Application Development Software - ASEAN

ASEAN

In the ASEAN region, the projected revenue for the Application Development Software market is expected to reach US$2.27bn by 2024.
This indicates a promising growth potential for the industry.
Looking ahead, the market is forecasted to exhibit an annual growth rate of 8.22% (CAGR 2024-2029), leading to a market volume of US$3.37bn by 2029.
This signifies a significant expansion in the sector.
When compared to other countries globally, United States is expected to generate the highest revenue in the Application Development Software market, with a projected revenue of US$91,950.00m in 2024.
This highlights the dominant position of the United States in the global market landscape.
In ASEAN, the demand for application development software is rapidly growing, driven by the region's thriving tech industry and increasing digitalization efforts.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The demand for Application Development Software in ASEAN has been growing steadily in recent years.

Customer preferences: Customers in ASEAN are increasingly looking for application development software that is easy to use, flexible, and scalable. They also prefer software that is compatible with multiple platforms and can be integrated with other tools. Additionally, customers in the region are placing a greater emphasis on security and privacy, which is driving demand for software that has robust security features.

Trends in the market: One of the key trends in the ASEAN application development software market is the increasing adoption of cloud-based solutions. Cloud-based software offers several benefits, including cost savings, flexibility, and scalability. As a result, many businesses in the region are shifting towards cloud-based solutions to develop and deploy applications.Another trend in the market is the growing popularity of low-code and no-code platforms. These platforms allow users to develop applications without needing to write code, which is making application development more accessible to non-technical users. This trend is particularly prevalent in countries like Indonesia, where there is a shortage of skilled developers.

Local special circumstances: One of the unique factors in the ASEAN market is the diversity of the region. Each country has its own unique culture, language, and business environment. As a result, software vendors need to tailor their offerings to meet the specific needs of each country. For example, in countries like Thailand and Vietnam, there is a greater demand for software that supports local languages.

Underlying macroeconomic factors: The ASEAN region is experiencing rapid economic growth, which is driving demand for application development software. As more businesses in the region look to digitalize their operations, the demand for software that can help them develop and deploy applications is increasing. Additionally, the region has a large and growing population of young, tech-savvy consumers, which is creating new opportunities for software vendors. Overall, the ASEAN application development software market is poised for continued growth in the coming years, driven by factors such as the adoption of cloud-based solutions and the increasing popularity of low-code and no-code platforms. However, vendors will need to be mindful of the unique needs of each country in the region in order to succeed.

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.