Software - Romania

Romania

The Software market in Romania is expected to witness substantial growth in the coming years.
According to projections, the revenue is set to reach US$387.00m by the year 2024.
Among the various segments, Enterprise Software is expected to dominate the market with a projected market volume of US$159.70m in 2024.
This indicates the significant role Enterprise Software plays in the Romanian Software market.
Furthermore, the Software market in Romania is anticipated to exhibit a steady annual growth rate, with a CAGR of 5.55% from 2024 to 2029.
This growth is expected to result in a market volume of US$507.00m by the year 2029.
These figures highlight the positive trajectory of the Software market in Romania, indicating the potential for further expansion and development.
When compared globally, it is noteworthy that United States is expected to generate the highest revenue in the Software market, with a projected value of US$363.40bn in 2024.
This underscores the dominance of the United States in the global Software market and highlights the competitive landscape that in Romania is operating within.
However, Romania's Software market has its unique characteristics and potential for growth, making it an attractive destination for both domestic and international players.
Romania has emerged as a leading hub for software development, attracting global tech companies with its highly skilled workforce and competitive costs.

Key regions: United States, Canada, Germany, China, Japan

Definition:

In general, software is defined as a set of instructions written as programming code to execute specific tasks on a computing device. The Software market covers a wide range of software products and solutions that are publicly sold by various companies. Most software solutions in this market are designed for professional use, but some can also be suitable for personal use. They can also range from basic productivity tools such as word processors and spreadsheets to complex software solutions such as project management tools, graphic design software, and enterprise resource planning software.

Products in the 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.

Structure:

The market contains four markets that are based on the functionality of the software:

Productivity Software refers to application software that supports activities such as producing documents, spreadsheets, drawings, and presentations. This market includes Administrative Software, Collaboration Software, Office Software, Creative Software, and Construction and Design Software.
Enterprise Software refers to all software that supports essential large-scale business activities such as enterprise resource management, customer management, and supply chain activities. This market includes Enterprise Resource Planning Software, Customer Relationship Management Software, Business Intelligence Software, Supply Chain Management Software, Content Management Software, and Other Enterprise Software.
Application Development Software refers to software and tools that help the overall application development process.
System Infrastructure Software refers to software that provides the base framework for operating and managing organizational processes and services on hardware devices.

Additional Information:

The Software market comprises revenue and revenue change 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). Detailed definitions of each market can be found on the respective page where the market data is displayed.

Key players in this market include Microsoft, Adobe, SAP, Oracle, and Salesforce.

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Currency

Analyst Opinion

Romania, a country located in Southeast Europe, has been experiencing significant growth in the software market in recent years. This growth can be attributed to various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Romanian customers have shown a strong preference for software products that are affordable, user-friendly, and have a high level of functionality. As a result, software companies in Romania have been focusing on developing software products that meet these requirements. Additionally, there has been a growing demand for cloud-based software solutions in Romania, which has led to an increase in the adoption of Software as a Service (SaaS) products.

Trends in the market: One of the major trends in the software market in Romania is the increasing adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies. This trend is driven by the need for businesses to automate their processes and improve their overall efficiency. Another trend in the market is the growing popularity of open-source software, which is becoming increasingly popular due to its cost-effectiveness and flexibility.

Local special circumstances: The Romanian government has been actively promoting the development of the software industry in the country. This has led to the establishment of various technology parks and incubators, which provide support and funding to software companies. Additionally, the country has a large pool of highly skilled software developers, which has made it an attractive destination for outsourcing software development projects.

Underlying macroeconomic factors: Romania has been experiencing steady economic growth in recent years, which has had a positive impact on the software market. The country has a large and growing middle class, which has led to an increase in the demand for software products. Additionally, the government has been investing heavily in infrastructure projects, which has helped to create a favorable business environment for software companies.In conclusion, the software market in Romania is experiencing significant growth due to various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. As the country continues to invest in its technology infrastructure and promote the development of the software industry, we can expect to see continued growth in the market in the years to come.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises, except for the Enterprise Software segment, in which consumer (B2C) spending is not considered. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and reports from our primary research. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, level of digitization, GDP sector composition, and observed level of software piracy. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. 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.