Software - Ireland

Ireland

The Software market in Ireland is expected to achieve a revenue of US$1.49bn by the year 2024.
Among the different segments, Enterprise Software holds the largest share with a projected market volume of US$0.63bn in 2024.
Looking ahead, the industry is forecasted to grow at an annual rate of 4.87% (CAGR 2024-2029), resulting in a market volume of US$1.89bn by 2029.
In terms of global comparison, United States is anticipated to generate the highest revenue, amounting to US$363.40bn in 2024.
Ireland's software market is booming, with a strong focus on fintech and cybersecurity 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

The Software market in Ireland has been experiencing a steady growth in recent years, making it one of the fastest-growing sectors in the Irish economy.

Customer preferences: Irish consumers are increasingly using cloud-based software solutions, which provide a more flexible and cost-effective alternative to traditional software installations. This trend is driven by the growing popularity of mobile devices, which require software that can be accessed from anywhere at any time. Additionally, there is a growing demand for software solutions that can integrate with other systems, such as customer relationship management (CRM) and enterprise resource planning (ERP) software.

Trends in the market: The Software market in Ireland is characterized by a high level of innovation, with many startups and established companies developing new software products and services. One of the key trends in the market is the rise of software-as-a-service (SaaS) solutions, which offer a more flexible and cost-effective alternative to traditional software installations. Another trend is the increasing use of artificial intelligence (AI) and machine learning (ML) in software development, which is driving innovation in areas such as predictive analytics and natural language processing.

Local special circumstances: Ireland has a highly skilled workforce, with a large number of graduates in computer science and related fields. This has attracted many multinational companies to set up operations in Ireland, including many of the world's leading software companies. Additionally, the Irish government has been supportive of the software industry, providing funding and tax incentives to encourage innovation and growth.

Underlying macroeconomic factors: The growth of the Software market in Ireland is closely linked to the overall health of the Irish economy. Ireland has one of the fastest-growing economies in Europe, with a strong focus on technology and innovation. This has created a favorable environment for software companies, with many opportunities for growth and expansion. Additionally, Ireland's membership in the European Union provides access to a large market of potential customers, as well as a favorable regulatory environment for software 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.