Software - Suriname

Suriname

Suriname is projected to see a revenue of US$31.01m in the Software market by 2024.
The market is dominated by Enterprise Software , which is expected to reach a market volume of US$12.47m in the same year.
Looking ahead, the revenue is forecasted to grow at an annual growth rate of 5.66% (CAGR 2024-2029), resulting in a market volume of US$40.83m by 2029.
When compared globally, United States is expected to generate the most revenue, reaching US$363.40bn in 2024.
Suriname's software market is experiencing a surge in demand for cloud-based solutions, driven by the country's push for digital transformation.

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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Market

Region

Region comparison

Currency

Analyst Opinion

Suriname, located on the northeastern coast of South America, is a small country with a population of just over half a million people. Despite its size, the software market in Suriname has been developing steadily in recent years.

Customer preferences: Suriname has a relatively young population, with a median age of around 30 years old. This demographic tends to be tech-savvy and interested in the latest technologies. As a result, there is a growing demand for software products and services in the country. Additionally, the government of Suriname has been investing in modernizing its infrastructure, including its technology infrastructure, which has further stimulated the growth of the software market.

Trends in the market: One of the key trends in the software market in Suriname is the increasing adoption of cloud-based software solutions. This trend is driven by the growing need for remote work and collaboration tools, which have become even more important in the wake of the COVID-19 pandemic. Additionally, there is a growing demand for software solutions that can help businesses streamline their operations and improve their efficiency. This includes software for accounting, project management, and customer relationship management.

Local special circumstances: Suriname is a small country with a relatively small market, which can pose challenges for companies looking to enter the market. However, there are also opportunities for companies that are willing to invest in the country and build relationships with local businesses. Additionally, Suriname has a unique cultural heritage that can be leveraged by companies looking to market their products and services in the country.

Underlying macroeconomic factors: Suriname is a resource-rich country, with significant reserves of gold, oil, and other minerals. However, the country has struggled with economic instability in recent years, due in part to a decline in commodity prices. This has led to a challenging business environment, with high inflation and currency fluctuations. Despite these challenges, the government of Suriname has been working to attract foreign investment and diversify the economy, which could help to create new opportunities for the software market in the country.

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.