Dublin, Sept. 02, 2024 (GLOBE NEWSWIRE) -- The "Software Development in China - Industry Market Research Report" report has been added to ResearchAndMarkets.com's offering.
Industry revenue has grown at a CAGR of 7.4 % over the past five years, to reach an estimated $1.6tr in 2024. Profit is expected to account for 14.7% of industry revenue in 2024. Industry profit has increased in recent years due to rising domestic demand, particularly for high value-added software services.
The Software Development industry has grown strongly over the past five years. Industry revenue is expected to increase at an annualized 7.4% over the five years through 2024, to $1.6 trillion. This trend includes anticipated revenue growth of 10.3% in the current year. Strong demand from downstream software users and the government, along with solid pricing, have supported the industry's performance over the past five years.
The industry's development has also been supported and encouraged by the Chinese Government, with the government instituting several policies to support the industry. The government's 14th Five-Year Plan (2021 to 2025) listed software development as a key component, with the government encouraging innovative, technology-based reforms. This plan had supported the software industry's continued growth.
The industry offers consumer software products and services, and system integration services. The software service segment has increased rapidly in recent years and has become an increasingly important contributor to industry revenue growth. In particular, software outsourcing firms have improved, with more external clients from the United States and Europe seeking Chinese software service providers that offer low prices. Moreover, with the implementation of the Belt and Road Initiative, demand from developing countries in Western Asia and Central Asia is anticipated to increase. Consequently, industry exports are forecast to grow steadily over the next five years.
Government assistance and improving technology are forecast to support the industry's continued strong development over the next five years. In addition, more foreign enterprises are anticipated enter the local market by developing and expanding their intellectual property rights. Industry revenue is projected to increase at an annualized 7.7% over the five years through 2029, to $2.5 trillion.
Trends and Insights
- The industry is expected to increase at an annualized 7.4% to $1.6 trillion over the five years to 2024.
- It is mainly driven by growing demand from downstream industries, favorable government policies, and the continued development of the internet. The majority of industry products and services are used by telecommunications, finance, government, manufacturing and education companies.
- With the acceleration of China's information expansion processes and rapid improvements in technology, industry demand will continue to expand steadily in future years. The State Council has established 11 state-level software bases.
- The major software bases in China mainly lie in North China, East China and South China. The price of software services is one of the main areas of competition among firms in this industry in China.
- Most enterprises that require software products and services choose their providers by competitive bidding.
- Service products are being applied to an increasing number of downstream industries Rapid growth in China's Communications Equipment Manufacturing, Mobile Phone Manufacturing and Computer Manufacturing industries has supported the Software Development industry's strong performance.
- The application of new generation information technology will drive further development of the industry
- To boost the national economy during the pandemic, China launched a major initiative of new infrastructure. The new infrastructure aims to upgrade and transform traditional industries, improve efficiency and reduce costs by strengthening the 5G communication network, artificial intelligence, industrial internet, the Internet of Things and other new infrastructure construction.
Key Topics Covered:
ABOUT THIS INDUSTRY
- Industry Definition
- Main Activities
- Similar Industries
- Additional Resources
INDUSTRY PERFORMANCE
- Executive Summary
- Key External Drivers
- Current Performance
- Industry Outlook
- Industry Life Cycle
PRODUCTS & MARKETS
- Supply Chain
- Products & Services
- Demand Determinants
- Major Markets
- International Trade
- Business Locations
COMPETITIVE LANDSCAPE
- Market Share Concentration
- Key Success Factors
- Cost Structure Benchmarks
- Basis of Competition
- Barriers to Entry
- Industry Globalization
MAJOR COMPANIES
- Huawei Technologies Co., Ltd.
- Haier Group
- Ieit Systems Co., Ltd.
- Alibaba Group Holding Limited
- Hangzhou Hikvision Digital Technology Co. Ltd.
OPERATING CONDITIONS
- Capital Intensity
- Technology & Systems
- Revenue Volatility
- Regulation & Policy
- Industry Assistance
KEY STATISTICS
- Industry Data
- Annual Change
- Key Ratios
JARGON
For more information about this report visit https://www.researchandmarkets.com/r/aqhe7w
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