IT Services - Ghana

Ghana

The IT Services market in Ghana is expected to generate a revenue of US$656.90m in 2024.
Business Process Outsourcing holds the dominant position in this market, with a projected market volume of US$212.70m in the same year.
The revenue is anticipated to grow at an annual rate of 6.28% from 2024 to 2029, resulting in a market volume of US$890.80m by 2029.
Furthermore, the average Spend per Employee in the IT Services market in Ghana is projected to reach US$43.47 in 2024.
In comparison to other countries, United States is expected to generate the highest revenue, reaching US$522.00bn in 2024.
Ghana's IT Services market is experiencing a surge in demand for cloud computing solutions.

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

Definition:
The IT Services market encompasses a wide range of services used by organizations to create, manage, and deliver information, and it includes services that provide assistance with various other business functions. The primary goal of IT services is to ensure that information technology infrastructure, applications, and systems are effectively implemented, operated, and optimized to support an organization's business objectives and requirements. The specific range of services offered may vary depending on the service provider and the client's requirements.

Structure:

IT Services contains four distinct markets that are based on different services:

IT Consulting & Implementation covers advisory services that help businesses evaluate their technology strategies and align them with their business strategies or internal processes.
Business Process Outsourcing (BPO) refers to the transfer of entire business processes or individual activities from a company to a third party and is often IT based. BPO covers a wide variety of business processes, usually either in the back office (e.g., human resources) or in the front office (e.g., customer service in call centers).
IT Outsourcing refers to the external contracting of all IT-related services instead of relying on company-owned resources. In an IT context, these activities include IT administration, IT application, and web hosting services.
The Other IT Services market covers revenues for areas that are not specifically mentioned in the other markets, such as system integration, software installation and support, and IT education and training.

Additional Information:

The IT Services market comprises revenues, revenue change, average spend per employee, and a list of the key players in the market and their consolidated revenues. Market values represent revenues that are generated by primary vendors either directly or through distribution channels at the manufacturer price level (excluding VAT). Reported market revenues include spending by enterprises (B2B) and governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed. Key players in the market include IBM, Cognizant, Hewlett Packard Enterprise, and TCS.

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Analyst Opinion

The IT Services market in Ghana has been steadily growing over the past few years, driven by a combination of factors such as increasing internet penetration, rising demand for digital transformation, and government initiatives to promote the development of the ICT sector.

Customer preferences: As more Ghanaians gain access to the internet, there has been a growing demand for IT services such as cloud computing, cybersecurity, and software development. Small and medium-sized enterprises (SMEs) are also increasingly adopting digital solutions to improve their operations and reach new customers.

Trends in the market: One of the key trends in the IT Services market in Ghana is the growing popularity of outsourcing. Many companies are turning to outsourcing as a way to access specialized expertise and reduce costs. This has led to the emergence of a number of local IT service providers that offer a range of services such as application development, data analytics, and IT consulting.Another trend is the rise of mobile technology. With more Ghanaians accessing the internet through their mobile devices, there has been a growing demand for mobile application development and mobile-focused IT services. This trend is expected to continue as mobile internet penetration continues to rise.

Local special circumstances: One of the unique challenges facing the IT Services market in Ghana is the lack of a well-developed IT infrastructure. This has led to a reliance on mobile technology and a need for specialized IT services to help companies navigate the challenges of operating in a less developed market.

Underlying macroeconomic factors: The Ghanaian economy has been growing steadily in recent years, with a focus on promoting the development of the ICT sector. The government has launched initiatives such as the Ghana Investment Fund for Electronic Communications (GIFEC) to promote the development of ICT infrastructure in rural areas. This has helped to create a more favorable environment for IT service providers, with more opportunities for growth and investment.In conclusion, the IT Services market in Ghana is poised for continued growth as more Ghanaians gain access to the internet and companies look to adopt digital solutions to improve their operations. With the government's focus on promoting the development of the ICT sector, there are likely to be more opportunities for IT service providers in the years ahead.

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.