Bulgaria ICT Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Bulgarian ICT Market Report is Segmented by Type (Hardware, Software, Services, and Telecommunication Services), Size of Enterprise (Small and Medium Enterprises and Large Enterprises), and Industry Vertical (BFSI, IT and Telecom, Government, Retail and E-Commerce, Manufacturing, Energy and Utilities, and Other Industry Verticals). The Market Sizes and Forecasts are Provided for A Value of USD for all the Above Segments.

Bulgaria ICT Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Bulgaria ICT Market Size

Bulgaria ICT Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Market Size (2025) USD 9.23 Billion
Market Size (2030) USD 10.78 Billion
CAGR (2025 - 2030) 3.15 %
Market Concentration Medium

Major Players

Bulgaria ICT Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Bulgaria ICT Market with other markets in Technology, Media and Telecom Industry

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Bulgaria ICT Market Analysis

The Bulgaria ICT Market size is estimated at USD 9.23 billion in 2025, and is expected to reach USD 10.78 billion by 2030, at a CAGR of 3.15% during the forecast period (2025-2030).

Bulgaria's ICT market is experiencing growth, driven by an increased emphasis on digital technology, cyber security, artificial intelligence, robotics, healthcare, and IT.

  • Bulgaria's ICT market is growing rapidly, propelled by various factors. The nation's skilled and economical workforce, bolstered by robust government backing and tax incentives, attracts substantial foreign investments. Additionally, rapid digital transformation, especially in finance, healthcare, and education, is driving the demand for advanced ICT solutions. Moreover, the growth of IT infrastructure, marked by the rise of high-speed internet and data centers, underpins the surge in cloud services, software development, and outsourcing, propelling Bulgaria's ICT market.
  • Moreover, high internet penetration and digital literacy rates among Bulgaria's population drive increased demand for IT services. According to Eurostat, in 2023, the proportion of urban households in Bulgaria with internet access rose by 1.8 percentage points, marking a 1.97% increase from the previous year. This surge propelled the share of connected urban households to a record high of 93.07% in 2023, showcasing a consistent upward trend over recent years.
  • The Bulgarian government, through initiatives such as the "Digital Agenda for Bulgaria" and the creation of the eGovernment State Agency, actively fosters the growth of its ICT sector. These endeavors focus on enhancing digital infrastructure, expanding e-government service utilization, and propelling the nation's digital evolution.
  • In May 2024, the World Bank collaborated with the Bulgarian government on e-government and digital transformation initiatives. Expanding on their collaboration, World Bank specialists would collaborate with Bulgaria's Ministry of e-Government for the next 19 months. They would focus on establishing the strategic, organizational, and technical pillars for data governance and spaces. This includes evaluating data governance, availability, and quality within the public sector, providing suggestions for a National Data Strategy and Governance Framework compliant with EU laws, and assessing the feasibility of data spaces in key Bulgarian sectors.
  • The increasing internet usage is fuelling the growth of the ICT market, elevating the demand for digital services and products. This rise in connectivity isn't just promoting the uptake of cloud computing, e-commerce, and digital communication tools; it's also catalyzing advancements in IoT, AI, and cybersecurity, addressing the escalating demand for a wide range of advanced online solutions.
  • However, concerns over data security and privacy, coupled with the substantial CAPEX demands of advanced telecom infrastructure, are poised to hinder market growth opportunities throughout the forecast period.

Bulgaria ICT Industry Overview

The Bulgarian ICT market is moderately competitive due to the presence of significant players like Tata Consultancy Services (TCS), IBM, and Oracle Corporation. Players in the market are widely adopting strategies such as partnerships and product launches to enhance their overall product offerings and gain sustainable competitive advantage.

• February 2024: Evrotrust, a Bulgarian digital identity and trust services provider, recently secured a significant EUR 3.3 million investment. The funding was led by Silverline Capital, a private fund specializing in mezzanine and equity solutions for mid-market enterprises. This investment is assigned for Evrotrust's strategic expansion into new European markets, with a specific focus on broadening its reach into the retail and SMB sectors.

• December 2023: IKEA Bulgaria launched an Artificial Intelligence chatbot, "Sofia," leveraging Microsoft's advanced OpenAI GPT-4 technology. The initiative stems from IKEA's commitment to pioneering customer-centric solutions. By harnessing this advanced technology, IKEA aims to broaden its service offerings and enhance the overall shopping experience, ultimately saving customers valuable time.

