IT Services - Suriname

Suriname

Revenue in the IT Services market is projected to reach US$59.78m in 2024.
Other IT Services dominates the market with a projected market volume of US$22.39m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.44%, resulting in a market volume of US$85.60m by 2029.
The average Spend per Employee in the IT Services market is projected to reach US$229.10 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

Suriname, a small country located in South America, has been experiencing a steady increase in the demand for IT services. This growth can be attributed to several factors that are driving the market forward.

Customer preferences: Customers in Suriname have shown a strong preference for cloud-based services that offer flexibility and scalability. This trend is not unique to Suriname and is a reflection of the global shift towards cloud-based solutions. Additionally, customers in Suriname are increasingly interested in IT services that offer data security and protection, as cybersecurity threats continue to be a concern worldwide.

Trends in the market: One of the key trends in the IT services market in Suriname is the increasing adoption of digital transformation initiatives by businesses. Companies are investing in IT services that can help them streamline their operations, improve their customer experience, and enhance their overall competitiveness. Another trend is the rising demand for managed IT services, as more businesses look to outsource their IT functions to third-party providers.

Local special circumstances: Suriname has a relatively small population and a developing economy, which presents both opportunities and challenges for the IT services market. On the one hand, the small size of the market means that there is less competition, which can be advantageous for service providers. On the other hand, the limited resources and infrastructure in the country can make it difficult to deliver certain types of IT services.

Underlying macroeconomic factors: The growth of the IT services market in Suriname is closely tied to the overall economic development of the country. As Suriname continues to modernize and diversify its economy, there is likely to be a corresponding increase in demand for IT services. Additionally, the country's strategic location and its membership in regional economic organizations such as CARICOM and the Union of South American Nations (UNASUR) make it an attractive destination for foreign investment 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.