Business Plan Software Market Size, Industry Analysis by 2027

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Business Plan Software Market, Size is projected to reach US$ 1,37,871.4 thousand by 2027
Business Plan Software Market, Size is projected to reach US$ 1,37,871.4 thousand by 2027

 

According to the latest research report published by The Insight Partners, titled “Business Plan Software Market to 2027–COVID-19 Impact, Forecast and Global Analysis”, the global business plan software market is expected to reach US$ 1,37,871.4thousand by 2027, registering a CAGR of 7.0% during 2020–2027.

The supremacy of North America is majorly attributed to the presence and emergence of large numbers of start-ups across industries. The US comprises the majority of new businesses, followed by Canada. Pertaining to the easy availability of capital investments and resources, several American entrepreneurs are seeking business plan software to determine and evaluate respective business prospects. The number of Canadian start-ups is substantially rivaling the US-based start-ups. Some of the prominent Canadian start-ups such as tabetic’s, Cmd, Deep Genomics and Nobul, and RenoRun, have raised more than US$77 million in venture capital. Pertaining to the constant rise in the number of start-ups in the country, several business plan software developers have emerged, which have gained popularity since their inceptions. This factor has catalyzed the business plan software market in Canada, thereby propelling the market in North America.

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As per the Global Entrepreneurship Monitor 2018/2019 United States Report, the country exhibits amongst the highest rates of early-stage entrepreneurial activity in the developed countries, which accounts for ~15.6%. Additionally, a rising number of entrepreneurs were motivated by the opportunity in 2018. Owing to the low unemployment rate reported, the country’s population has ample job opportunities, yet entrepreneurship signifies a viable career path for several people. Further, the report states that ~63% of surveyed people consider entrepreneurship as a good career choice. The rising interest in choosing entrepreneurship as a carrier is expected to propel the growth of business plan software in the country. Moreover, Mexico is considered a key country acting as a bridge between western nations and Latin America. The country offers ample entrepreneurial opportunities propelled by increased government funding. The Mexican government is increasing its funds for supporting entrepreneurship, with over 150 accelerator and incubator programs established across the country. Further, seed funding is now easily obtainable from local institutions.

The developing countries are experiencing a rise in the number of start-ups in recent years, which are inclined toward adopting software-based solutions. Attributing to the fact that the start-ups and SMEs are increasingly emphasizing business plans to determine the ROI and future of respective businesses, the demand for business planning software is on the rise. Analyzing the business with the help of business plan software prior to starting a business, allow emerging entrepreneurs to carry out respective strategic business ideas and reflect their vision easily and efficiently. A business plan software analysis also enables the new business owners to understand the fundraising strategies and expansion policies. Additionally, the software-based business plans aid the end user to foresee problems and obstacles prior to the occurrence of the same. The awareness related to the benefits of business plan software in business start-ups is strongly growing among the entrepreneurs in developing regions.

Atlas Business Solutions Inc., EnloopInc, Palo Alto Software, Planguru LLC, StratPad, Inc., Startups.com LLC, The Business Plan Shop Ltd., Tarkenton.com, Simpleplanning, and Upmetrics are among the leading players operating in the business plan software market. Several other players are also functioning and are contributing significant revenues in the business plan software market.

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