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Key regions: United States, China, India, Japan, Germany
The IT Services market in Bosnia and Herzegovina has experienced significant growth in recent years.
Customer preferences: Bosnia and Herzegovina's IT Services market has been driven by customer preferences for outsourcing and offshoring of IT services. This trend has been particularly noticeable in the banking and finance sectors, which have increasingly relied on IT services to improve efficiency and reduce costs. Additionally, small and medium-sized enterprises (SMEs) have also shown a growing interest in IT services, as they seek to leverage technology to optimize their operations and compete with larger firms.
Trends in the market: One of the key trends in the IT Services market in Bosnia and Herzegovina is the increasing adoption of cloud computing. This trend has been driven by the need for greater flexibility and scalability in IT infrastructure, as well as the growing demand for data analytics and artificial intelligence (AI) applications. Additionally, the rise of the Internet of Things (IoT) has also contributed to the growth of the IT Services market, as businesses seek to leverage connected devices and sensors to improve their operations.Another trend in the IT Services market in Bosnia and Herzegovina is the growing demand for cybersecurity services. As businesses become more reliant on technology, they are also increasingly vulnerable to cyber attacks and data breaches. This has led to a growing demand for cybersecurity services, including threat detection and response, vulnerability assessments, and compliance management.
Local special circumstances: Bosnia and Herzegovina's IT Services market is characterized by a highly skilled workforce, with a large pool of IT professionals and engineers. This has made the country an attractive destination for IT outsourcing and offshoring, particularly for European companies looking to reduce costs while maintaining high quality standards.
Underlying macroeconomic factors: The growth of the IT Services market in Bosnia and Herzegovina is supported by a number of macroeconomic factors, including the country's strategic location at the crossroads of Europe and Asia, as well as its favorable business environment and low labor costs. Additionally, the government has implemented a number of policies and initiatives aimed at promoting the development of the IT sector, including tax incentives and investment in IT infrastructure.
Data coverage:
The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.Modeling approach / Market size:
Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)