Software - Southern Asia

  • Southern Asia
  • In 2024, the projected revenue in the Software market is expected to reach a staggering amount of US$11.87bn.
  • The dominant player in this market segment is Enterprise Software , which is projected to achieve a market volume of US$5.10bn by 2024.
  • Looking ahead, the revenue is anticipated to display a steady annual growth rate (CAGR 2024-2029) of 11.11%, resulting in a market volume of US$20.10bn by 2029.
  • It is worth noting that in global comparison, United States is expected to generate the highest revenue, reaching an impressive US$363.40bn in 2024.
  • In Southern Asia's software market, India continues to dominate with its robust IT industry and skilled workforce.

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

 
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Analyst Opinion

Southern Asia is a region that has seen significant growth in the software market in recent years. The software market in Southern Asia has been driven by a number of factors, including customer preferences, local special circumstances, and underlying macroeconomic factors.

Customer preferences:
One of the key customer preferences in Southern Asia is for software that is affordable and easy to use. This has led to the development of a number of software products that are tailored to the needs of small and medium-sized businesses in the region. Additionally, there is a growing demand for software that can be used on mobile devices, as more and more people in Southern Asia are accessing the internet through their smartphones.

Trends in the market:
One of the key trends in the software market in Southern Asia is the rise of cloud computing. Cloud computing has become increasingly popular in the region, as it allows businesses to access software and data from anywhere, without the need for expensive infrastructure. Additionally, there is a growing trend towards the use of open-source software in Southern Asia, as businesses look for ways to reduce their software licensing costs.

Local special circumstances:
One of the unique features of the software market in Southern Asia is the diversity of languages spoken in the region. This has led to the development of a number of software products that are tailored to specific languages, including Hindi, Bengali, and Tamil. Additionally, there are a number of local regulations that impact the software market in Southern Asia, including data localization laws and restrictions on the use of certain types of software.

Underlying macroeconomic factors:
The software market in Southern Asia has been driven by a number of underlying macroeconomic factors, including the region's growing population, rising levels of education, and increasing levels of economic development. Additionally, there has been a significant increase in the number of tech startups in the region, which has led to a growing demand for software products and services. Finally, there is a growing trend towards digital transformation in Southern Asia, as businesses look for ways to streamline their operations and improve their efficiency.

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.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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