Software - Sweden

Sweden

In 2024, the projected revenue in the Software market in Sweden is expected to reach €5.28bn.
The dominant player in this market segment is Enterprise Software , which is projected to have a market volume of €2.23bn in 2024.
The revenue is expected to grow at an annual rate of 4.05% from 2024 to 2029, resulting in a market volume of €6.44bn by 2029.
When compared globally, United States is expected to generate the highest revenue in 2024, amounting to €333.50bn.
Sweden has a thriving software market, with a strong focus on innovation and cutting-edge technologies.

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

Sweden, a country known for its innovation and technological advancements, has a Software market that is rapidly growing and evolving.

Customer preferences: In Sweden, there is a high demand for software that is user-friendly, efficient, and sustainable. Customers prefer software that is easy to use and can integrate with other systems seamlessly. Additionally, customers also prioritize software that has a positive impact on the environment and promotes sustainability.

Trends in the market: One of the major trends in the Swedish software market is the shift towards cloud-based solutions. This trend is driven by the need for flexibility, scalability, and cost-effectiveness. Another trend in the market is the increasing use of Artificial Intelligence (AI) and Machine Learning (ML) in software applications. This trend is driven by the need for automation, optimization, and data-driven decision-making.

Local special circumstances: Sweden has a highly skilled workforce, which is a key factor in the growth of the software market. The country's education system is known for producing highly qualified graduates in the fields of engineering, computer science, and information technology. Additionally, the Swedish government has implemented policies and initiatives to support innovation and entrepreneurship, which has created a favorable environment for software development and startups.

Underlying macroeconomic factors: Sweden has a stable and prosperous economy, which is a key factor in the growth of the software market. The country has a high GDP per capita and a strong social welfare system, which has created a high standard of living for its citizens. Additionally, Sweden has a strong tradition of innovation and technological advancements, which has fostered a culture of entrepreneurship and risk-taking. Finally, Sweden's location in Europe provides access to a large market and a highly skilled workforce, which has attracted many multinational companies to establish a presence in the country.

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.