Software - Greece

Greece

The Software market in Greece is expected to generate a revenue of US$430.30m by 2024.
The dominant segment in this market is Enterprise Software , which is projected to reach a market volume of US$180.00m in the same year.
Looking ahead, the Software market is anticipated to grow at an annual growth rate of 3.27% (CAGR 2024-2029), resulting in a market volume of US$505.40m by 2029.
It is worth noting that in global comparison, United States is forecasted to generate the highest revenue in the Software market, reaching US$363.40bn in 2024.
Greece's software market is experiencing a surge in demand for cloud-based solutions to drive digital transformation in businesses.

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

Greece, a country renowned for its ancient civilization and picturesque islands, has been steadily developing its software market in recent years.

Customer preferences: Greek customers are increasingly turning to software solutions to streamline their business operations and enhance their digital presence. The demand for software products that can improve productivity and efficiency is on the rise. Additionally, the growth of e-commerce has led to an increased demand for software solutions that can help businesses manage their online stores and customer interactions.

Trends in the market: The software market in Greece has seen significant growth in recent years, driven by factors such as the increasing adoption of cloud-based technologies and the rise of mobile computing. The demand for software products that can be accessed from anywhere and on any device has led to a surge in the development of cloud-based software solutions. Furthermore, the growth of mobile computing has led to an increased demand for mobile applications that can be used on smartphones and tablets.

Local special circumstances: Greece has a highly skilled workforce in the field of software development, with many universities offering specialized courses in computer science and engineering. This has led to the emergence of a vibrant startup ecosystem, with many young entrepreneurs launching innovative software products and services. Additionally, the Greek government has implemented policies to support the growth of the software industry, such as tax incentives for startups and funding for research and development.

Underlying macroeconomic factors: Greece has been experiencing a period of economic recovery in recent years, following a prolonged period of recession. This has led to an increase in business investment and consumer spending, which has in turn boosted demand for software products and services. Furthermore, the country's membership in the European Union has provided access to a large market of potential customers, as well as opportunities for collaboration and partnerships with other European companies.

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.