Qt Group Plc operates in the global software development tools market. It has business units in Finland, Norway, Germany, USA, India, China, Japan and South Korea, and large research and development facilities in Berlin, Oslo and Oulu.
In 2016, the global software development tools market is estimated to be worth over 10 billion US dollars. Today, there are approximately 20 million software developers globally; this is expected to grow to approximately 25 million by 2020. From Qt’s perspective, the most important sectors of the market are workstation and mobile application development, as well as embedded systems.
Qt sees great growth potential is in the embedded systems segment. Developments in the Internet of Things drives this growth: it brings an internet connection and a graphical user interface (GUI) to many everyday devices. The diversity of devices presents a real opportunity for the provider of platform-agnostic developer tools.
In 2014, the market size for embedded systems development tools was valued at approximately 1 billion USD, with an annual growth forecast of 8 to 10 per cent. This growth is expected to continue until at least 2020.
For Qt, segments of interest in the embedded systems market include, for example, the automobile industry, consumer electronics and industrial automation.
The traditional way of developing workstation applications is going through a fundamental change with the rise of mobile applications. This is mainly driven by the rapid development of devices and the multiplicity of different screen sizes and use cases. As devices multiply and become less and less uniform, applications must adapt to all these different screens and formats. For this to work, development must be independent of platforms and operating systems. Cross-platform tools such as Qt make it straight-forward to simultaneously develop both mobile and desktop applications using the same technology.
The target market for Qt in this sector is valued at approximately 500 million US dollars.