IT Consulting & Implementation - Serbia

Revenue in the IT Consulting & Implementation market is projected to reach US$27.57m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.66%, resulting in a market volume of US$38.05m by 2029.
The average Spend per Employee in the IT Consulting & Implementation market is projected to reach US$8.49 in 2024.
In global comparison, most revenue will be generated United States (US$27.22bn in 2024).

Definition :
The IT Consulting & Implementation market refers to advisory services provided by professionals and firms that help businesses evaluate their technology strategies and align them with their business strategies or internal processes. IT consulting and implementation services help organizations leverage technology effectively to streamline operations, improve efficiency, enhance security, and achieve their business objectives. Consulting areas include the overall strategy, technology architecture, and implementation. Any non-IT-related business consulting and implementation services are excluded from this analysis.

Additional Information:

The IT Consulting & Implementation 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 Accenture, IBM, Cognizant, TCS, and Infosys.

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IT consulting on general strategy, such as McKinsey & Company, Infosys Consulting, and BCG (Boston Consulting Group)
IT consulting on technology architecture, such as Cognizant Technology Solutions, Atos, and HCL Technologies
IT consulting on implementation, such as Wipro Technologies, Tata Consultancy Services (TCS), and Deloitte

Business process outsourcing, such as IBM, Infosys, and NTT Data
IT outsourcing, such as Capgemini, Cognizant, and Fujitsu
Human Resources Consulting, such as PwC (PricewaterhouseCoopers), Willis Towers Watson, and Aon
Financial Consulting, such as Bain & Company, KPMG, and Oliver Wyman
Non-IT Business Consulting

IT Consulting & Implementation market in Serbia is experiencing growth due to several factors.

Customer preferences: Serbian businesses are increasingly seeking IT consulting and implementation services to optimize their operations and improve their competitiveness. Companies are looking for IT solutions that can help them streamline their processes, increase efficiency, and reduce costs. Additionally, there is a growing demand for cloud-based services, which are becoming increasingly popular due to their flexibility and scalability.

Trends in the market: One of the key trends in the IT Consulting & Implementation market in Serbia is the increasing adoption of cloud-based services. This trend is driven by the need for greater flexibility and scalability, as well as the desire to reduce costs. Another trend is the growing demand for cybersecurity services, as businesses seek to protect their data and systems from cyber threats. Additionally, there is a trend towards the use of artificial intelligence and machine learning to automate processes and improve decision-making.

Local special circumstances: Serbia's IT Consulting & Implementation market is still relatively underdeveloped compared to other European countries, which presents both opportunities and challenges. On the one hand, there is significant potential for growth as businesses recognize the need for IT solutions to improve their operations. On the other hand, the market is highly competitive, with a large number of providers vying for business. This means that IT consulting and implementation companies need to differentiate themselves by offering high-quality services at competitive prices.

Underlying macroeconomic factors: Serbia's economy has been growing steadily in recent years, driven by a combination of domestic consumption and export-oriented industries. This has created a favorable business environment for IT consulting and implementation companies, as businesses have more resources to invest in IT solutions. Additionally, Serbia's government has been actively promoting the development of the IT sector, which has helped to attract foreign investment and stimulate growth in the industry. Finally, Serbia's favorable geographical location and access to a large pool of skilled IT professionals make it an attractive destination for IT companies looking to expand their operations.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Unseen yet omnipresent, Information Technology (IT) services are the invisible gears driving modern organizations. These services support business operations and digital transformation through outsourcing, managed services, security, data management, and cloud computing. By leveraging these services, companies enhance efficiency, reduce costs, and gain competitive advantages in a digital marketplace. Prominent cloud providers worldwide include Amazon Web Services, Microsoft Azure, Google Cloud, and Alibaba Cloud. In the managed services sector, Oracle, Accenture, and IBM are among the largest providers globally.