Software - Denmark

  • Denmark
  • Revenue in the Software market is projected to reach US$3.97bn in 2024.
  • Enterprise Software dominates the market with a projected market volume of US$1.66bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.70%, resulting in a market volume of US$4.76bn by 2029.
  • In global comparison, most revenue will be generated in the United States (US$363.40bn in 2024).

Key regions: United States, Canada, Germany, China, Japan

 
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Analyst Opinion

Denmark, known for its high standard of living, is also a hub for the technology industry in Europe. The software market in Denmark has been growing at a steady pace over the years, driven by various factors.

Customer preferences:
Danish customers are known for their preference for high-quality products and services. They are willing to pay a premium for software that meets their needs and expectations. Additionally, Danish customers prioritize sustainability and ethical business practices, which has led to the rise of eco-friendly and socially responsible software solutions.

Trends in the market:
Cloud-based software solutions have been gaining popularity in Denmark due to their flexibility and cost-effectiveness. The demand for software-as-a-service (SaaS) and platform-as-a-service (PaaS) has been on the rise, as they offer businesses the ability to scale up or down as needed and reduce IT infrastructure costs. Another trend in the software market in Denmark is the adoption of artificial intelligence (AI) and machine learning (ML) technologies. Many Danish companies are using these technologies to improve efficiency and productivity, as well as to develop new products and services.

Local special circumstances:
Denmark has a strong startup culture, which has led to the emergence of many innovative software companies. The Danish government has also been supportive of the technology industry, providing funding and other resources to help startups and established companies grow. Additionally, Denmark has a highly skilled workforce, with many people educated in computer science and engineering.

Underlying macroeconomic factors:
Denmark has a strong and stable economy, with a high GDP per capita and low unemployment rate. The country also has a well-developed infrastructure and a favorable business environment, which has attracted many foreign companies to invest in the country. These factors have contributed to the growth of the software market in Denmark, as businesses have the resources and confidence to invest in new technologies and software solutions.In conclusion, the software market in Denmark is driven by customer preferences for high-quality and sustainable solutions, as well as trends such as cloud-based software and AI/ML technologies. The country's strong startup culture, supportive government, skilled workforce, and favorable macroeconomic factors have also contributed to the growth of the 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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