Application Development Software - South America

South America

Revenue in the Application Development Software market is projected to reach US$3.99bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.85%, resulting in a market volume of US$5.20bn 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

Region comparison

Currency

Analyst Opinion

The demand for Application Development Software in South America has been steadily growing in recent years, driven by various factors such as increasing digitalization, rising adoption of cloud-based technologies, and expanding e-commerce industry.

Customer preferences: South American customers are increasingly looking for software solutions that can help them streamline their business operations, enhance productivity, and improve customer experience. They prefer software that is easy to use, scalable, and customizable to their specific needs. Additionally, there is a growing demand for cloud-based software solutions that can be accessed from anywhere and at any time.

Trends in the market: Brazil, Argentina, and Chile are the major markets for Application Development Software in South America. Brazil, being the largest economy in the region, has the highest demand for software solutions. The country has a vibrant tech startup ecosystem, which has been driving the demand for application development software. Argentina, on the other hand, has been witnessing a surge in the e-commerce industry, which has led to an increased demand for software solutions that can help businesses manage their online stores. Chile is also emerging as a key market for application development software, driven by the country's efforts to promote digital transformation.

Local special circumstances: One of the major challenges faced by the South American market is the lack of skilled professionals in the field of software development. This has led to a shortage of talent, which has made it difficult for businesses to find qualified developers. Additionally, the region has a complex regulatory environment, which can make it difficult for software companies to operate in the market.

Underlying macroeconomic factors: The South American market for application development software is expected to continue growing in the coming years, driven by factors such as increasing internet penetration, rising smartphone usage, and expanding e-commerce industry. Additionally, the COVID-19 pandemic has accelerated the digital transformation of businesses, which is expected to further boost the demand for software solutions. However, the market is also likely to face challenges such as economic instability, political uncertainty, and regulatory hurdles.

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.