Application Development Software - Malaysia

Malaysia

The Application Development Software market in Malaysia is forecasted to achieve a revenue of MYR US$0.67bn by 2024.
This projection indicates an expected annual growth rate (CAGR 2024-2029) of 8.34%, leading to a market volume of MYR US$1.00bn by 2029.
When compared globally, it is noteworthy that United States is anticipated to generate the highest revenue in this market segment, with an estimated amount of US$91,950.00m in 2024.
The demand for application development software in Malaysia is rapidly increasing, driven by the country's growing tech industry.

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

Market

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Analyst Opinion

The demand for Application Development Software in Malaysia has been increasing in recent years.

Customer preferences: Malaysian customers prefer Application Development Software that is user-friendly, cost-effective, and compatible with multiple platforms. Additionally, they prefer software that is customizable and can be integrated with other software.

Trends in the market: One of the major trends in the Application Development Software market in Malaysia is the shift towards cloud-based software. This trend is driven by the need for scalability, flexibility, and cost-effectiveness. Another trend is the adoption of low-code or no-code platforms, which allow users with little or no coding experience to develop applications.

Local special circumstances: The Malaysian government has been promoting the development of the digital economy, which has led to an increase in demand for Application Development Software. Additionally, the country has a growing startup ecosystem, which has also contributed to the growth of the market.

Underlying macroeconomic factors: The growth of the Application Development Software market in Malaysia is also driven by the country's strong economic growth and increasing digitalization. The government's initiatives to promote the digital economy and attract foreign investment have also contributed to the growth of the market. Furthermore, the country's young and tech-savvy population has created a demand for innovative and user-friendly software.

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.