IT Services Market in Nordic Countries by Service and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR71009
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The IT services market share in Nordic countries is expected to increase by USD 6.36 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 4.04%.

This IT services market in Nordic countries research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers IT services market segmentation in Nordic countries by service (IT consulting and other services, internet services and infrastructure, and data processing and outsourced services) and geography (Sweden, Denmark, Norway, and Rest of Europe). The IT services market report in Nordic countries also offers information on several market vendors, including Accenture Plc, Capgemini SE, CGI Inc., Dell Technologies Inc., DXC Technology Co., Eltel AB, Hewlett Packard Enterprise Co., International Business Machines Corp., Tata Consultancy Services Ltd., and TIETOEVRY CORP. among others.

What will the IT Services Market Size in Nordic Countries be During the Forecast Period?

Download the Free Report Sample to Unlock the IT Services Market Size in Nordic Countries for the Forecast Period and Other Important Statistics

 

IT Services Market in Nordic Countries: Key Drivers, Trends, and Challenges

The growing adoption of edge computing is notably driving the IT services market growth in Nordic countries, although factors such as risks involved in outsourcing may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the IT services industry in Nordic countries. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competITive edge.

Key IT Services Market Driver in Nordic Countries

One of the key factors driving growth in the IT services market in Nordic countries is the growing adoption of edge computing. The demand for edge computing is significantly rising in the Nordic region, owing to the rollout of 5G telecommunication networks. The emergence of advanced, high-capacity edge computing has further driven the growth of the IT services market in the region. In addition, according to IBM Corp, in Nordics, 5G network will be available in all major cities by 2021-2022, and by 2023, all countries across the region are expected to have almost 100% nationwide 5G coverage. Such factors will enhance the adoption of edge computing, as 5G, along with edge computing, will create opportunities to enhance digital experiences, improve performance and data security services, and enable continuous operations in every industry. The growing need to improve performance, control operating costs, and enhance the reliability of applications and IT services has led to the increasing adoption of edge computing. This development will also drive the demand for IT services in the region.

Key IT Services Market Trend in Nordic Countries

The emergence of AI in information management is another factor supporting the IT services market share growth in Nordic countries. Several enterprises across the world are integrating AI to develop and exploit data from IT services. Integrating AI in information services helps automate several processes and enhances process efficiency. Besides, in enterprises, half the employees spend time doing paperwork. This reduces the overall return on investment (ROI) of enterprises and increases their costs. Thus, enterprises are opting for IT services integrated with advanced technologies such as AI. There are several other advantages of AI in information services, such as applying structure to unstructured data, streamlining information, enhancing information security, and improving data quality. Such advantages of AI in information services are anticipated to increase the efficiency of vendors operating in the IT services market in Nordic countries.

Key IT Services Market Challenge in Nordic Countries

The risks involved in outsourcing will be a major challenge for the IT services market in Nordic countries during the forecast period. If an organization outsources its front, middle, or back-office activities, it might be at risk of being too dependent on the outsourced agency. Outsourcing could result in a loss of control as the outsourced agency may make excessive demands and change business rules. Outsourcing service providers need to communicate effectively with their clients to deliver the service required in a timely manner. Communication during the procurement contract tenure is required between the clients and vendors to reduce outsourcing risks and build trust. The lack of communication and the large number of risks associated with engaging with outsourcing services can hamper the growth of the IT services market in Nordic countries.

This IT services market in Nordic countries analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the IT services market in Nordic countries as a part of the global information technology spending market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the IT services market in Nordic countries during the forecast period.

Who are the Major IT Services Market Vendors in Nordic Countries?

The report analyzes the market’s competITive landscape and offers information on several market vendors, including:

 

  • Accenture Plc
  • Capgemini SE
  • CGI Inc.
  • Dell Technologies Inc.
  • DXC Technology Co.
  • Eltel AB
  • Hewlett Packard Enterprise Co.
  • International Business Machines Corp.
  • Tata Consultancy Services Ltd.
  • TIETOEVRY CORP.

 

This statistical study of the IT services market in Nordic countries encompasses successful business strategies deployed by the key vendors. The IT services market in Nordic countries is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Accenture Plc - The company offers IT services such as digital strategy consulting services, data and analytics, cloud services among others.

To make the most of the opportunITies and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their posITions in the slow-growing segments.

The IT services market in Nordic countries forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainabilITy, and prospects of the leading companies.

IT Services Market in Nordic Countries Value Chain Analysis

Our report provides extensive information on the value chain analysis for the IT services market in Nordic countries, which vendors can leverage to gain a competITive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profIT margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the information technology spending market. includes the following core components:

  • Research and development
  • Developers or manufacturers
  • Sales and distribution
  • End-users

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for IT Services Market In Nordic Countries?

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36% of the market’s growth will originate from Sweden during the forecast period. Sweden is the key market for IT services in the Nordic countries. Market growth in this region will be faster than the growth of the market in other regions.

