Software - Belarus

Belarus

Revenue in the Software market is projected to reach US$777.90m in 2024.
Enterprise Software dominates the market with a projected market volume of US$323.20m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 8.09%, resulting in a market volume of US$1,062.00m by 2028.
In global comparison, most revenue will be generated in the United States (US$353.50bn in 2024).

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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Market

Region

Region comparison

Currency

Analyst Opinion

Belarus, a country in Eastern Europe, has been experiencing a steady growth in its software market in recent years.

Customer preferences: Belarus has a highly skilled workforce with a strong focus on STEM education, making it an ideal location for software development. This has led to a growing demand for software development services from both local and international clients. Additionally, the country offers competitive pricing for software development services, making it an attractive option for businesses looking to outsource their software development needs.

Trends in the market: One of the key trends in the software market in Belarus is the growth of the IT outsourcing industry. Many companies from Western Europe and North America are outsourcing their software development needs to Belarus due to the country's highly skilled workforce and competitive pricing. This has led to an increase in the number of software development companies in Belarus, and a corresponding increase in the number of software developers.Another trend in the Belarusian software market is the growth of the mobile app development industry. With the increasing use of smartphones and tablets, there has been a growing demand for mobile app development services. Belarusian software development companies have been quick to capitalize on this trend, with many companies specializing in mobile app development.

Local special circumstances: One of the unique aspects of the Belarusian software market is the country's High-Tech Park (HTP). The HTP is a special economic zone that was established in 2005 to promote the development of the IT industry in Belarus. The HTP offers a number of benefits to IT companies, including tax breaks, streamlined administrative procedures, and access to a highly skilled workforce. This has helped to attract many IT companies to Belarus, and has contributed to the growth of the software market in the country.

Underlying macroeconomic factors: Belarus has a relatively low cost of living compared to other European countries, which has helped to keep labor costs low. This has made it an attractive location for businesses looking to outsource their software development needs. Additionally, the country has a stable political environment, which has helped to attract foreign investment. However, the country's economy is heavily dependent on exports, particularly to Russia, which has led to some economic instability in recent years. Despite this, the software market in Belarus has continued to grow, driven by the country's highly skilled workforce and competitive pricing.

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.