IT Services - Norway

Norway

The IT Services market in Norway is expected to achieve a revenue of US$7.66bn in 2024.
Among the various segments within the market, IT Outsourcing holds the dominant position with a projected market volume of US$2.88bn in the same year.
Looking ahead, the market is anticipated to witness a steady annual growth rate (CAGR 2024-2029) of 3.48%, resulting in a market volume of US$9.09bn by 2029.
Furthermore, it is worth noting that the average Spend per Employee in the IT Services market is expected to reach US$2.49k in 2024.
When comparing the revenue generated on a global scale, United States is projected to lead with an estimated revenue of US$522.00bn in 2024.
Norway's IT Services market is experiencing a surge in demand for cloud computing solutions, driven by the country's strong focus on sustainability and digital transformation.

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

Norway, a country known for its natural beauty, has also been making strides in the IT Services market.

Customer preferences: Norwegian businesses prefer IT services that are innovative, reliable, and cost-effective. They are looking for solutions that can help them improve their operations and increase efficiency. Cloud computing, cybersecurity, and data analytics are some of the most popular IT services in demand.

Trends in the market: The IT services market in Norway has been growing steadily in recent years. This growth can be attributed to the increasing adoption of cloud computing, the rise in demand for cybersecurity services, and the growing importance of data analytics. The COVID-19 pandemic has also accelerated the adoption of digital technologies, leading to an increased demand for IT services.

Local special circumstances: Norway has a highly skilled workforce and a strong focus on innovation, which has helped the country to develop a thriving IT services industry. The Norwegian government has also been supportive of the IT sector, providing funding and other incentives to encourage growth and innovation.

Underlying macroeconomic factors: Norway's strong economy, stable political environment, and high standard of living have contributed to the growth of the IT services market. The country has a highly educated population and a strong tradition of innovation, which has helped to attract foreign investment and encourage the development of new technologies. Additionally, the country's focus on sustainability and environmental responsibility has led to the development of new technologies and services in the IT sector.

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.