Software - Bosnia and Herzegovina

  • Bosnia and Herzegovina
  • Revenue in the Software market is projected to reach US$175.70m in 2024.
  • Enterprise Software dominates the market with a projected market volume of US$73.51m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.53%, resulting in a market volume of US$226.30m 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

 
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Analyst Opinion

Bosnia and Herzegovina is a country with a growing Software market that is becoming increasingly important in the region.

Customer preferences:
Bosnia and Herzegovina's Software market is driven by a growing demand for cloud-based solutions and Software as a Service (SaaS) platforms. Customers in the country are looking for more efficient and cost-effective ways to manage their businesses, and cloud-based solutions offer a number of advantages in this regard. Additionally, customers are increasingly interested in mobile applications, which are becoming an essential part of business operations.

Trends in the market:
The Software market in Bosnia and Herzegovina is growing at a steady pace, with a number of local and international players entering the market. One of the key trends in the market is the increasing adoption of cloud-based solutions and SaaS platforms. This is driven by a number of factors, including the need for more efficient and cost-effective business operations, as well as the growing availability of high-speed internet connections. Another key trend in the market is the growing demand for mobile applications, which are becoming an essential part of business operations in the country.

Local special circumstances:
Bosnia and Herzegovina's Software market is characterized by a number of local special circumstances. One of the key factors is the country's relatively low level of economic development, which has led to a focus on cost-effective solutions. Additionally, the country has a large number of small and medium-sized enterprises (SMEs), which are driving demand for Software solutions that are tailored to their specific needs. Finally, the country's geographic location at the crossroads of Europe and the Middle East has made it an attractive location for international Software companies looking to expand their operations in the region.

Underlying macroeconomic factors:
The growth of Bosnia and Herzegovina's Software market is being driven by a number of underlying macroeconomic factors. One of the key factors is the country's growing IT sector, which is becoming an increasingly important part of the economy. Additionally, the country's relatively low labor costs and highly skilled workforce make it an attractive location for Software companies looking to expand their operations in the region. Finally, the government's focus on developing the country's IT sector through various initiatives and programs has helped to create a favorable environment for the growth of the Software 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.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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