Software - Bangladesh

Bangladesh

The Software market in Bangladesh is expected to witness a significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$978.40m by 2024.
Among the various segments in the market, Enterprise Software is expected to dominate with a projected market volume of US$421.90m in the same year.
Furthermore, the Software market in Bangladesh is anticipated to experience a steady annual growth rate of 11.09% between 2024 and 2029.
This growth trajectory is expected to result in a market volume of US$1,655.00m by the end of 2029.
In terms of global comparison, it is worth noting that United States is projected to generate the highest revenue in the Software market.
In 2024, United States is expected to generate a revenue of US$363.40bn, solidifying its position as a major player in the industry.
Bangladesh is experiencing a surge in software development outsourcing, with its skilled workforce and cost-effective solutions attracting global clients.

Key regions: United States, Canada, Germany, China, Japan

Definition:

In general, software is defined as a set of instructions written as programming code to execute specific tasks on a computing device. The Software market covers a wide range of software products and solutions that are publicly sold by various companies. Most software solutions in this market are designed for professional use, but some can also be suitable for personal use. They can also range from basic productivity tools such as word processors and spreadsheets to complex software solutions such as project management tools, graphic design software, and enterprise resource planning software.

Products in the Software market can be obtained in two ways: as on-premises software that is sold via a transactional license or a subscription and as cloud-based software (software as a service/ SaaS) that is most frequently sold as a subscription.

Structure:

The market contains four markets that are based on the functionality of the software:

Productivity Software refers to application software that supports activities such as producing documents, spreadsheets, drawings, and presentations. This market includes Administrative Software, Collaboration Software, Office Software, Creative Software, and Construction and Design Software.
Enterprise Software refers to all software that supports essential large-scale business activities such as enterprise resource management, customer management, and supply chain activities. This market includes Enterprise Resource Planning Software, Customer Relationship Management Software, Business Intelligence Software, Supply Chain Management Software, Content Management Software, and Other Enterprise Software.
Application Development Software refers to software and tools that help the overall application development process.
System Infrastructure Software refers to software that provides the base framework for operating and managing organizational processes and services on hardware devices.

Additional Information:

The Software market comprises revenue and revenue change as the key performance indicators. Only revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included, and revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed.

Key players in this market include Microsoft, Adobe, SAP, Oracle, and Salesforce.

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Market

Region

Region comparison

Currency

Analyst Opinion

The demand for software in Bangladesh has been on the rise in recent years due to various factors.

Customer preferences: Bangladesh has a large population of young people who are increasingly tech-savvy and are driving the demand for software. Additionally, the government has been promoting the use of technology in various sectors, including education and healthcare, which has further increased the demand for software.

Trends in the market: One of the major trends in the software market in Bangladesh is the increasing use of cloud-based software. This is due to the cost-effectiveness and ease of access that cloud-based software provides. Another trend is the increasing demand for mobile applications, which has been driven by the growing use of smartphones in the country.

Local special circumstances: Bangladesh is a developing country, and the software market is still in its early stages. As such, there is a lot of room for growth in the market. Additionally, the country has a large population of young people who are increasingly tech-savvy and are driving the demand for software.

Underlying macroeconomic factors: The Bangladesh economy has been growing steadily in recent years, which has led to an increase in disposable income. This has allowed more people to access technology, which has in turn increased the demand for software. Additionally, the government has been promoting the use of technology in various sectors, which has further increased the demand for software.

Methodology

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.