China's software industry revenue exceeds 10 tln yuan in 2022

Visitors learn about a smart city governance system during the China International Big Data Industry Expo 2021 in Guiyang, southwest China's Guizhou Province, May 26, 2021. (File photo: Xinhua)

In 2022, the number of enterprises above designated size in China's software and information technology services sector (software industry for short) surpassed 35,000, seeing their combined annual business revenue climb 11.2 percent year-on-year to more than 10.81 trillion yuan ($1.6 trillion), according to official data.

Last year, enterprises’ total annual profits in the country's software industry grew 5.7 percent from the previous year to more than 1.26 trillion yuan, with the profit margin of main businesses reaching 9.1 percent, data from the country's Ministry of Industry and Information Technology (MIIT) shows.

Thanks to broad application scenarios and huge market demand, China's software industry enjoyed steady recovery and sound growth momentum, registered growth in exports, and maintained double-digit revenue growth in 2022, according to the MIIT.

Information technology services in China saw rapid revenue growth in 2022, with new business forms reporting particularly encouraging growth.

Last year, annual revenue from China's information technology services grew 11.7 percent year-on-year to more than 7.01 trillion yuan. The growth rate was 0.5 percentage points higher than the average annual growth rate of China's software industry, while the revenue accounted for 64.9 percent of the industry’s total.

Breaking down the numbers, cloud and big data services achieved combined revenue of 1.04 trillion yuan, which represented a year-on-year increase of 8.7 percent and accounted for 14.9 percent of the total annual revenue from the country's information technology services in 2022, with the proportion up 2 percentage points from the previous year.

Integrated circuit design services in China saw annual revenue increase 12 percent year on year to 279.7 billion yuan, while the revenue from technology services for e-commerce platforms in the country rose 18.5 percent from the previous year to more than 1.1 trillion yuan in 2022.

Revenue from industrial software products witnessed accelerated growth in 2022, providing strong underpinning for the digital transformation and upgrading of China's manufacturing sector. The country's industrial software products registered annual revenue of 240.7 billion yuan last year, up 14.3 percent year-on-year. The figure was 3.1 percentage points higher than the average annual growth rate of the country's software industry.