Software - Latvia

  • Latvia
  • In 2024, the projected revenue in the Software market in Latvia is expected to reach US$118.40m.
  • It is worth noting that the market is dominated by Enterprise Software , with a projected market volume of US$49.34m in the same year.
  • Looking ahead, the revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 4.98%.
  • As a result, the market volume is estimated to reach US$151.00m by 2029.
  • In a global context, it is important to highlight that United States will generate the highest revenue, with an expected value of US$363.40bn in 2024.
  • In Latvia, the software market is experiencing a surge in demand for cybersecurity solutions due to increasing cyber threats.

Key regions: United States, Canada, Germany, China, Japan

 
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Analyst Opinion

Latvia, a small country located in Northern Europe, has a rapidly developing software market that is driven by several factors.

Customer preferences:
Latvian customers have a high demand for software that is user-friendly, efficient, and affordable. They prefer software solutions that are tailored to their specific needs and can be easily integrated into their existing systems. Additionally, customers in Latvia value software that has strong customer support and is regularly updated to meet their changing needs.

Trends in the market:
The software market in Latvia has seen significant growth in recent years, with a focus on cloud-based solutions, mobile applications, and e-commerce platforms. There is also a growing demand for software that can help companies manage their data and automate their processes. Furthermore, there is a trend towards the development of software solutions that can be used in multiple industries, such as healthcare, finance, and manufacturing.

Local special circumstances:
One of the unique aspects of the Latvian software market is the presence of a strong startup culture. Many young entrepreneurs are developing innovative software solutions that are disrupting traditional industries. This has led to a highly competitive market, with many companies vying for market share. Additionally, the Latvian government has implemented policies to support the growth of the software industry, including tax incentives and funding for research and development.

Underlying macroeconomic factors:
Latvia's strong economic growth and stable political environment have created a favorable climate for the software industry. The country's location in Northern Europe also provides easy access to other European markets, allowing software companies to expand their reach. Furthermore, Latvia's highly educated workforce and low labor costs make it an attractive location for companies looking to develop software solutions.

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.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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