Software - Gambia

Gambia

In Gambia, the revenue in the Software market is projected to reach US$6.97m in 2024.
The market is dominated by Enterprise Software , which is expected to have a projected market volume of US$2.91m in 2024.
Looking ahead, the revenue is anticipated to show an annual growth rate (CAGR 2024-2029) of 7.74%, resulting in a market volume of US$10.12m by 2029.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in the Software market, reaching US$363.40bn in 2024.
The software market in Gambia is growing rapidly, with a focus on developing innovative solutions for the country's unique challenges.

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 Gambia, a small West African country with a population of just over 2 million, is experiencing a surge in the demand for software products and services.

Customer preferences: The increasing use of mobile devices and the internet in Gambia has led to a growing demand for software products and services. With the majority of the population under the age of 30, there is a high demand for software products that cater to their needs. This has led to an increase in the use of social media platforms, online gaming, and e-commerce websites.

Trends in the market: The software market in Gambia is experiencing a shift from traditional software products to cloud-based solutions. This trend is driven by the need for businesses to reduce costs and increase efficiency. Cloud-based solutions offer businesses the flexibility to scale their operations quickly and easily. Additionally, there is a growing demand for software products that cater to the needs of small and medium-sized enterprises (SMEs). The government has also launched initiatives to promote the use of technology in the country, which is expected to drive the growth of the software market further.

Local special circumstances: Gambia's software market is still in its early stages, and there are limited local software developers and providers. This has led to a reliance on foreign software products and services. However, the government has launched initiatives to promote the growth of the local software industry, which is expected to create more opportunities for local developers and providers.

Underlying macroeconomic factors: Gambia's economy is heavily reliant on agriculture, which accounts for over 30% of the country's GDP. However, the government is looking to diversify the economy and promote the growth of other sectors, including the technology industry. The government has launched initiatives to promote the use of technology in different sectors, including agriculture, health, and education. Additionally, Gambia's strategic location on the west coast of Africa makes it an attractive destination for foreign investors looking to enter the African market. The government has implemented policies to create a conducive environment for foreign investors, which is expected to drive the growth of the technology industry further.

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.