Growing competition around the globe, increasing awareness about different software among organizations, technological innovations, and growing number of enterprises across the world can drive the market during the forecast period (2018 to 2025).
Rise in IT expenditure in organization to modernize and automate the business process is expected to drive the market in the coming years. Different business software are widely accepted to achieve efficiency and productivity. Increasing technological transformation for improving business standards are likely to drive the demand for data-centric solutions, which is likely to boost the market growth in the coming years. Growing network complexity is also expected to offer several opportunities in the market in the years to come. Increasing of cloud services is anticipated to bode well for the market. Furthermore, rise in demand for business intelligence and analytics tools have also increased the demand for application software programs, which is likely to boost the market growth. Several business intelligence (BI) tools can offer insight into process execution periods, process statuses such as number of open and closed process.
For instance, iPlanner is a business planning software or can be used in combination with a mentor to review the project online and real-time. The software can be beneficial for improving finance for startups, for understanding and managing risks, and for communicating the company’s strategy and business model to the team. This software also involves cloud-based software and templates. However, lack of standardization, some of the major challenges faced by the players may include customization issues, high cost involved in customer support, and complexities involved in data migration.
Worldwide business plan software market can be segmented on the basis of product, application and region. Based on product, the market can be segmented on the basis of Mac, iOS, android, and windows. As per application, the market can be categorized into personal, enterprise, and other.
Geographically, the market can be divided into United States, Europe, China, Japan, Southeast Asia, India, and Central & South America.
The United States is expected to the major market due to frequent technological advancements as well as early adoption of newer technologies, and presence of major participants in the region.
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South East Asia and emerging Asian countries such as India and China are anticipated to show rapid growth over the forecast period due to strong growth in the manufacturing sector and supportive government efforts towards the development of IT infrastructure. Rise in small and medium enterprises in China, and India is expected to provide more opportunities in the market. Additionally, growth of IT companies in these regions is likely to fuel the adoption of business software instead of manual operations.
Prominent companies operating in the market include Atlas Business Solutions; Palo Alto Networks; LivePlan; iPlanner; and Plan Write. Players in the market are mainly focused on technological innovations and new product launch. Participants are also trying to provide personalized solutions.
For instance, recently startup.com introduced a bizplan, a business planning software platform. the creator of this platform enables to collaborate and plan business. The platform is suitable for small businesses, entrepreneurs, and startups. The software features a guided builder, drag-and-drop elements, and automatic financial projections.
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