Creative Software - Hong Kong | Statista Market Forecast

In Hong Kong, the Creative Software market is anticipated to achieve a revenue of US$27.97m in 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 2.37%, leading to a market volume of US$31.44m by 2029.
When compared globally, United States is projected to generate the highest revenue, amounting to US$4.93bn in 2024.
Hong Kong's creative software market is flourishing, driven by the city's vibrant arts and design scene.

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 demand for creative software in Hong Kong has been steadily increasing in recent years, with a notable surge in the past year.

Customer preferences: Customers in Hong Kong have shown a growing interest in creative software that allows them to create and edit visual content, such as images and videos. This trend is driven by the rise of social media platforms and the need for businesses and individuals to create visually appealing content to stand out in a crowded digital landscape.

Trends in the market: The creative software market in Hong Kong has seen a significant increase in demand for cloud-based software solutions. This trend is driven by the need for flexibility and accessibility, as customers increasingly prefer to work remotely and collaborate with others online. Another trend in the market is the rise of mobile applications that allow users to create and edit content on the go.

Local special circumstances: Hong Kong's position as a global financial hub and its proximity to mainland China have made it an attractive location for tech companies to establish a presence. This has led to a growing ecosystem of startups and established companies that offer a wide range of creative software solutions. Additionally, Hong Kong's status as a bilingual city with a thriving arts and culture scene has created a strong demand for creative software among both individuals and businesses.

Underlying macroeconomic factors: Hong Kong's economy has been impacted by the ongoing trade tensions between the US and China, as well as the COVID-19 pandemic. However, the city's strong digital infrastructure and its position as a gateway to the rest of Asia have helped to mitigate some of these challenges. As businesses and individuals increasingly rely on digital channels to connect with customers and audiences, the demand for creative software solutions is likely to continue to grow in Hong Kong.

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.