Creative Software - Singapore | Statista Market Forecast

In Singapore, the Creative Software market is anticipated to witness a significant increase in revenue, with projections indicating a milestone of US$29.31m by the year 2024.
Furthermore, it is expected to maintain a steady annual growth rate of 1.81% (CAGR 2024-2029), resulting in a market volume of US$32.06m by 2029.
When compared globally, it is noteworthy that United States is expected to generate the highest revenue in this sector, with an estimated value of US$4.93bn in 2024.
Singapore's thriving creative software market is driven by its tech-savvy workforce and supportive government policies.

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 Singapore has been experiencing significant growth in recent years.

Customer preferences: Singaporeans have a strong affinity for technology and are early adopters of new software products. They are also known for their creativity and have a growing interest in graphic design, video editing, and other forms of digital content creation. As a result, there is a high demand for Creative Software in Singapore.

Trends in the market: One trend that has been driving the growth of the Creative Software market in Singapore is the rise of social media influencers and content creators. Many young Singaporeans are pursuing careers in the digital content industry, and they require powerful software tools to create high-quality content. Another trend is the increasing popularity of e-commerce platforms. With more businesses moving online, there is a growing need for Creative Software that can help them design and market their products effectively.

Local special circumstances: Singapore is a small country with a highly educated population and a strong economy. This has made it an attractive market for Creative Software companies looking to expand their reach in Southeast Asia. Additionally, the Singaporean government has been actively promoting the growth of the technology sector, providing incentives for companies to set up operations in the country.

Underlying macroeconomic factors: The growth of the Creative Software market in Singapore can be attributed to several underlying macroeconomic factors. Firstly, Singapore has a highly developed infrastructure and a stable political environment, which makes it an attractive location for businesses. Secondly, the country has a highly skilled workforce, with many workers possessing advanced degrees in technology and engineering. Finally, Singapore has a strong focus on innovation and entrepreneurship, with many government initiatives aimed at promoting the growth of the technology 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.

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.