Software - Iraq

Iraq

The Software market in Iraq is expected to witness substantial growth in the coming years.
By 2024, the projected revenue is estimated to reach US$634.40m.
Among the various segments, Enterprise Software is expected to dominate the market, with a projected market volume of US$265.00m in 2024.
This indicates the strong demand for advanced software solutions in Iraq.
Furthermore, the Software market is expected to maintain a steady growth rate in the following years.
The annual growth rate, known as the Compound Annual Growth Rate (CAGR), for the period of 2024-2029 is projected to be 4.51%.
This growth rate will contribute to an increased market volume of US$790.80m by 2029.
This signifies the sustained expansion of the Software market in Iraq.
When comparing the global market, it is noteworthy that United States is expected to generate the highest revenue in the Software market industry.
In 2024, the projected revenue for the United States is estimated to be US$363.40bn.
This highlights the dominance of the United States in the global Software market.
Overall, the Software market in Iraq is poised for significant growth, with Enterprise Software leading the way.
The projected revenue and market volume numbers demonstrate the potential for expansion and the importance of the Software market sector in Iraq's economy.
Despite ongoing challenges, the software market in Iraq is experiencing steady growth with increasing demand for innovative solutions.

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

Iraq, a country in the Middle East, is known for its rich history and culture. In recent years, the country has been experiencing a growth in its software market, which has been driven by several factors.

Customer preferences: Iraqi customers are increasingly adopting software solutions to improve their business operations. This trend is driven by the need to increase efficiency, reduce costs, and improve customer service. Additionally, the growing use of smartphones and the internet has made it easier for customers to access software solutions.

Trends in the market: One of the key trends in the Iraqi software market is the increasing demand for cloud-based solutions. This trend is driven by the need for flexibility and scalability in software solutions. Another trend is the growing use of artificial intelligence (AI) and machine learning (ML) in software solutions. This trend is driven by the need for automation and the ability to analyze large amounts of data.

Local special circumstances: Iraq faces several challenges in its software market, including a lack of infrastructure and a shortage of skilled workers. Additionally, the country has a complex regulatory environment that can make it difficult for software companies to operate.

Underlying macroeconomic factors: The growth of the Iraqi software market is driven by several macroeconomic factors. One of the key factors is the country's young and tech-savvy population. Additionally, the government has been investing in the country's IT infrastructure, which has helped to drive growth in the software market. Finally, the country's oil wealth has provided a stable source of income, which has helped to support the growth of the software market.In conclusion, the Iraqi software market is growing rapidly, driven by a combination of customer demand, technological trends, and macroeconomic factors. Despite the challenges faced by the industry, the outlook for the software market in Iraq is positive, and there are many opportunities for businesses to succeed in this dynamic and evolving market.

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.