Application Development Software - South Korea

South Korea

Revenue in the Application Development Software market is projected to reach US$2.64bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.45%, resulting in a market volume of US$3.39bn by 2028.
In global comparison, most revenue will be generated in the United States (US$91,020.00m in 2024).

Key regions: Australia, Germany, United Kingdom, China, United States

Market

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Analyst Opinion

The Application Development Software market in South Korea has been experiencing significant growth in recent years.

Customer preferences: South Korean customers are increasingly demanding software that is tailored to their specific needs and preferences. They are looking for software that is easy to use, reliable, and secure. They also want software that is compatible with a wide range of devices and platforms.

Trends in the market: One of the key trends in the South Korean Application Development Software market is the increasing use of cloud-based software. This trend is being driven by the need for greater flexibility and scalability, as well as the desire to reduce costs. Another trend is the growing adoption of mobile app development software, as more and more South Koreans rely on their smartphones for everyday tasks.

Local special circumstances: South Korea has a highly developed technology sector, with a strong focus on innovation and R&D. This has created a favorable environment for software development companies, and has led to the emergence of a number of successful South Korean software companies. Additionally, South Korea has a large and growing startup ecosystem, which is driving demand for software development tools and services.

Underlying macroeconomic factors: South Korea has a strong and stable economy, with a high level of government support for the technology sector. The country also has a highly educated and skilled workforce, which is well-suited to software development. Furthermore, South Korea has a large and growing middle class, which is driving demand for a wide range of software applications. Finally, South Korea is a highly connected country, with a high level of internet penetration and a strong focus on digital innovation.

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.