IT Consulting & Implementation - Iceland

Iceland

Revenue in the IT Consulting & Implementation market is projected to reach US$14.93m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.84%, resulting in a market volume of US$20.78m by 2029.
The average Spend per Employee in the IT Consulting & Implementation market is projected to reach US$59.15 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

Iceland, known as the land of fire and ice, is a country with a small population and a unique market. The IT Consulting & Implementation market in Iceland has seen a steady growth in recent years.

Customer preferences: Icelandic customers have a high demand for IT Consulting & Implementation services. They prefer customized solutions that cater to their specific needs. Icelandic customers are willing to pay a premium for quality services and products. They value trust, reliability, and security when it comes to IT Consulting & Implementation services.

Trends in the market: The IT Consulting & Implementation market in Iceland has seen an increase in demand for cloud-based solutions, cybersecurity, and data analytics. Companies are looking for ways to improve their operations and reduce costs. Cloud-based solutions offer flexibility and scalability, which is essential for small businesses in Iceland. Cybersecurity has become a top priority for companies due to the increase in cyber threats. Data analytics is also gaining popularity as companies look for ways to leverage data to make informed decisions.

Local special circumstances: Iceland has a unique market due to its small population and isolated location. The market is dominated by a few large companies, which makes it difficult for new entrants to penetrate the market. Icelandic companies also face challenges due to the high cost of living and doing business in the country. The IT Consulting & Implementation market is highly competitive, and companies need to differentiate themselves to succeed.

Underlying macroeconomic factors: Iceland's economy has been recovering since the 2008 financial crisis. The country has a strong focus on innovation and technology, which has contributed to the growth of the IT Consulting & Implementation market. The government has also implemented policies to support entrepreneurship and innovation. Iceland's location and natural resources have also attracted foreign companies, which has helped to stimulate the economy. The country's strong focus on renewable energy and sustainability has also created opportunities for IT Consulting & Implementation companies in the green energy sector.In conclusion, the IT Consulting & Implementation market in Iceland has seen a steady growth due to the high demand for customized solutions, the increase in demand for cloud-based solutions, cybersecurity, and data analytics. Icelandic companies face challenges due to the small market size and high cost of living. However, the government's focus on innovation and technology, as well as the country's natural resources, have created opportunities for IT Consulting & Implementation companies.

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.