Application Development Software - Kenya

Kenya

In Kenya, the revenue in the Application Development Software market is projected to reach US$83.87m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 8.33%, resulting in a market volume of US$125.10m by 2029.
When compared globally, United States is anticipated to generate the highest revenue in this market, amounting to US$91,950.00m in 2024.
Kenya is witnessing a growing demand for application development software, as businesses strive to embrace digital transformation and enhance their competitive edge.

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

Market

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Analyst Opinion

The demand for software development in Kenya has been on the rise in recent years, leading to the growth of the Application Development Software market.

Customer preferences: Kenyan businesses are increasingly adopting digital solutions to enhance their operations and improve their competitiveness. This has resulted in a growing demand for customized software solutions that can address specific business needs. Additionally, the rise of mobile technology has led to an increase in the demand for mobile applications that can be used on smartphones and tablets.

Trends in the market: One of the key trends in the Kenyan Application Development Software market is the adoption of cloud-based solutions. Businesses are increasingly looking to move their software solutions to the cloud to reduce costs and improve scalability. Another trend is the growing popularity of open-source software, which is seen as a more cost-effective alternative to proprietary software solutions.

Local special circumstances: Kenya has a thriving technology industry, with a number of local tech companies and startups operating in the country. This has led to a highly competitive market, with businesses vying for a share of the growing demand for software development services. Additionally, the Kenyan government has been investing in the development of the country's technology infrastructure, which has created new opportunities for software developers.

Underlying macroeconomic factors: Kenya has experienced strong economic growth in recent years, which has helped to drive demand for software development services. Additionally, the country's young and tech-savvy population has created a large market for digital solutions. However, the country still faces challenges such as a lack of access to financing for small businesses and a shortage of skilled software developers, which could impact the growth of the market in the long term.

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.