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The Nordic Countries - Information Technology (IT) Services Market size is projected to increase by USD 7.7 billion at a CAGR of 3.86% between 2023 and 2028. The growth rate of the market depends on several factors, including the growing adoption of edge computing, the gradual shift from on-premises to cloud-based IT services, and the incorporation of predictive analytics in managed security services. IT services are defined as the applications of business and technical expertise that allow organizations to manage, optimize, and access information and business processes. IT services include various categories of services such as data processing and outsourcing, internet services and infrastructure, and IT consulting and other services.
The report includes a comprehensive outlook on the Nordic Countries - Information Technology Services Market, offering forecasts for the industry segmented by Product, which comprises IT consulting and other services, internet services and infrastructure, and data processing and outsources services. Additionally, it categorizes Application into technology and telecommunication, BFSI, travel and hospitality, healthcare, and others. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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The incorporation of predictive analytics in managed security services is the key factor driving market growth. Predictive analytics is the use of statistical algorithms, data mining, artificial intelligence, and machine learning for predictions about unknown future events. It also suggests actions and decision options that will benefit organizations from predictions. As predictive analytics helps predict unknown future events, it can be used for real-time expert analysis of potential or multiple emerging threats in managed security services.
Furthermore, Nordic Countries - information technology services market players will have to gather, correlate, and analyze data from various sources and convert it into information, which will help enterprises in terms of security. Market players can also suggest proactive steps to enterprises to mitigate such threats. Incorporating predictive analytics with managed security services can also help reduce operating expenses and predict operating costs. Hence, the incorporation of predictive analytics in managed security services will help drive market growth during the forecast period.
The emergence of AI in information management is the primary trend shaping market growth. Integrating AI in information services helps automate several processes and enhances process efficiency. Besides, in enterprises, half the employees spend time doing paperwork. This decreases the overall return on investment (ROI) of enterprises and increases their costs. Therefore, enterprises are opting for IT services integrated with advanced technologies such as AI. Integrating AI in IT services enhances the efficiency and process integrity of information services.
Furthermore, AI is used to categorize and tag information, making it easy to find that information or data in the future. 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 the Nordic Countries - information technology services market players. Such factors will boost the growth of the market during the forecast period.
Risks involved in outsourcing IT services is a challenge that affects market growth. Outsourcing could result in a loss of control as the outsourced agency may make excessive demands and change business rules. Such actions may lead to high levels of dissatisfaction among organizations. In addition, procurement outsourcing functions may result in the loss of sensitive information. Outsourcing service providers need to communicate effectively with their clients to deliver the service required promptly.
Furthermore, communication during the procurement contract tenure is required between the clients and vendors to reduce outsourcing risks and build trust. Communication is also required at various stages of the IT service delivery system to avoid system failures and provide a backup and recovery facility. Hence, the lack of communication and the large number of risks associated with engaging with outsourcing services can impede the growth of the market during the forecast period.
The market share growth by the IT consulting and other services segment will be significant during the forecast period. IT consulting and other services mainly include consulting, systems integration, and other services, such as information management and education and training. IT consulting services help companies implement IT strategies and solutions that aid them in achieving business-IT alignment and further drive IT initiatives in business processes. Moreover, the developments in IT consulting services by key Nordic countries - IT services market players, such as Accenture, have enhanced the adoption of IT consulting service operating models.
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The IT consulting and other services segment showed a gradual increase in the market share of USD 10.85 billion in 2018. Furthermore, the intense competition in the Nordic countries - IT services market to hire the right talent with capabilities in new technologies is accelerating the demand for education and training services. Hence, 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. Thus, such factors will drive the growth of the Nordic Countries - information technology (IT) services market through IT consulting and other services segments during the forecast period.
In the Nordic countries, the demand for IT services in the technology and telecommunications sector is increasing due to several factors that reflect the region's commitment to digitalization, innovation, and technological advancements. In the technology and telecommunications industry, organizations are investing in IT services to modernize infrastructure, improve operational efficiency, and introduce innovative digital solutions. Furthermore, the demand for IT services in this sector is driven by the need to develop and integrate innovative solutions, such as smart cities, connected devices, and IoT platforms, to enhance operational efficiency and user experience. Thus, such factors will fuel the growth of the technology and telecommunication segment of the Nordic countries - IT services market during the forecast period.
Nordic Countries IT Services Market forecasts include 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 Nordic countries IT services market growth and trends strategies.
Nordic Countries IT Services 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.
The Nordic Countries IT Services Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
IT Services Market in Nordic Countries 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 Nordic countries IT services market research report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018-2028
Nordic Countries IT Services Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.86% |
Market Growth 2024-2028 |
USD 7.7 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.82 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, Capgemini Service SAS, CGI Inc., Cisco Systems Inc., Dell Technologies Inc., DXC Technology Co., Hewlett Packard Enterprise Co., Hitachi Ltd., Infosys Ltd., International Business Machines Corp., Ivanti Software Inc., Microsoft Corp., NNIT AS, Oracle Corp., SAP SE, Tata Consultancy Services Ltd., Telenor Group, Wipro Ltd., Atos SE, and Nokia 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, 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 Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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