Bulgaria ICT Market Leaders

  1. Tata Consultancy Services (TCS)

  2. The International Business Machines Corporation (IBM)

  3. Hewlett-Packard (HP)

  4. Honeywell International Inc

  5. Oracle Corporation

  6. *Disclaimer: Major Players sorted in no particular order
Bulgaria ICT Market Concentration
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Bulgaria ICT Market News

  • January 2024: INSAIT has introduced BgGPT, the first open large language model tailored specifically for the Bulgarian market. This innovative model caters to a wide spectrum of users, including both public and private entities. The development of BgGPT is mainly a part of INSAIT’s strategy, aiming to create an open and accessible AI for societal and business advancement. BgGPT, tailored for the specifics of the Bulgarian language, empowers the development of applications across various sectors, including education, business, healthcare, and public administration in Bulgaria.
  • January 2024: Privately-owned US cloud company Redis announced its expansion in Bulgaria with the inauguration of a research and development center in Sofia, the capital. The company revealed its choice of Ivan Atanassov, previously leading engineering at Uber in Sofia, to spearhead this new venture.

Bulgaria ICT Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Market Definition and Scope
  • 1.2 Study Assumptions

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Industry Stakeholder Analysis
  • 4.3 Industry Attractiveness-Porter's Five Force Analysis
    • 4.3.1 Bargaining Power of Suppliers
    • 4.3.2 Bargaining Power of Consumers
    • 4.3.3 Threat of New Entrants
    • 4.3.4 Threat of Substitute Products
    • 4.3.5 Intensity of Competitive Rivalry

5. MARKET DYNAMICS

  • 5.1 Market Drivers
    • 5.1.1 Implementation of 5G is Back on Track
    • 5.1.2 Growing demand for Cloud Technology
  • 5.2 Market Restrain
    • 5.2.1 High Cost of Digitalization
  • 5.3 Impact of COVID-19 on the IT Spending

6. KEY TECHNOLOGY INVESTMENTS

  • 6.1 Cloud Technology
  • 6.2 Artificial Intelligence
  • 6.3 Cyber Security
  • 6.4 Digital Services

7. MARKET SEGMENTATION

  • 7.1 By Type
    • 7.1.1 Hardware
    • 7.1.2 Software
    • 7.1.3 Services
    • 7.1.4 Telecommunication Services
  • 7.2 By Size of Enterprise
    • 7.2.1 Small and Medium Enterprises
    • 7.2.2 Large Enterprises
  • 7.3 By Industry Vertical
    • 7.3.1 BFSI
    • 7.3.2 IT and Telecom
    • 7.3.3 Government
    • 7.3.4 Retail and E-commerce
    • 7.3.5 Manufacturing
    • 7.3.6 Energy and Utilities
    • 7.3.7 Other Industry Verticals

8. COMPETITIVE LANDSCAPE

  • 8.1 Company Profiles
    • 8.1.1 Tata Consultancy Services (TCS)
    • 8.1.2 The International Business Machines Corporation (IBM)
    • 8.1.3 Hewlett-Packard (HP)
    • 8.1.4 DXC Technology
    • 8.1.5 Honeywell International Inc
    • 8.1.6 Oracle Corporation
    • 8.1.7 SAP SE
    • 8.1.8 Cisco Systems, Inc.
    • 8.1.9 Dreamix Ltd.
    • 8.1.10 Accedia JSC
    • 8.1.11 Scalefocus AD
  • *List Not Exhaustive

9. INVESTMENT ANALYSIS

10. FUTURE OF THE MARKET

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Bulgaria ICT Industry Segmentation

ICT, an umbrella term encompassing Information Technology (IT), covers a wide array of communication technologies. These include wireless networks, the internet, computers, cell phones, software, videoconferencing, middleware, social networking, and various media applications. Collectively, these technologies empower users to store, access, transmit, retrieve, and manipulate information in digital formats.

The Bulgarian ICT market is segmented by type (hardware, software, services, and telecommunication services), size of enterprise (small and medium enterprises and large enterprises), and industry vertical (BFSI, IT and telecom, government, retail and e-commerce, manufacturing, energy and utilities, and other industry verticals).

The market sizes and forecasts are provided for a value of USD for all the above segments.

By Type Hardware
Software
Services
Telecommunication Services
By Size of Enterprise Small and Medium Enterprises
Large Enterprises
By Industry Vertical BFSI
IT and Telecom
Government
Retail and E-commerce
Manufacturing
Energy and Utilities
Other Industry Verticals
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Bulgaria ICT Market Research Faqs

How big is the Bulgaria ICT Market?

The Bulgaria ICT Market size is expected to reach USD 9.23 billion in 2025 and grow at a CAGR of 3.15% to reach USD 10.78 billion by 2030.

What is the current Bulgaria ICT Market size?

In 2025, the Bulgaria ICT Market size is expected to reach USD 9.23 billion.

Who are the key players in Bulgaria ICT Market?

Tata Consultancy Services (TCS), The International Business Machines Corporation (IBM), Hewlett-Packard (HP), Honeywell International Inc and Oracle Corporation are the major companies operating in the Bulgaria ICT Market.

What years does this Bulgaria ICT Market cover, and what was the market size in 2024?

In 2024, the Bulgaria ICT Market size was estimated at USD 8.94 billion. The report covers the Bulgaria ICT Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Bulgaria ICT Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Bulgaria ICT Industry Report

Statistics for the 2025 Bulgaria ICT market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Bulgaria ICT analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.