Software - Equatorial Guinea

Equatorial Guinea

Equatorial Guinea is expected to witness a significant growth in the Software market, with the projected revenue reaching US$25.25m in 2024.
Among the various segments, Enterprise Software dominates the market, with a projected market volume of US$10.66m in the same year.
This indicates the country's increasing reliance on advanced software solutions for business operations.
Furthermore, the Software market in Equatorial Guinea is anticipated to experience steady growth, with an annual growth rate (CAGR 2024-2029) of 1.63%.
This positive trajectory is expected to result in a market volume of US$27.37m by 2029, signaling the country's continuous investment in the software sector.
In comparison to other countries globally, United States is projected to generate the highest revenue in the Software market, with an estimated amount of US$363.40bn in 2024.
This highlights United States' position as a global leader in the software industry.
Equatorial Guinea is experiencing a surge in demand for software solutions to support its growing oil and gas industry.

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 demand for software in Equatorial Guinea has been on the rise in recent years.

Customer preferences: Equatorial Guinea has a growing population of tech-savvy young people who are increasingly reliant on technology for their daily activities. This has created a demand for software that can support their needs, from mobile applications to business software.

Trends in the market: One of the key trends in the software market in Equatorial Guinea is the increasing adoption of cloud-based solutions. This is driven by the need for more flexible and scalable software solutions that can be accessed from anywhere. Another trend is the growing interest in open-source software, which is seen as a more cost-effective alternative to proprietary software.

Local special circumstances: Equatorial Guinea is a small country with a relatively small economy, which means that local software companies face stiff competition from international players. This has led to a focus on niche software solutions that cater to specific local needs, such as agriculture and mining.

Underlying macroeconomic factors: The government of Equatorial Guinea has been investing heavily in the country's infrastructure in recent years, including in the development of a national fiber-optic network. This has created new opportunities for software companies to develop innovative solutions that can take advantage of the improved connectivity. Additionally, the country's oil and gas industry has been a major driver of economic growth, which has helped to fuel demand for software solutions that can support this sector.

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.