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Key regions: United States, Canada, Germany, China, Japan
Amidst the breathtaking scenery of the Caucasus Mountains and the rich cultural heritage of its people, Armenia has been quietly establishing itself as a growing hub for the software market.
Customer preferences: Armenian customers have shown a strong preference for software solutions that cater to their specific needs, such as language support for the Armenian alphabet and software that integrates with local payment systems. Additionally, there is a growing demand for cloud-based software solutions that allow for remote work and collaboration, which has become increasingly important in the wake of the COVID-19 pandemic.
Trends in the market: One of the biggest trends in the Armenian software market is the growth of the country's tech startup ecosystem, which has been fueled by a number of factors including increased investment, government support, and a growing pool of talented software developers. This has led to the emergence of several successful startups in the country, many of which are focused on developing software solutions for specific industries such as finance, healthcare, and education. Another trend in the market is the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies, which are being used to develop more advanced software solutions that can automate tasks and improve efficiency.
Local special circumstances: Armenia's location at the crossroads of Europe and Asia has made it a strategic location for software development, with many companies choosing to establish offices in the country to take advantage of its skilled workforce and favorable business environment. Additionally, the Armenian government has been actively promoting the development of the country's tech sector, offering tax incentives and other forms of support to attract investment and encourage growth.
Underlying macroeconomic factors: Armenia's economy has been growing steadily in recent years, with GDP increasing by an average of 7% annually between 2017 and 2019. This growth has been driven in part by the country's thriving tech sector, which has become an increasingly important contributor to the economy. Additionally, Armenia's strategic location and favorable business environment have made it an attractive destination for foreign investment, which has helped to fuel the growth of the software market.
Data coverage:
The data encompasses B2B, B2G, and B2C enterprises, except for the Enterprise Software segment, in which consumer (B2C) spending is not considered. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).Modeling approach / Market size:
Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and reports from our primary research. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, level of digitization, GDP sector composition, and observed level of software piracy. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. 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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)