The strong presence and penetration of top vendors such as Accenture Plc, Microsoft Corp., and International Business Machines (IBM) Corp. will facilitate the IT services market growth in Sweden over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Service Segments in the IT Services Market in Nordic Countries?

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The IT services market share growth in Nordic countries by the It consulting and other services segment will be significant during the forecast period. The adoption of advanced technologies such as big data analytics, AI, and cloud-based computing to reduce costs and increase operational efficiencies is enhancing the need for other services. Several companies, including small and medium-sized enterprises (SMEs), lack the in-house technical expertise required for the planning, design, and implementation of these advanced technologies, which leads them to engage the services of IT consulting firms, which possess experience in the field. Such factors will drive the growth of the IT services market in Nordic countries during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the IT services market size in Nordic countries and actionable market insights on post COVID-19 impact on each segment.

 

IT Services Market Scope in Nordic Countries

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 4.04%

Market growth 2021-2025

$ 6.36 billion

Market structure

Fragmented

YoY growth (%)

3.85

Regional analysis

Nordic Countries

Performing market contribution

Sweden at 36%

Key consumer countries

Sweden

CompetITive landscape

Leading companies, CompetITive strategies, Consumer engagement scope

Key companies profiled

Accenture Plc, Capgemini SE, CGI Inc., Dell Technologies Inc., DXC Technology Co., Eltel AB, Hewlett Packard Enterprise Co., International Business Machines Corp., Tata Consultancy Services Ltd., and TIETOEVRY CORP.

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, Market condITion analysis for the 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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What are the Key Data Covered in this IT Services Market Report in Nordic Countries?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive IT services market growth in Nordic countries during the next five years
  • Precise estimation of the IT services market size in Nordic countries and ITs contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the IT services industry in Nordic countries across Sweden, Denmark, Norway, and Rest of Europe
  • A thorough analysis of the market’s competITive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of IT services market vendors in Nordic countries

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Five forces summary
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Service

    • Market segments
    • Comparison by Service
    • IT consulting and other services - Market size and forecast 2020-2025
    • Internet services and infrastructure - Market size and forecast 2020-2025
    • Data processing and outsourced services - Market size and forecast 2020-2025
    • Market opportunity by Service

    Market Segmentation by Region

    • Market segments
    • Comparison by Region
    • Sweden - Market size and forecast 2020-2025
    • Denmark - Market size and forecast 2020-2025
    • Norway - Market size and forecast 2020-2025
    • Rest of Nordic countries - Market size and forecast 2020-2025
    • Market opportunity by Region

    Customer landscape

    • Market drivers
    • Market challenges
    • Market trends

    Vendor Landscape

    • Overview
    • Vendor landscape
    • Landscape disruption

    Vendor Analysis

    • Vendors covered
    • Market positioning of vendors
    • Accenture Plc
    • Capgemini SE
    • CGI Inc.
    • Dell Technologies Inc.
    • DXC Technology Co.
    • Eltel AB
    • Hewlett Packard Enterprise Co.
    • International Business Machines Corp.
    • Tata Consultancy Services Ltd.
    • TIETOEVRY CORP.

    Appendix

    • Scope of the report
    • Currency conversion rates for US$
    • Research methodology
    • List of abbreviations

    Research Framework

    Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

    TechnavioINFORMATION SOURCES

    Primary sources

    • Manufacturers and suppliers
    • Channel partners
    • Industry experts
    • Strategic decision makers

    Secondary sources

    • Industry journals and periodicals
    • Government data
    • Financial reports of key industry players
    • Historical data
    • Press releases
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    TechnavioDATA ANALYSIS

    Data Synthesis

    • Collation of data
    • Estimation of key figures
    • Analysis of derived insights

    Data Validation

    • Triangulation with data models
    • Reference against proprietary databases
    • Corroboration with industry experts
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    TechnavioREPORT WRITING

    Qualitative

    • Market drivers
    • Market challenges
    • Market trends
    • Five forces analysis

    Quantitative

    • Market size and forecast
    • Market segmentation
    • Geographical insights
    • Competitive landscape
    Interested in this report?
    Get your FREE sample now!
    The it services market growth will increase by $6362.4 million during 2020-2025.
    The it services market is expected to grow at a CAGR of 4.04% during 2020-2025.
    Technavio has segmented the it services market by geographic (Sweden, Denmark, Norway, and Rest of Europe).
    Accenture Plc, Capgemini SE, CGI Inc., Dell Technologies Inc., DXC Technology Co., Eltel AB, Hewlett Packard Enterprise Co., International Business Machines Corp., Tata Consultancy Services Ltd., TIETOEVRY CORP. are a few of the key vendors in the it services market.
    Sweden will register the highest growth rate of 36.49% among the other regions. Therefore, the it services market in Sweden is expected to garner significant business opportunities for the vendors during the forecast period.
    The key factors driving the it services market growth are:
    • Growing adoption of edge computing
    The it services market vendors should focus on grabbing business opportunities from the segment as it accounted for the largest market share in the base year.
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