Software - Belgium

Belgium

Revenue in the Software market is projected to reach €3.36bn in 2024.
Enterprise Software dominates the market with a projected market volume of €1.40bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 3.26%, resulting in a market volume of €3.82bn by 2028.
In global comparison, most revenue will be generated in the United States (€323.20bn 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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Analyst Opinion

Belgium, a small country in Western Europe, has a thriving software market that is constantly evolving and adapting to new trends and technologies.

Customer preferences: Belgian customers have a strong preference for software that is user-friendly, reliable, and customizable. They value software that can be easily integrated with other systems and can be accessed from multiple devices. Additionally, there is a growing demand for software that is cloud-based and can be accessed remotely.

Trends in the market: One of the major trends in the Belgian software market is the increasing use of artificial intelligence (AI) and machine learning (ML) technologies. This has led to the development of new software applications that can automate tasks, improve efficiency, and provide better insights and analytics. Another trend is the growing popularity of open-source software, which is becoming more widely adopted by businesses of all sizes. Finally, there is a shift towards software-as-a-service (SaaS) models, which offer greater flexibility, scalability, and cost-effectiveness.

Local special circumstances: Belgium is home to a vibrant startup scene, with many innovative companies developing new software products and services. This has created a highly competitive market, with a focus on innovation and differentiation. Additionally, Belgium is a multilingual country, with three official languages (Dutch, French, and German). This presents a unique challenge for software developers, who must ensure that their products are accessible and user-friendly for customers in all regions of the country.

Underlying macroeconomic factors: Belgium has a highly developed economy, with a strong focus on technology and innovation. The country has a highly skilled workforce, with many talented software developers and engineers. Additionally, the Belgian government has implemented policies and initiatives to support the growth of the technology sector, including tax incentives and funding for startups. Finally, Belgium is strategically located in the heart of Europe, making it an attractive location for businesses looking to expand into the European 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.