Software - Turkmenistan

Turkmenistan

Turkmenistan's Software market is expected to witness a significant revenue growth in the coming years.
By 2024, the projected revenue is estimated to reach US$151.90m.
Among the various segments, Enterprise Software holds the dominant position, with a projected market volume of US$64.45m in 2024.
This indicates the strong demand for enterprise software solutions in Turkmenistan.
Looking ahead, the Software market in Turkmenistan is anticipated to maintain a steady growth rate.
The annual growth rate, also known as the Compound Annual Growth Rate (CAGR), between 2024 and 2029 is expected to be 8.74%.
This growth rate signifies the increasing adoption of software solutions by businesses in Turkmenistan, driving the market volume to reach US$230.90m by 2029.
When compared globally, it is noteworthy that United States is expected to generate the highest revenue in the Software market.
In 2024, the projected revenue for the United States is estimated to be a staggering US$363.40bn.
This indicates the strong market presence and dominance of the United States in the global software industry.
However, it is important to note that these figures are subject to change as market dynamics evolve.
Turkmenistan's software market is experiencing rapid growth, driven by government initiatives to promote digitalization and attract foreign investments.

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

Turkmenistan, known for its rich history and culture, has been experiencing significant growth in its software market.

Customer preferences: Turkmenistan's software market has been driven by the increased demand for software solutions in various industries such as healthcare, education, and finance. The government's investment in digitization has also led to an increase in demand for software solutions. Additionally, the country's young population has shown a preference for software solutions that cater to their needs, such as mobile applications for entertainment and social media.

Trends in the market: One of the key trends in Turkmenistan's software market is the shift towards cloud-based solutions. This trend has been driven by the need for more efficient and cost-effective solutions. Companies are also looking for software solutions that are easy to use and require minimal maintenance. Another trend is the increasing demand for cybersecurity solutions as companies seek to protect their data from cyber threats.

Local special circumstances: Turkmenistan's software market is still in its early stages and is dominated by local players. The government has been supportive of local companies and has implemented policies to promote the growth of the industry. However, the lack of a mature ecosystem and limited access to funding has made it difficult for local companies to compete with international players. Additionally, the country's limited internet connectivity has been a challenge for the growth of the industry.

Underlying macroeconomic factors: Turkmenistan's economy is heavily reliant on its natural gas reserves, which account for a significant portion of its GDP. The government has been investing in diversifying the economy, with a focus on the development of the technology sector. The country's strategic location on the ancient Silk Road trade route has also made it an attractive destination for foreign investment. However, the lack of transparency and business-friendly policies has made it difficult for foreign companies to enter the market.

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.