Software - Togo

Togo

In 2024, the projected revenue in the Software market in Togo is expected to reach US$16.48m.
The dominant player in this market segment is Enterprise Software , which is projected to have a market volume of US$6.92m in 2024.
Looking ahead, the revenue is expected to grow at an annual rate of 8.58% (CAGR 2024-2029), resulting in a market volume of US$24.87m by 2029.
In global comparison, United States is expected to generate the highest revenue, reaching US$363.40bn in 2024.
Togo's software market is experiencing a surge in demand for cloud-based solutions, as businesses seek cost-effective and flexible software solutions.

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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Analyst Opinion

The Software market in Togo is experiencing significant development due to various underlying macroeconomic factors and local special circumstances.

Customer preferences: Togolese customers have a growing demand for software products that can enhance their daily activities. This includes software for managing finances, automating business processes, and improving communication. Additionally, there is a rising interest in software that can improve education and healthcare, as well as entertainment software.

Trends in the market: One of the major trends in the software market in Togo is the growth of mobile applications. With the increasing number of smartphone users in the country, there is a high demand for mobile apps that can provide solutions to everyday problems. Another trend is the adoption of cloud computing, which enables businesses and individuals to store and access data remotely. This has led to the development of software products that can provide cloud-based solutions.

Local special circumstances: Togo has a relatively small software market, which presents opportunities for new entrants to establish themselves. Additionally, the government has been supportive of the development of the IT sector, which has led to the establishment of technology hubs and incubators. This has created an enabling environment for software developers to innovate and develop new products.

Underlying macroeconomic factors: The Togolese economy has been growing steadily, with a focus on diversification and modernization. This has led to the development of various sectors, including the IT sector. Additionally, the government has been investing in infrastructure development, including the expansion of internet connectivity. This has enabled more people to access software products and services. Furthermore, the country has a young and tech-savvy population, which is driving the demand for software products.

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.