all devices. The OS is developed by Google, which provides regular updates. Google gives 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 OS. Android is budget-friendly and can be modified to tighten its security protocols or use obfuscators to prevent malicious attacks. Android benefits where iOS drops in share. In recent years, Google's mobile OS has enjoyed healthy uplifts in India, Indonesia, Ireland, Japan, Malaysia, France, and South Korea. Hence, it can be concluded that Asia-Pacific, the Middle East, and South America prefer Android over iOS.
SMEs constitute around 80% of its total business structure and act as a backbone to the region's economy. The rising number of SMEs intensifies the role of business plan software, as it is a significant component in attracting investors. Asia-Pacific (APAC) is a strong base for Android (for mobile and Linux for PC), and the scope of android-based business plan software will significantly impact the overall market.
Germany to Spearhead Europe's Business Plan Software Market
Europe's business plan software market is mature but continues to offer growth opportunities. As per the Process Excellence Network, government, financial services, and healthcare top the list of industries looking to invest in business plan software in the next couple of years. Europe is also home to a significant number of financial and healthcare companies, which further bolsters the market growth.
In recent years, the German economy has consistently outperformed the rest of Europe. The continued success of German companies relies on their ability to introduce technological innovations at competitive cost levels. German industries have achieved success by harnessing the latest methods of working, and German companies are under constant pressure to streamline services. Banking and insurance businesses are prioritizing their ability to remain compliant and investing in aspects of customer experience. To stay competitive, companies are adopting various innovative services, such as business plan software. Thus, the German market is expected to deliver profits to the business software market in the coming years, with an attractive CAGR of 7.3% during the forecast period, 2020–2027.
Burgeoning Number of SMEs in Asia-Pacific to Surge the Demand for Business Plan Software
Asia-Pacific's business plan software market offers great opportunities on account of the region being considered as an SME hub with emerging economies such as China, India, and Japan. SMEs have emerged as a highly vibrant and dynamic sector of the Asian economy over the last five decades. They make up more than 96% of all Asian businesses. Therefore, it is vital for Asian economies' that they have fully functioning support measures for SMEs as they face key challenges in accessing cheap finance and business planning. When it comes to launching a successful business, business planning software plays a vital role. A large number of SMEs lack finances and business planning becomes essential to overcome such issues.
SMEs contribute about 60% of China's industrial output and create 80% of China's jobs. But for the past few years, Chinese SMEs have been experiencing hardships on account of the lack of planning. Faced with this indictment of faltering growth, the Chinese government's 12th Five-Year Plan contains a key strategy specifically in support of the SMEs. As per the plan, the total number of China's SMEs will grow steadily over the next five years and achieve an average annual growth rate of 8%. For this to happen, planning plays a vital role, and hence, it is envisaged that SMEs will adopt business planning software in the coming years.
- Palo Alto Software
- com LLC
- PlanMagic Corporation
- Atlas Business Solutions Inc.
- Enloop Inc.
- iPlanner, Business Sorter Ltd
- Poindexter Inc
- Metronome Growth Systems
- StratPad Inc.
Business Plan Software Market: Segmentation
- North America
- South America
- The Middle-East and Africa
Frequently Asked Questions (FAQs)
Android OS Segment is expected to be the leading segment in Business Plan Software Market during the forecast period.
The global Business Plan Software Market is expected to grow at a CAGR of 7.4% during the forecast period, 2019–2029.
Europe is expected to hold the highest market share in Business Plan Software Market.
Palo Alto Software, Startups.com LLC, PlanMagic Corporation, Atlas Business Solutions Inc., Enloop Inc., iPlanner, Business Sorter Ltd, Poindexter Inc, Metronome Growth Systems, StratPad Inc. are the top players in Business Plan Software Market.
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