Software - Belgium

  • Belgium
  • The Software market in Belgium is set to witness a significant surge in revenue, with projections indicating that it will reach €3.48bn by 2024.
  • Among the various market segments, Enterprise Software holds a dominant position, with a projected market volume of €1.44bn in the same year.
  • Looking ahead, the market is expected to experience a steady annual growth rate, with a Compound Annual Growth Rate (CAGR 2024-2029) of 3.28%, resulting in a market volume of €4.09bn by 2029.
  • When compared globally, United States is anticipated to generate the highest revenue in the Software market, estimated to be €337.00bn in 2024.
  • Belgium's software market is experiencing a surge in demand for cybersecurity solutions due to increasing cyber threats and data breaches.

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

 
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Comparaison de régions
 
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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.

Vue d’ensemble

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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