Creative Software - Malawi | Statista Market Forecast

Malawi, a country in southeastern Africa, is also expected to witness growth in the Creative Software market.
By 2024, revenue in this segment is projected to reach US$327.60k.
Looking ahead, the market is anticipated to experience a steady annual growth rate (CAGR 2024-2029) of 1.24%, which would result in a market volume of US$348.40k by 2029.
When comparing these figures globally, it is worth noting that United States is expected to generate the highest revenue in the Creative Software market, with a projected revenue of US$4.93bn in 2024.
The demand for creative software in Malawi has surged due to the country's growing film and entertainment industry.

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 has been growing rapidly in Malawi, with the market experiencing a surge in recent years.

Customer preferences: The rise of digitalization has played a major role in the growth of the creative software market in Malawi. Customers are increasingly looking for software that can help them create, edit and publish digital content in an efficient and effective manner. This has led to a surge in demand for software that can handle tasks such as photo and video editing, graphic design, and web development.

Trends in the market: One of the major trends in the creative software market in Malawi is the shift towards cloud-based solutions. Customers are increasingly looking for software that can be accessed from anywhere, at any time, and on any device. This has led to a surge in demand for cloud-based software solutions that offer flexibility and scalability.Another trend in the market is the rise of mobile-first software solutions. With the increasing penetration of smartphones and tablets in the market, customers are looking for software that can be used on-the-go. This has led to a surge in demand for mobile-first software solutions that offer a seamless user experience across different devices.

Local special circumstances: The creative software market in Malawi is characterized by a high degree of fragmentation, with a large number of small and medium-sized players operating in the market. This has led to intense competition and price wars, with players competing on price and product features.

Underlying macroeconomic factors: The growth of the creative software market in Malawi is being driven by a number of underlying macroeconomic factors. These include the increasing adoption of digital technologies, the rise of e-commerce and online marketplaces, and the growing demand for digital content and services. Additionally, the government's efforts to promote entrepreneurship and innovation are also driving the growth of the market by creating a favorable business environment for startups and small businesses.

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.

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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.