Creative Software - Armenia | Statista Market Forecast

Armenia is expected to witness a significant rise in revenue within the Creative Software market.
In 2024, the projected revenue for this market segment in Armenia is estimated to reach US$1.30m.
Furthermore, a steady annual growth rate (CAGR 2024-2029) of 4.71% is anticipated, which would result in a market volume of US$1.64m by 2029.
Comparing these figures on a global scale, it is noteworthy that United States is projected to generate the highest revenue in the Creative Software market, with an estimated value of US$4.93bn in 2024.
Armenia's thriving tech industry has positioned it as a hotbed for creative software development, attracting global talent and fostering innovation.

Definition:

The Creative Software market covers software applications designed to support tasks such as graphic design, video editing, 3D modeling, music composition, and photo editing and are used for content creation, design, and media production.

Products in the Creative 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.

Additional Information:

The Creative Software market comprises revenue and revenue growth 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).

Key players in this market include Adobe and Corel.

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Sound & video recording software, such as OBS Studio, Camtasia, and Riverside
Image & video editing software, such as Adobe Premiere Pro, DaVinci Resolve, and Final Cut Pro

Free-of-charge software, such as Airtable, Anaplan, and BlackLine
Custom applications, such as Sphinx Solutions, CHI Software, and Intellectsoft

The Armenian Creative Software market is a rapidly growing sector that has seen significant development in recent years.

Customer preferences: The Armenian market for Creative Software is primarily driven by the increasing demand for digital content creation. With the rise of social media and digital marketing, there has been a significant increase in the demand for high-quality visual content, such as videos, animations, and graphics. Consumers are also increasingly looking for easy-to-use software that can help them create professional-looking content without the need for extensive technical expertise.

Trends in the market: One of the most significant trends in the Armenian Creative Software market is the shift towards cloud-based solutions. This trend is driven by the increasing need for remote work and collaboration, as well as the growing demand for software that can be accessed from anywhere and on any device. Another trend is the increasing popularity of mobile-friendly software, as consumers are increasingly using their mobile devices for content creation.

Local special circumstances: Armenia has a thriving tech industry, with a large number of startups and established companies operating in the country. This has created a highly skilled workforce with significant expertise in software development and technology. Additionally, the Armenian government has implemented a range of initiatives to support the tech industry, including tax incentives and funding programs.

Underlying macroeconomic factors: Armenia has a rapidly growing economy, with a GDP growth rate of around 7% in recent years. This has led to an increase in disposable income and consumer spending, which has driven demand for Creative Software. Additionally, Armenia has a young and tech-savvy population, with a high rate of internet and smartphone usage. This has created a large and growing market for digital content creation tools.

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. 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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Imagine a world without the apps you use daily, the games you enjoy, or the websites you rely on. Software development is the invisible hand behind this digital magic, transforming ideas into the tools that shape our lives. Software development is the process of creating, designing, deploying, and supporting software. It includes all the computer activities between the software's conception and final manifestation.

These activities are planned and put into stages in a logical order, a process known as the software development life cycle (SDLC) or software development. The SDLC often includes six stages: requirement analysis, design, development, testing, implementation, documentation, and evolution. Programming languages such as JavaScript and C++ are used to create software, with JavaScript being the most popular programming language in 2023 and used by roughly 65 percent of software developers.