Application Development Software - Montenegro

Montenegro

Revenue in the Application Development Software market is projected to reach US$20.17m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 8.07%, resulting in a market volume of US$27.51m 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

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Analyst Opinion

The Application Development Software market in Montenegro has been experiencing a steady growth in recent years.

Customer preferences: Montenegrin customers have been showing a growing interest in cloud-based application development software as it offers flexibility and scalability. Additionally, there is a growing demand for software that can be easily integrated with other applications and systems, to increase productivity and efficiency.

Trends in the market: One of the major trends in the Montenegrin Application Development Software market is the shift towards low-code/no-code development platforms. These platforms allow developers to create applications with minimal coding, making it easier for businesses to develop software in-house. Another trend is the growing adoption of DevOps practices, enabling developers and IT operations teams to work together more effectively.

Local special circumstances: Montenegro is a small market with a limited number of software development companies. However, the country has a highly skilled workforce, with a large number of IT professionals. As a result, there is a growing trend of businesses outsourcing their software development needs to Montenegrin companies, which offer high-quality services at a competitive price.

Underlying macroeconomic factors: Montenegro has a growing economy, with a focus on tourism and foreign investment. This has led to an increase in demand for software development services, as businesses look to digitize their operations and improve their customer experience. Additionally, Montenegro's accession to the European Union is expected to provide further opportunities for the country's software development industry, as it will open up new markets and increase access to funding and resources.

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.