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The Czech Republic - IT Market size is forecast to increase by USD 2.34 billion, at a CAGR of 3.64% between 2023 and 2028. The growth rate of the market depends on several factors, including the rising adoption of IT solutions among Czech Republic SMEs, the increased adoption of cloud-based services, and the growth in IT consolidation and IT modernization. The IT market in Czech Republic is an integrated platform consisting of hardware, software, and services that help organizations store, process, transmit, and retrieve information. The IT department of an organization manages all the IT-related services, solutions, and software that integrate and streamline different processes to facilitate a smooth flow of information across the organization.
The report offers extensive research analysis on the Czech Republic - IT Market, with a categorization based on Type, including services, hardware, and software. It further segments the market by Application, encompassing BFSI, telecommunication, industrial, and others. Additionally, the report provides End-user segmentation, covering large enterprise and small and medium enterprise. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
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One of the key factors driving the market growth is the rising adoption of IT solutions among Czech Republic SMEs. SMEs, also known as Mittelstand, are considered the backbone of the German economy and account for more than 99% of the total number of enterprises in the country. In addition, these enterprises range from sole proprietorships to enterprises with hundreds of employees and export their products and services across the world
Moreover, Czech Republic SMEs are known for introducing and aggressively promoting product and process-level innovations. In addition, they invest in IT to keep themselves abreast of the latest technologies. Furthermore, SMEs in the country extensively use technologies such as cloud computing, Big Data, and IoT to improve their operational efficiency and find new avenues of revenue generation. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the market growth is the increased adoption of mobility solutions. With the growing availability of wireless networks, mobility is touching every aspect of government operations, including data collection using mobile devices and unified communication. In addition, mobility enables e-government initiatives in Tier II and Tier III cities and rural areas, which lack IT infrastructure. Thus, mobility facilitates uninterrupted data sharing.
Moreover, financial inclusion can be achieved using mobile solutions, and people without access to a bank can use m-commerce, mobile banking, and mobile money. In addition, unprecedented growth in the smartphone market leads to an increase in mobile app users. Furthermore, mobile application developers require IT services such as backend as a service (BaaS) and web-integrated development environment (IDE) solutions for innovative mobile application development solutions. Hence, such factors are driving the market growth during the forecast period.
The increase in cyberattacks is one of the key challenges hindering the market growth. Cyberattacks have a major impact on Czech Republic enterprises and lead to production challenges and revenue loss. For instance, according to the National Office for Cyber and Information Security (NUKIB) data, the police recorded nearly 157 cases of cybercrimes in 2021, an increase of 36.9% from 2020.
Moreover, SMEs in the Czech Republic are the key targets of cybercriminals. In addition, these enterprises are severely affected by espionage, sabotage, and data theft. Furthermore, the lack of proper IT security infrastructure and the allocation of small internal IT budgets make SMEs vulnerable to threats, resulting in cyber-attacks such as ransomware attacks. Hence, such factors are hindering the market growth during the forecast period.
The services segment is estimated to witness significant growth during the forecast period. IT services comprise consulting services, learning and training, development and integration, hardware maintenance and support, IT management, process management, and software support. In addition, the major areas for the growth of this market segment are consulting and software maintenance and support services.
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The services segment was the largest segment and was valued at USD 3.80 billion in 2018. Moreover, the need to develop improved business delivery systems and cost-effective models will lead to an increased demand for IT services in end-user sectors. In addition, another factor that contributes to the growth of this market segment is the ongoing shift from on-premises to cloud-based software and IT infrastructure deployment. Furthermore, the transition to cloud-based models is also expected to increase the demand for IT education and training services. Hence, such factors are fuelling the growth of the market which in turn drives the market growth during the forecast period.
The rapid transformation of the BFSI segment will increase the market growth. Several companies operating in the banking, financial services, and insurance (BFSI) sector are investing in IT solutions to minimize costs, find new revenue-generating streams, enhance security and compliance systems, and make customer support more efficient. In addition, BFSI companies in the Czech Republic are undertaking digital transformation initiatives, thereby providing good potential for software and IT services providers. Furthermore, BFSI companies in the Czech Republic are investing significantly in numerous technology and innovation trends that are emerging in the country. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Accenture Plc: The company offers IT services such as cloud and data center, database platform and network.
Acer Inc: The company offers IT services such as Acer UC, Acer sMeet and artificial intelligence.
Amadeus IT Group SA: The company offers IT such as Amadeus Airline Platform, Selling Platform Connect, and Navitaire.
The Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Czech Republic IT Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.64% |
Market Growth 2024-2028 |
USD 2.34 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.48 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, Acer Inc., Adyen NV, Amadeus IT Group SA, Apple Inc., Capgemini Service SAS, Cisco Systems Inc., Dassault Systemes SE, Dell Technologies Inc., Hewlett Packard Enterprise Co., Hexagon AB, International Business Machines Corp., Microsoft Corp., Oracle Corp., SAP SE, Schneider Electric SE, Siemens AG, Telefonaktiebolaget LM Ericsson, Temenos AG, and Yandex NV |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Market Segmentation by End-user
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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