Application Development Software - Bosnia and Herzegovina

Bosnia and Herzegovina

Revenue in the Application Development Software market is projected to reach US$45.26m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 8.15%, resulting in a market volume of US$61.91m by 2028.
In global comparison, most revenue will be generated in the United States (US$91,020.00m in 2024).

Key regions: Australia, Germany, United Kingdom, China, United States

Market

Region

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Currency

Analyst Opinion

The Application Development Software market in Bosnia and Herzegovina is a growing market that has seen an increase in demand in recent years.

Customer preferences: Bosnia and Herzegovina's market for Application Development Software is driven by the need for businesses to develop and maintain their online presence. As more businesses move online, there is a growing need for software that can help them create and maintain their websites and mobile applications. Additionally, there is a growing trend towards cloud-based software solutions, which allow businesses to access their applications from anywhere, at any time.

Trends in the market: One of the key trends in the Application Development Software market in Bosnia and Herzegovina is the increasing adoption of low-code and no-code development platforms. These platforms allow businesses to develop applications without the need for extensive coding knowledge, which can help to reduce costs and increase efficiency. Another trend in the market is the growing importance of mobile applications, as more and more people use their smartphones to access the internet.

Local special circumstances: Bosnia and Herzegovina's market for Application Development Software is still in the early stages of development. However, there is a growing start-up culture in the country, which is driving demand for software that can help these businesses to grow and succeed. Additionally, there is a shortage of skilled developers in the country, which is driving demand for software that can help businesses to develop applications without the need for extensive coding knowledge.

Underlying macroeconomic factors: Bosnia and Herzegovina's economy has been growing in recent years, which has helped to drive demand for Application Development Software. Additionally, the country's strategic location in Southeast Europe makes it an attractive location for businesses looking to expand into the region. However, the country still faces challenges related to corruption and political instability, which can make it difficult for businesses to operate.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. 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.