IT Services - Greece

Greece

The projected revenue in the IT Services market for Greece is expected to reach US$1,770.00m in 2024.
Business Process Outsourcing dominates the market with a projected market volume of US$811.80m in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 3.44%, resulting in a market volume of US$2,096.00m by 2029.
The average Spend per Employee in the IT Services market is projected to reach US$366.50 in 2024.
In a global comparison, United States is expected to generate the highest revenue with US$522.00bn in 2024.
Despite facing economic challenges, Greece has seen a significant growth in the IT Services market, driven by the rise in digital transformation initiatives by businesses.

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 Greece has been growing steadily in recent years, driven by a number of factors.

Customer preferences: Greek businesses have been increasingly turning to IT services to streamline their operations and improve their competitiveness. The demand for IT services in Greece is being driven by businesses looking to improve their efficiency, reduce costs, and enhance their customer experience. In particular, there has been a growing demand for cloud-based services, as businesses look to take advantage of the flexibility and scalability offered by these solutions.

Trends in the market: One of the key trends in the IT Services market in Greece is the growing adoption of cloud-based solutions. This trend is being driven by a number of factors, including the increasing availability of high-speed internet, the need for businesses to be more agile and responsive to changing market conditions, and the growing awareness of the benefits of cloud-based solutions. Another trend in the market is the increasing demand for cybersecurity services, as businesses look to protect themselves against the growing threat of cyber attacks.

Local special circumstances: One of the unique aspects of the IT Services market in Greece is the country's geography. Greece is home to many small and medium-sized businesses that are spread out across the country, which can make it challenging for IT services providers to reach all their potential customers. This has led to the development of a number of regional IT services providers, who are able to provide more localized support to businesses in their area.

Underlying macroeconomic factors: The Greek economy has been slowly recovering from the financial crisis of the late 2000s, and this recovery has helped to drive growth in the IT Services market. As the economy has improved, businesses have become more willing to invest in IT services to improve their operations and stay competitive. Additionally, the Greek government has been investing in infrastructure projects that are designed to improve the country's digital infrastructure, which is helping to drive growth in the IT Services market.

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.