Technavio Forecasts IT Services Market size in Nordic to grow by USD 6.36 Billion between 2020 and 2025

Key Home Furniture Market in the US Report Highlights:

1. Market growth 2020-2025: USD 6.36 billion
2. Growth momentum & CAGR: Accelerate at a CAGR of 4.04%
3. YoY growth (%): 3.85%
4. Performing market contribution: Sweden at 36%
5. Key consumer countries: Sweden, Denmark Norway, and Rest of Nordic

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Regional Market Analysis

With 36% of the growth originating from Sweden, this economy will record a fast growth rate from 2020 to 2025.

The traction in services such as system integration, information management, and education and training are significantly boosting the adoption of cloud-based deployments.

• The IT services market growth in Sweden is getting impacted positively due to the strong presence and entrance of top market vendors such as Accenture Plc, Microsoft Corp., and International Business Machines (IBM).

In addition, the IT industry in the country includes companies that mainly focus on the development of hardware, software, and digital IT services (development of games, international music streaming service, digitalization of financial services).

• Furthermore, the integration of cloud-based services, automation solutions, and AI with operational activities is resulting in the development of new intelligent IT services in Sweden.

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Key Vendors and Vendor Strategies

Accenture Plc, Capgemini SE, CGI Inc., Dell Technologies Inc., DXC Technology Co., Eltel AB, Hewlett Packard Enterprise Co., International Business Machines Corp., Tata Consultancy Services Ltd., and TIETOEVRY CORP. are few of the key vendors in the IT services market in Nordic.

The vendors in the market are constantly investing in R&D to advance their offerings and grow their customer base. Additionally, vendors are focusing on expanding their presence in new regions.

For instance:

• In March 2021, Accenture entered into an agreement to acquire Cygni, a Sweden-based company, to enhance the capabilities of the Accenture Cloud First and further improve IT consulting services across the Nordic region.
• In July 2021, Capgemini SE partnered with CONA Services LLC to develop digital solutions for the consumer products industry.

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Key Market Drivers

Our analysts have extensively outlined the information on the key market drivers and their impact on the IT services market.

• Increase in the adoption of edge computing:
• Owing to the rollout of 5G telecommunication networks, the demand for edge computing is significantly rising in the Nordic regions.  Moreover, the introduction of advanced high-capacity edge computing is expected to further drive the growth of IT services in the region. As stated by IBM Corp. in Nordics, 5G network will be accessible in all the major cities, and by 2023 all the countries across the region are estimated to obtain almost 100% nationwide 5G coverage. Thus, the implementation of 5G network will enhance the adoption of edge computing resulting in improved performance and data security, improved digital experience which in turn is expected to drive the IT services market in the Nordic region during the forecast period.

To know about a few other market drivers, trends, and challenges.

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