Market Insights Technology Software Productivity Software

Creative Software - Latvia

Latvia

In Latvia, the Creative Software market is expected to witness a significant rise in revenue, reaching US$1.59m in 2024.
This growth is projected to continue at an annual growth rate of 2.17% from 2024 to 2029, ultimately leading to a market volume of US$1.77m by the end of the forecast period.
When compared globally, it is worth noting that United States is anticipated to generate the highest revenue in the Creative Software market, with a projected revenue of US$4,927.00m in 2024.
Latvia is emerging as a hub for creative software development, attracting international talent and fostering innovation.

Key regions: Canada, United Kingdom, France, South Korea, Germany

Market

Region

Region comparison

Currency

Analyst Opinion

Latvia, a small country in Northern Europe, has been experiencing a steady growth in the Creative Software market in recent years.

Customer preferences: Latvian customers have shown a growing interest in Creative Software products, especially in the fields of graphic design, video editing, and animation. This trend can be attributed to the increasing demand for digital content creation in various industries, including advertising, media, and entertainment.

Trends in the market: The Creative Software market in Latvia has been growing steadily, with a significant increase in the number of software companies and startups in recent years. This growth can be attributed to the favorable business environment and government support for the technology sector. Additionally, the rise of remote work has led to an increased demand for Creative Software products that enable collaboration and remote access.

Local special circumstances: Latvia's strategic location and well-developed infrastructure make it an attractive destination for foreign investors and companies looking to expand their presence in the Baltic region. This has led to an influx of multinational corporations and startups, which has contributed to the growth of the Creative Software market in the country.

Underlying macroeconomic factors: Latvia's economy has been growing steadily in recent years, with a focus on technology and innovation. The country has a highly skilled workforce and a favorable tax system, which has attracted foreign investment and contributed to the growth of the technology sector. Additionally, Latvia's membership in the European Union has provided access to a large market and funding opportunities for startups and small businesses.

Methodology

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.