IT Services - North Macedonia

North Macedonia

The IT Services market in North Macedonia is expected to experience significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$118.80m in 2024.
Among the various segments within the IT Services market, IT Outsourcing is expected to dominate with a projected market volume of US$44.45m in the same year.
Furthermore, the revenue in the IT Services market is anticipated to exhibit a steady annual growth rate of 6.66% between 2024 and 2029.
This growth trajectory is expected to result in a market volume of US$164.00m by 2029.
In terms of average Spend per Employee, it is projected to reach US$125.80 in 2024.
This metric provides insights into the amount of money spent on IT Services market per employee in North Macedonia.
When comparing the global landscape, it is worth noting that United States is expected to generate the highest revenue in the IT Services market, reaching a staggering US$522.00bn in 2024.
North Macedonia's IT Services market is booming, with a strong focus on software development and outsourcing.

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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Analyst Opinion

The IT Services market in North Macedonia has been experiencing growth in recent years, driven by various factors.

Customer preferences: Customers in North Macedonia are increasingly looking for innovative and cost-effective IT solutions that can help them improve their operations and increase their competitiveness. They are also seeking reliable and secure IT services that can help them manage their data and protect their systems from cyber threats.

Trends in the market: One of the major trends in the IT Services market in North Macedonia is the increasing adoption of cloud computing solutions. Many businesses are moving their IT infrastructure to the cloud to take advantage of the scalability, flexibility, and cost-effectiveness of cloud-based services. Another trend is the growing demand for cybersecurity services, as businesses seek to protect their data and systems from cyber attacks.

Local special circumstances: North Macedonia has a small but growing IT industry, with a number of local IT companies offering a range of services, including software development, IT consulting, and cybersecurity. The country also has a number of IT training programs and initiatives aimed at developing the skills of local IT professionals and promoting entrepreneurship in the sector.

Underlying macroeconomic factors: The growth of the IT Services market in North Macedonia is being supported by a number of macroeconomic factors. The country has a relatively low cost of living and a highly educated workforce, which makes it an attractive location for IT companies looking to establish a presence in the region. In addition, the government has implemented a number of policies aimed at promoting the development of the IT sector, including tax incentives and funding for research and development. Finally, the country's strategic location and proximity to major markets in Europe and the Middle East make it an ideal location for IT companies looking to expand their operations in the region.

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.