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Key regions: United States, China, India, Japan, Germany
Guatemala, a Central American country, is experiencing a rapid growth in the IT Services market.
Customer preferences: The Guatemalan market is dominated by small and medium-sized enterprises (SMEs) that require IT services to enhance their business operations. These SMEs are mainly interested in cloud computing, cybersecurity, and data analytics services. Additionally, the government is also a significant customer of IT services, especially in the areas of e-governance and digital transformation.
Trends in the market: One of the significant trends in the Guatemalan IT Services market is the adoption of cloud computing services. SMEs in Guatemala are moving from traditional IT infrastructure to cloud-based infrastructure, which offers more flexibility, scalability, and cost savings. Another trend is the increasing demand for cybersecurity services due to the rising number of cyber threats. In addition, the demand for data analytics services is also growing as SMEs seek to make data-driven decisions.
Local special circumstances: Guatemala has a well-educated workforce, which is a significant advantage for the IT Services market. The country has a large pool of skilled IT professionals who are fluent in English and Spanish, making it an attractive location for outsourcing IT services. Additionally, the government has implemented policies to promote the development of the IT sector, including tax incentives and funding for startups.
Underlying macroeconomic factors: The Guatemalan economy has been growing steadily over the past few years, with a GDP growth rate of around 3% in 2019. The country has a young and growing population, which is driving demand for IT services. Additionally, the government has been investing in infrastructure development, including the expansion of broadband internet services, which is essential for the growth of the IT Services market. However, the country still faces challenges such as corruption and political instability, which could impact the growth of the IT Services market in the long term.
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)