Creative Software - Bangladesh | Statista Market Forecast

The revenue of the Creative Software market in Bangladesh is estimated to reach US$12.12m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 8.87%, leading to a market volume of US$18.53m by 2029.
In terms of global comparison, United States is projected to generate the highest revenue in 2024, amounting to US$4.93bn.
Bangladesh's creative software market is experiencing a surge in demand as local artists and designers embrace digital tools for their artistic endeavors.

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 Creative Software market in Bangladesh has been experiencing significant growth in recent years, driven by a number of factors that are unique to the local market.

Customer preferences: Bangladeshi consumers have shown a strong preference for creative software that is affordable and easy to use. This has led to a rise in popularity of software that is specifically designed for the needs of small businesses and freelancers. Additionally, there has been a growing demand for cloud-based software solutions, which offer greater flexibility and accessibility.

Trends in the market: One of the key trends in the Creative Software market in Bangladesh is the increasing adoption of mobile applications. As smartphone penetration continues to rise in the country, more consumers are turning to mobile apps for their creative needs. Another trend is the growing popularity of video editing software, as more businesses and individuals seek to create engaging visual content for social media and other online platforms.

Local special circumstances: One of the unique challenges facing the Creative Software market in Bangladesh is the prevalence of piracy. Many consumers in the country are unable or unwilling to pay for licensed software, which has led to a thriving black market for pirated software. This has made it difficult for legitimate software vendors to compete on price, and has also created a significant barrier to entry for new players in the market.

Underlying macroeconomic factors: The growth of the Creative Software market in Bangladesh is being driven by a number of underlying macroeconomic factors. The country has a large and growing population of young, tech-savvy consumers who are increasingly interested in creative pursuits. Additionally, the government has been investing heavily in the country's digital infrastructure, which has helped to create a more favorable environment for software development and distribution. Finally, the rise of e-commerce and online marketplaces has made it easier than ever for consumers to access and purchase creative software products.

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.