Software - Eastern Asia

  • Eastern Asia
  • In Eastern Asia, the projected revenue in the Software market is estimated to reach US$39.51bn in 2024.
  • The market segment dominated by Enterprise Software is expected to have a projected market volume of US$16.76bn in the same year.
  • Looking ahead, the revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 4.10%, leading to a market volume of US$48.29bn by 2029.
  • When compared globally, United States is forecasted to generate the highest revenue of US$363.40bn in 2024 in the Software market.
  • In the Eastern Asian software market, Japan's strong focus on innovation has propelled it to the forefront of cutting-edge software development.

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

 
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Analyst Opinion

The demand for software in Eastern Asia has been on the rise in recent years, driven by a growing tech-savvy population and increasing digitalization across industries.

Customer preferences:
Customers in Eastern Asia are increasingly looking for software solutions that are user-friendly, efficient, and offer seamless integration with other technologies. In addition, there is a growing demand for software that can be accessed via mobile devices, as the use of smartphones and tablets continues to rise in the region.

Trends in the market:
In China, the software market is dominated by domestic players such as Tencent and Alibaba, who have been able to leverage their large user base to offer a range of software solutions from social media to e-commerce. In Japan, there has been a shift towards cloud-based software solutions, as companies look to reduce costs and increase flexibility. South Korea has emerged as a hub for gaming software, with companies such as Nexon and NCSoft leading the way in the development of online games.

Local special circumstances:
One of the key drivers of the software market in Eastern Asia is the region's large and growing middle class, who are increasingly looking to adopt new technologies and services. In addition, the region's highly competitive business environment has led to a focus on innovation and efficiency, with companies looking to gain a competitive edge through the use of software solutions.

Underlying macroeconomic factors:
The growth of the software market in Eastern Asia is also being supported by favorable macroeconomic conditions, including strong economic growth, rising disposable incomes, and increasing investment in technology infrastructure. In addition, government initiatives aimed at promoting digitalization and innovation are helping to drive the development of the software market in the region.

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.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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