IT Services - Serbia

Serbia

In 2024, the projected revenue for the IT Services market in Serbia is expected to reach US$453.70m.
Among the various segments, Business Process Outsourcing dominates the market with a projected market volume of US$150.20m in the same year.
Looking ahead, the revenue is forecasted to display an annual growth rate (CAGR 2024-2029) of 7.13%, resulting in a market volume of US$640.20m by 2029.
Furthermore, the average spend per employee in the IT Services market is projected to reach US$139.70 in 2024.
When comparing globally, United States is expected to generate the highest revenue, amounting to US$522.00bn in 2024.
This highlights the strong presence and significance of the IT Services market in Serbia.
Serbia's IT Services market is thriving due to its highly skilled workforce and competitive pricing, attracting global companies to outsource their IT needs.

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 Serbia has been experiencing significant growth in recent years, driven by several factors.

Customer preferences: Serbian customers are increasingly seeking out IT services that can help them improve their businesses. This includes services such as cloud computing, big data analytics, and cybersecurity. Additionally, many companies are looking to outsource their IT needs, which has led to an increase in demand for IT consulting and outsourcing services.

Trends in the market: One of the major trends in the IT Services market in Serbia is the increasing adoption of cloud computing. This trend is being driven by the need for more flexible and scalable IT solutions. Another trend is the growing demand for big data analytics services, as companies seek to make better use of the data they collect. Finally, cybersecurity is becoming an increasingly important concern for businesses in Serbia, which has led to a growing demand for cybersecurity services.

Local special circumstances: Serbia has a highly educated workforce, with a large number of people working in the IT sector. This has helped to drive the growth of the IT Services market in the country, as companies are able to find skilled workers to meet their needs. Additionally, Serbia has a relatively low cost of living compared to other European countries, which has made it an attractive location for outsourcing IT services.

Underlying macroeconomic factors: Serbia has been experiencing steady economic growth in recent years, which has helped to drive demand for IT services. Additionally, the government has been investing in the country's IT infrastructure, which has helped to create a favorable environment for IT companies. Finally, Serbia's location in the heart of Europe makes it an attractive location for 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.