Application Development Software - Australia

Australia

The Application Development Software market in Australia is expected to witness significant growth in the coming years.
According to projections, the revenue is estimated to reach AUD €2.87bn by 2024.
This growth is expected to continue with an annual growth rate (CAGR 2024-2029) of 5.72%, resulting in a market volume of AUD €3.79bn by 2029.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in this market segment.
In 2024, United States is projected to generate a revenue of €85,270.00m.
Australia's booming tech industry has led to a surge in demand for application development software, creating opportunities for local software developers.

Key regions: United Kingdom, United States, Australia, France, Germany

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Analyst Opinion

The demand for Application Development Software in Australia has been steadily increasing in recent years, driven by a number of factors.

Customer preferences: Australian businesses are increasingly seeking to digitize their operations and improve their online presence, in order to remain competitive in an increasingly globalized marketplace. This has led to a growing demand for software that can help businesses build and maintain their own websites, mobile apps, and other digital platforms. Additionally, with the rise of e-commerce and online sales, there is a growing need for software that can help businesses manage their online transactions and customer data.

Trends in the market: One key trend in the Australian Application Development Software market is the growing popularity of cloud-based software solutions. Cloud-based software allows businesses to access their applications and data from anywhere, without the need for expensive on-site servers or IT infrastructure. This makes it an attractive option for businesses of all sizes, particularly those that are looking to scale quickly or operate in multiple locations. Additionally, many cloud-based software providers offer flexible pricing models, allowing businesses to pay only for the services they need.Another trend in the Australian market is the increasing use of low-code and no-code development platforms. These platforms allow businesses to build custom applications and workflows without the need for extensive coding knowledge or experience. This makes it easier and more cost-effective for businesses to develop and deploy their own software solutions, without the need to hire expensive developers or IT staff.

Local special circumstances: Australia has a highly developed and competitive software industry, with a number of local and international players operating in the market. This has led to a wide range of software solutions and pricing models being available to businesses of all sizes and industries. Additionally, the Australian government has been actively promoting the growth of the local technology industry, through initiatives such as the National Innovation and Science Agenda and the Research and Development Tax Incentive.

Underlying macroeconomic factors: Australia has a strong and stable economy, with a high level of economic freedom and a well-educated workforce. This has made it an attractive destination for foreign investment and a hub for innovation and technology. Additionally, the country has a high level of internet penetration and a growing population, which has helped to drive demand for digital services and software solutions. However, the Australian market is also highly competitive, with businesses facing significant pressure to innovate and adapt to changing customer needs and preferences.

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.