IT Services - Finland

  • Finland
  • The IT Services market in Finland is expected to achieve a revenue of US$10.05bn by 2024.
  • Among the various segments, IT Outsourcing is projected to dominate the market with a market volume of US$3.87bn in the same year.
  • Looking ahead, the revenue is anticipated to grow at an annual rate of 4.89% (CAGR 2024-2029), resulting in a market volume of US$12.76bn by 2029.
  • In terms of employee spend, the average Spend per Employee in the IT Services market is estimated to reach US$3.49k in 2024.
  • Comparing globally, United States is expected to generate the highest revenue, reaching US$522.00bn in 2024.
  • Despite its small population, Finland has a highly skilled IT workforce and is known for its expertise in software development and cybersecurity services.

Key regions: United States, China, India, Japan, Germany

 
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Analyst Opinion

The IT Services market in Finland has been experiencing significant growth in recent years, driven by various factors such as customer preferences and local special circumstances.

Customer preferences:
Finnish customers have been increasingly demanding IT services that are tailored to their specific needs. This has led to a rise in the popularity of customized IT solutions, as well as an increased demand for cloud-based services. Additionally, there has been a growing need for IT services that are focused on cybersecurity, as businesses in Finland become more aware of the need to protect their data from cyber threats.

Trends in the market:
One of the major trends in the IT Services market in Finland is the increasing importance of digitalization. Finnish businesses are increasingly looking to digitize their operations, which has led to a growing demand for IT services that can help them achieve this. This trend is expected to continue in the coming years, as more and more businesses in Finland look to embrace digitalization in order to remain competitive.Another trend in the market is the growing importance of artificial intelligence (AI) and machine learning. Finnish businesses are increasingly looking to leverage these technologies in order to improve their operations and gain a competitive advantage. This has led to a growing demand for IT services that specialize in AI and machine learning.

Local special circumstances:
Finland has a highly skilled workforce, which has helped to drive the growth of the IT Services market in the country. Additionally, the Finnish government has been supportive of the growth of the IT Services industry, providing funding and support for startups and other businesses in the sector. This has helped to create a favorable environment for the growth of the IT Services market in Finland.

Underlying macroeconomic factors:
The growth of the IT Services market in Finland is also being driven by various macroeconomic factors. Finland has a stable and growing economy, which has helped to create a favorable environment for the growth of businesses in the IT Services sector. Additionally, Finland has a highly educated population, which has helped to create a skilled workforce that is well-suited to the demands of the IT Services industry. Finally, Finland has a strong tradition of innovation and entrepreneurship, which has helped to foster the growth of startups and other businesses in the IT Services sector.

Methodology

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.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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