Creative Software - Peru | Statista Market Forecast

Peru is expected to experience significant growth in the Creative Software market.
By 2024, revenue in this market segment is projected to reach US$13.57m.
This growth is expected to continue with an annual growth rate (CAGR 2024-2029) of 1.49%, resulting in a market volume of US$14.62m by 2029.
It is worth noting that in comparison to other countries, United States is expected to generate the highest revenue in the Creative Software market, with a projected revenue of US$4.93bn in 2024.
Peru is experiencing a surge in demand for creative software, as the country's growing creative industry seeks innovative tools to enhance their work.

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 Peru has been experiencing steady growth in recent years.

Customer preferences: Peruvian customers have shown a strong preference for creative software that is user-friendly and affordable. They are also increasingly interested in software that offers cloud-based solutions, allowing for greater flexibility and collaboration. In addition, there is a growing demand for software that can be used on mobile devices, as more Peruvians are accessing the internet through their smartphones.

Trends in the market: One of the key trends in the Creative Software market in Peru is the rise of local companies that are developing software specifically for the Peruvian market. These companies are able to tailor their products to the unique needs and preferences of Peruvian customers, and are often able to offer more affordable pricing than international competitors.Another trend is the increasing popularity of subscription-based pricing models. This allows customers to pay for the software on a monthly or annual basis, rather than having to make a large upfront investment. This pricing model has proven to be particularly popular with small businesses and freelancers, who may not have the financial resources to purchase software outright.

Local special circumstances: Peru's rapidly growing tech industry has created a favorable environment for the Creative Software market. The government has implemented policies to support the growth of the tech industry, including tax incentives for tech companies and increased funding for tech education programs. Additionally, Peru's young and tech-savvy population has been quick to adopt new technologies, creating a large and growing market for creative software.

Underlying macroeconomic factors: Peru's strong economic growth in recent years has contributed to the growth of the Creative Software market. As more Peruvians enter the middle class, they have greater disposable income to spend on creative software. Additionally, Peru's increasing integration into the global economy has created new opportunities for Peruvian companies to compete on the international stage, driving innovation and growth in the tech sector.

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.

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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.