Software - Benin

Benin

The Software market in Benin is expected to generate a revenue of US$44.52m in 2024.
The dominant player in this market segment is Enterprise Software , which is projected to have a market volume of US$18.60m in the same year.
The revenue is anticipated to grow at an annual rate of 8.97% (CAGR 2024-2029), resulting in a market volume of US$68.42m by 2029.
In comparison to other countries, United States is forecasted to generate the highest revenue of US$363.40bn in 2024.
Despite being a developing country, Benin is experiencing a growing demand for software solutions to support its economic diversification and digital transformation.

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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Analyst Opinion

The Software market in Benin has been experiencing steady growth over the past few years.

Customer preferences: The demand for software solutions in Benin is driven by the increasing need for automation and digitalization across various industries. The government has also been promoting the use of technology in the country, which has further increased the demand for software solutions. Customers in Benin prefer software solutions that are affordable, easy to use, and offer good customer support.

Trends in the market: One of the major trends in the software market in Benin is the increasing adoption of cloud-based solutions. This trend is driven by the need for cost-effective solutions that can be easily accessed from anywhere. Another trend is the growing popularity of mobile applications, which are becoming increasingly important for businesses to reach their customers.

Local special circumstances: Benin is a small country with a relatively small market for software solutions. This means that software companies operating in Benin need to be able to offer solutions that are tailored to the local market. Additionally, the lack of a well-developed IT infrastructure in the country means that software companies need to be able to offer solutions that can work with limited resources.

Underlying macroeconomic factors: The growth of the software market in Benin is supported by a number of macroeconomic factors. The country has been experiencing steady economic growth over the past few years, which has led to an increase in disposable income and a growing middle class. Additionally, the government has been investing in infrastructure development, which has created new opportunities for businesses in the country. Finally, the country has a young and growing population, which is increasingly tech-savvy and open to new technologies.

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.