Software - Ghana

Ghana

The Software market in Ghana is expected to witness significant growth in the coming years.
By 2024, the projected revenue is estimated to reach US$287.30m.
Among the various segments, Enterprise Software holds the largest market share with a projected volume of US$121.00m in 2024.
This dominance is expected to continue as the market is projected to grow at an annual growth rate of 6.09% (CAGR 2024-2029), resulting in a market volume of US$386.10m by 2029.
In comparison to other countries, United States is set to generate the highest revenue in the Software market, with a projected revenue of US$363.40bn in 2024.
Ghana is experiencing a surge in software development, with a growing number of local startups and a focus on mobile applications.

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.

For more information on the displayed data, use the info button right next to the boxes.

Market

Region

Region comparison

Currency

Analyst Opinion

The software market in Ghana has seen a steady growth in recent years, with an increasing number of businesses and individuals adopting technology to enhance their operations and daily activities.

Customer preferences: One of the key customer preferences in the Ghanaian software market is affordability. Due to the relatively low income levels in the country, customers are often price-sensitive and seek cost-effective software solutions. Additionally, there is a growing demand for software that is user-friendly and accessible on mobile devices.

Trends in the market: One major trend in the Ghanaian software market is the increasing adoption of cloud-based software solutions. This trend is driven by the need for businesses to access software remotely and the desire for cost-effective solutions that do not require significant investment in hardware. Another trend is the rise of e-commerce platforms, which has been accelerated by the COVID-19 pandemic. More businesses are adopting online sales channels to reach customers and expand their market reach.

Local special circumstances: The Ghanaian software market is characterized by a relatively small number of large software companies dominating the market. However, there is also a growing number of smaller software startups entering the market, which is contributing to increased competition and innovation. Additionally, there is a significant digital divide in the country, with many rural areas lacking access to reliable internet connectivity and technology infrastructure.

Underlying macroeconomic factors: The Ghanaian government has been actively promoting the growth of the technology sector in the country, with initiatives such as the establishment of technology parks and tax incentives for software companies. Additionally, the country has a relatively young and tech-savvy population, which is driving demand for software solutions. However, the country still faces challenges such as corruption, political instability, and inadequate infrastructure, which could hinder the growth of the software market in the long term.

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.