Software

Guatemala

Highlights

The Software market in Guatemala is expected to achieve a revenue of US$263.70m in 2024.
Among the various segments, Enterprise Software holds the dominant position with a projected market volume of US$110.10m in the same year.
Looking ahead, the Software market is anticipated to exhibit a compound annual growth rate (CAGR 2024-2029) of 7.41%, leading to a market volume of US$376.90m by 2029.
When compared globally, United States is projected to generate the highest revenue of US$363.40bn in 2024.
Guatemala's software market is rapidly growing, driven by the country's increasing focus on technology and digital innovation.

Key regions:

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 definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Guatemala, known for its ancient Mayan ruins and lush rainforests, is a country located in Central America. The country has a developing economy and a growing software market.

Customer preferences: Guatemalan customers are increasingly interested in software solutions that can improve their daily lives, such as mobile applications for banking and e-commerce. Additionally, there is a growing demand for software that can enhance business operations, such as inventory management and customer relationship management systems.

Trends in the market: The software market in Guatemala is experiencing steady growth due to the country's increasing adoption of technology. The demand for software solutions is expected to continue to rise as more businesses and individuals recognize the benefits of digitalization. Additionally, the rise of cloud computing has made software solutions more accessible and affordable for small and medium-sized businesses.

Local special circumstances: Guatemala has a large population of young people who are tech-savvy and eager to adopt new technologies. This demographic shift is driving the demand for software solutions in the country. Additionally, the government has implemented policies to encourage the growth of the technology sector, such as tax incentives and funding for startups.

Underlying macroeconomic factors: The Guatemalan economy has been growing steadily in recent years, with a focus on diversification and modernization. This has created a favorable environment for the technology sector to thrive. Additionally, the country has a strategic location with easy access to both North and South America, making it an attractive destination for foreign investment in the technology sector.

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.