IT Services - Malta

Malta

Revenue in the IT Services market is projected to reach US$147.60m in 2024.
IT Outsourcing dominates the market with a projected market volume of US$57.63m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.46%, resulting in a market volume of US$201.80m by 2029.
The average Spend per Employee in the IT Services market is projected to reach US$483.80 in 2024.
In global comparison, most revenue will be generated in the United States (US$522.00bn in 2024).

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.

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Market

Region

Region comparison

Currency

Analyst Opinion

Malta, the small island country in the Mediterranean, has been making strides in the IT Services market in recent years. With a growing economy and increasing investment in technology, the demand for IT services has been on the rise.

Customer preferences: Malta's IT Services market is driven by the increasing demand for cloud computing, cybersecurity, and data analytics. Small and medium-sized enterprises (SMEs) are the main customers for IT services in Malta. These companies are looking for cost-effective solutions that can help them improve their operations and compete with larger businesses. Cloud computing has become popular among SMEs as it provides them with access to advanced technology without the need for large investments in hardware and software. Cybersecurity is also a growing concern for businesses in Malta as they look to protect their data and systems from cyber threats. Data analytics is another area where businesses are seeking IT services to help them make better decisions based on their data.

Trends in the market: One of the major trends in the IT Services market in Malta is the increasing adoption of cloud computing. Businesses are moving away from traditional IT infrastructure and towards cloud-based solutions. This trend is driven by the benefits of cloud computing, including cost savings, scalability, and flexibility. Another trend is the growing demand for cybersecurity services. With the increasing number of cyber threats, businesses in Malta are looking for IT services that can help them protect their data and systems. Data analytics is also a growing trend in the IT Services market in Malta. Businesses are looking for ways to make better decisions based on their data, and IT services providers are offering solutions to help them do this.

Local special circumstances: Malta's location in the Mediterranean has made it an attractive destination for businesses looking to expand into Europe, the Middle East, and Africa. The country has a highly skilled workforce, with a large number of IT professionals. This has made it easier for businesses to find the talent they need to support their IT operations. Malta has also been investing in its digital infrastructure, with the government launching initiatives to improve broadband connectivity and digital skills training.

Underlying macroeconomic factors: Malta's economy has been growing steadily in recent years, with a focus on services and technology. The country has a business-friendly environment, with low taxes and regulations that make it easier for businesses to operate. Malta's membership in the European Union has also helped to attract foreign investment to the country. These macroeconomic factors have created a favorable environment for the growth of the IT Services market in Malta.

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.