IT Consulting & Implementation - Bulgaria

Bulgaria

Revenue in the IT Consulting & Implementation market is projected to reach US$22.08m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.13%, resulting in a market volume of US$28.35m by 2029.
The average Spend per Employee in the IT Consulting & Implementation market is projected to reach US$7.38 in 2024.
In global comparison, most revenue will be generated in the United States (US$27,220.00m in 2024).

Key regions: Brazil, Netherlands, Spain, Italy, Japan

Market

Region

Region comparison

Currency

Analyst Opinion

Bulgaria, located in Southeast Europe, is a country with a growing IT Consulting & Implementation market.

Customer preferences: Bulgarian customers are increasingly looking for IT consulting and implementation services to improve their business operations and increase efficiency. Small and medium-sized enterprises (SMEs) are the main customers for IT consulting and implementation services in Bulgaria.

Trends in the market: The IT Consulting & Implementation market in Bulgaria is growing due to the increasing demand for digital transformation and automation. The market is also being driven by the growth of cloud computing and the need for cybersecurity solutions. The rising trend of remote work has also led to an increase in demand for IT consulting and implementation services to help companies adapt to the new work environment.

Local special circumstances: Bulgaria has a highly educated workforce with a strong background in technology and engineering. This has led to a growing number of IT consulting and implementation companies in the country. Additionally, Bulgaria has a favorable business environment with low taxes and a low cost of living, making it an attractive location for companies to set up operations.

Underlying macroeconomic factors: Bulgaria has a growing economy with a stable political environment. The country has also invested heavily in its digital infrastructure, including high-speed internet and mobile networks. These factors have contributed to the growth of the IT Consulting & Implementation market in Bulgaria.

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.