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Creative Software - India

India

Revenue in the Creative Software market is projected to reach US$129.90m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.66%, resulting in a market volume of US$174.50m by 2028.
In global comparison, most revenue will be generated in the United States (US$4,777.00m in 2024).

Key regions: Canada, Netherlands, Germany, Japan, China

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Analyst Opinion

The Creative Software market in India has been experiencing a significant growth in recent years.

Customer preferences: With the rise of digitalization, there has been an increasing demand for creative software in India. The younger generation, especially millennials, are more inclined towards digital art and design. Additionally, with the growth of e-commerce and social media, there has been a surge in demand for visually appealing content.

Trends in the market: One of the major trends in the Creative Software market in India is the growth of cloud-based software. This allows for easier access and collaboration among users. Another trend is the emergence of mobile-based creative software, which caters to the growing number of smartphone users in India. Furthermore, there has been a shift towards subscription-based models, which provide users with more flexibility and cost-effectiveness.

Local special circumstances: India has a large pool of talented artists and designers, which has led to the growth of the Creative Software market. Additionally, the Indian government has been promoting the growth of the software industry through initiatives such as Digital India and Make in India. However, there are also challenges such as piracy and low awareness among consumers, which hinder the growth of the market.

Underlying macroeconomic factors: The growth of the Creative Software market in India is also influenced by macroeconomic factors such as the growth of the IT industry, increasing disposable income, and the rise of entrepreneurship. The IT industry in India has been growing rapidly, which has led to a higher demand for creative software. Moreover, with the rise of entrepreneurship, there has been an increasing demand for affordable and accessible software solutions. Finally, the growth of disposable income has led to increased spending on digital products and services, including creative software.

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.