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Key regions: Netherlands, United States, Japan, Germany, Italy
Guatemala, a country located in Central America, has been experiencing growth in its IT outsourcing market in recent years.
Customer preferences: Guatemalan businesses have been increasingly outsourcing their IT needs to other countries, such as India and the Philippines, due to the lower costs associated with these locations. However, there has been a recent trend towards nearshoring, with businesses choosing to outsource to other countries in Latin America, such as Mexico and Costa Rica, due to their proximity and cultural similarities.
Trends in the market: One of the main drivers of the growth in Guatemala's IT outsourcing market is the increasing demand for software development services. As more businesses look to digitize their operations, the need for custom software solutions has grown. Additionally, the rise of cloud computing has led to an increase in demand for cloud-based services, such as data storage and software-as-a-service (SaaS) applications.
Local special circumstances: Guatemala's IT outsourcing market is relatively small compared to other countries in the region, such as Mexico and Brazil. However, the country's proximity to the United States and its time zone overlap with the US make it an attractive location for businesses looking to outsource IT services. Additionally, Guatemala has a well-educated workforce with a high level of proficiency in English, which is an important factor for businesses looking to outsource.
Underlying macroeconomic factors: The Guatemalan economy has been growing steadily in recent years, with a focus on diversification and modernization. The government has implemented policies aimed at improving the business environment and promoting foreign investment, which has helped to attract companies to the country. Additionally, Guatemala has a young and growing population, which provides a large pool of skilled labor for businesses to draw from. However, the country still faces challenges such as high levels of poverty and inequality, which could impact its long-term economic growth.
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)
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