Application Development Software - Latvia

Latvia

The Application Development Software market in Latvia is expected to witness a significant growth in revenue, projected to reach US$30.51m by 2024.
This growth is anticipated to continue, with an annual growth rate (CAGR 2024-2029) of 6.42%, resulting in a market volume of US$41.64m by 2029.
When compared globally, United States is projected to generate the highest revenue in the Application Development Software market, with an estimated value of US$91,950.00m in 2024.
The software market in Latvia is witnessing a surge in demand for application development software, fueling innovation and growth in the tech industry.

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

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Analyst Opinion

The Application Development Software market in Latvia has been experiencing steady growth over the past few years.

Customer preferences: Latvian customers are increasingly demanding software that is easy to use, secure, and scalable. They want software that can be customized to their specific needs and that can integrate with other systems seamlessly. Additionally, customers are looking for software that is affordable, as many businesses in Latvia are small and medium-sized enterprises with limited budgets.

Trends in the market: One of the key trends in the Latvian Application Development Software market is the increasing adoption of cloud-based solutions. Cloud-based software is becoming more popular as it offers greater flexibility and scalability than traditional on-premise solutions. Another trend is the growing demand for mobile application development software, as more and more businesses are looking to develop mobile apps to reach their customers.

Local special circumstances: Latvia is a small market with a relatively small number of software developers. As a result, there is a high demand for skilled developers, and many businesses struggle to find the talent they need to develop their software in-house. This has led to an increase in outsourcing, with many Latvian businesses turning to software development companies in other countries to help them develop their applications.

Underlying macroeconomic factors: Latvia has a growing economy, with a strong focus on technology and innovation. The government has been investing heavily in infrastructure and education, which has helped to create a favorable environment for businesses in the technology sector. Additionally, Latvia has a highly educated workforce, with many skilled developers and engineers. This has helped to attract foreign investment and has led to the growth of the Application Development Software market in the country.

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.