IT Services - Lithuania

Lithuania

The IT Services market in Lithuania is expected to achieve a revenue of US$472.20m by 2024.
It is worth noting that IT Outsourcing holds the majority share in this market, with a projected market volume of US$180.80m by 2024.
As for the growth rate, it is anticipated to reach an annual compound growth rate (CAGR 2024-2029) of 6.37%, which will result in a market volume of US$642.90m by 2029.
Moreover, the average Spend per Employee in the IT Services market is estimated to reach US$306.70 in 2024.
In comparison to other countries, United States is expected to generate the highest revenue, amounting to US$522.00bn in 2024.
Lithuania's IT Services market is flourishing with a wide range of innovative solutions and a highly skilled workforce.

Key regions: United States, China, India, Japan, Germany

Definition:
The IT Services market encompasses a wide range of services used by organizations to create, manage, and deliver information, and it includes services that provide assistance with various other business functions. The primary goal of IT services is to ensure that information technology infrastructure, applications, and systems are effectively implemented, operated, and optimized to support an organization's business objectives and requirements. The specific range of services offered may vary depending on the service provider and the client's requirements.

Structure:

IT Services contains four distinct markets that are based on different services:

IT Consulting & Implementation covers advisory services that help businesses evaluate their technology strategies and align them with their business strategies or internal processes.
Business Process Outsourcing (BPO) refers to the transfer of entire business processes or individual activities from a company to a third party and is often IT based. BPO covers a wide variety of business processes, usually either in the back office (e.g., human resources) or in the front office (e.g., customer service in call centers).
IT Outsourcing refers to the external contracting of all IT-related services instead of relying on company-owned resources. In an IT context, these activities include IT administration, IT application, and web hosting services.
The Other IT Services market covers revenues for areas that are not specifically mentioned in the other markets, such as system integration, software installation and support, and IT education and training.

Additional Information:

The IT Services 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 IBM, Cognizant, Hewlett Packard Enterprise, and TCS.

For more information on the data displayed, use the info button right next to the boxes.

Market

Region

Region comparison

Currency

Analyst Opinion

The IT Services market in Lithuania has been steadily growing in recent years, with a particular emphasis on software development and outsourcing services.

Customer preferences: Lithuania's IT Services market has seen an increase in demand for software development services due to the country's highly skilled workforce and competitive pricing. The market has also seen an increase in outsourcing services as companies look to cut costs and increase efficiency.

Trends in the market: One trend that has emerged in Lithuania's IT Services market is the rise of startups. With a growing number of entrepreneurs and investors in the country, there has been an increase in demand for IT services to support these new businesses. Another trend is the move towards cloud-based services, which has led to an increase in demand for cloud-based software development and hosting services.

Local special circumstances: Lithuania's IT Services market has benefited from the country's highly skilled workforce, which has been trained in IT and engineering fields. The country has also invested heavily in its IT infrastructure, with a focus on developing high-speed internet connections and expanding access to technology. Additionally, Lithuania's location in the heart of Europe has made it an attractive destination for IT companies looking to expand their operations in the region.

Underlying macroeconomic factors: Lithuania's IT Services market has been driven by a number of macroeconomic factors, including the country's strong economic growth and stable political environment. The government has also implemented policies to support the growth of the IT sector, including tax incentives for IT companies and funding for research and development. Additionally, Lithuania's membership in the European Union has helped to promote the growth of the IT Services market by providing access to a larger market and facilitating the movement of goods and services across borders.

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.