IT Services - Sweden

Sweden

The projected revenue in the IT Services market for Sweden is expected to reach US$15.23bn in 2024.
Within the market, IT Outsourcing is expected to dominate with a projected market volume of US$5.87bn in 2024.
This indicates a significant presence of outsourced IT services within the country.
Looking ahead, the revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 5.94%, resulting in a market volume of US$20.32bn by 2029.
This showcases a positive trajectory for the IT Services market in Sweden over the projected period.
Furthermore, the average Spend per Employee in the IT Services market is projected to reach US$2.65k in 2024.
This indicates the financial investment per employee in the IT sector withSweden.
In a global comparison, it is noteworthy that United States is expected to generate the most revenue in the IT Services market, with a projected revenue of US$522.00bn in 2024.
This highlights the significant market size and potential United States compared to other countries, including in Sweden, in the IT Services market sector.
In Sweden, the IT Services market is experiencing a rise in demand for cloud-based solutions to enhance business agility and cost efficiency.

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.

For more information on the data displayed, use the info button right next to the boxes.

Market

Region

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Currency

Analyst Opinion

The demand for IT services in Sweden has been on the rise in recent years.

Customer preferences: Swedish customers are known for their preference for high-quality and innovative IT services. They place a strong emphasis on data privacy and security, which has led to an increased demand for cybersecurity services. Additionally, Swedish companies are increasingly looking to outsource their IT services to reduce costs and improve efficiency.

Trends in the market: One of the major trends in the IT services market in Sweden is the growing adoption of cloud computing. This has led to an increased demand for cloud-based services such as Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). Another trend is the rise of digital transformation initiatives, which has led to an increased demand for IT consulting services. Additionally, there has been a growing demand for artificial intelligence (AI) and machine learning (ML) services, as companies look to leverage these technologies to improve their operations.

Local special circumstances: Sweden has a highly developed IT infrastructure, which has helped to drive the growth of the IT services market. The country is home to many innovative startups and has a strong culture of entrepreneurship, which has led to the development of many cutting-edge IT services. Additionally, the Swedish government has been supportive of the IT industry, providing funding and other resources to help startups and established companies alike.

Underlying macroeconomic factors: Sweden has a strong and stable economy, which has helped to drive the growth of the IT services market. The country has a highly educated workforce and a strong culture of innovation, which has led to the development of many new and innovative IT services. Additionally, the country has a high level of internet penetration, which has helped to drive the adoption of cloud-based services and other IT solutions. Overall, the IT services market in Sweden is expected to continue to grow in the coming years, driven by these and other underlying macroeconomic factors.

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.