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Greece ICT Market Size (2024 - 2029)

The Greece ICT market is experiencing significant growth, driven by digital transformation initiatives and strong government support for technological advancements. The market's expansion is largely attributed to the increasing demand for cloud services, cybersecurity solutions, and advanced telecommunications infrastructure. Strategic government investments in digital infrastructure, such as the comprehensive digital transformation project under the "Greece 2.0" plan, are key contributors to this growth. Despite challenges posed by economic volatility, which may lead to conservative technology spending, the market is poised for expansion due to advancements in 5G and internet technologies.

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Market Size of Greece ICT Industry

Greece ICT Market Summary
Study Period 2019 - 2024
Base Year For Estimation 2023
Market Size (2024) USD 7.75 Billion
Market Size (2029) USD 13.96 Billion
CAGR (2024 - 2029) 12.50 %
Market Concentration Low

Major Players

Greece ICT Market Major Players

*Disclaimer: Major Players sorted in no particular order

Greece ICT Market Analysis

The Greece ICT Market size is estimated at USD 7.75 billion in 2024, and is expected to reach USD 13.96 billion by 2029, growing at a CAGR of 12.5% during the forecast period (2024-2029).

Greece's ICT market is on a steady growth trajectory, fueled by a surge in digital transformation initiatives and robust government backing for technological progress. A rising demand for cloud services, cybersecurity solutions, and cutting-edge telecommunications infrastructure primarily fuels this growth.

  • The Greek government's strategic investments and initiatives to enhance digital infrastructure and services propel the ICT market forward. For instance, Greece has a digital transformation project for 2023-2027 included in the “Greece 2.0” plan worth EUR 3.4 billion.
  • Businesses increasingly adopt cloud solutions to improve efficiency and scalability, significantly driving the demand for ICT services. According to Eurostat, a European Government agency, in 2023, 23.6% of Greek enterprises purchased computing services like email, storage, security, etc.
  • Companies across various sectors are increasingly adopting digital transformation to streamline operations, enhance customer experiences, and maintain competitiveness, thereby driving growth in the ICT market. For example, Greece is implementing comprehensive digitalization of its tax authorities, utilizing advanced methods to combat tax evasion (such as AI-driven controls and online freight monitoring), introducing electronic cash registers and POS systems, and adopting electronic invoicing for the private sector.
  • The region's market is set to be propelled by advancements in 5G and internet technologies. As per the International Trade Administration, Greece has earmarked a substantial USD 176 million investment for its 5G network development, part of the 2023-2027 Greece 2.0 initiative.
  • Greece's economic volatility poses a challenge to ICT investments, potentially dampening market expansion as businesses adopt a more conservative approach to technology spending. The European Commission's Spring 2024 Economic Forecast anticipates a 2.2% GDP growth in 2024, slightly increasing to 2.3% in 2025, aligning with typical growth patterns.

Greece ICT Industry Segmentation

Information and communications technology (ICT) is a broad term encompassing information technology (IT) with a focus on integrating telecommunications (both wired and wireless) with computing systems. This integration includes essential components like enterprise software, middleware, storage, and audiovisual tools. The goal is to facilitate users' accessing, storing, transmitting, and effectively utilizing information.

The Report Covers Greece's ICT Market Companies and the Market is Segmented by Type (Hardware, Software, IT 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).

The Report Offers Market Sizes and Forecasts in Value (USD) for all the Above Segments.

By Type
Hardware
Software
IT 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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Greece ICT Market Size Summary

The Greece ICT market is experiencing significant growth, driven by digital transformation initiatives and strong governmental support for technological advancements. The market's expansion is primarily fueled by increasing demand for cloud services, cybersecurity solutions, and advanced telecommunications infrastructure. The Greek government's strategic investments, such as the "Greece 2.0" plan, are pivotal in enhancing digital infrastructure and services. This plan includes substantial funding for digital transformation projects, which are expected to bolster the ICT sector. Businesses across various industries are increasingly adopting digital solutions to improve operational efficiency and customer experiences, further propelling market growth. The development of 5G and internet technologies, supported by both government and private sector initiatives, is also a key factor in the market's upward trajectory.

Despite the promising growth prospects, the Greece ICT market faces challenges, including economic volatility that may impact technology investments. The National Broadband Plan and other government initiatives aim to achieve widespread high-speed internet connectivity, which is crucial for supporting the digital economy. Private enterprises, such as Cosmote Mobile Telecommunications, are actively expanding 5G networks, contributing to the market's development. Additionally, international investments, like Microsoft's data center initiative, underscore Greece's potential as a regional data and innovation hub. However, the increasing demand for robust cybersecurity solutions highlights the need to address cyber threats as digital adoption grows. The market remains fragmented, with major players like Google, Microsoft, and AWS employing strategies such as partnerships and innovations to maintain a competitive edge.

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Greece ICT Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Stakeholder Analysis

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products and Services

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Hardware

      2. 2.1.2 Software

      3. 2.1.3 IT Services

      4. 2.1.4 Telecommunication Services

    2. 2.2 By Size of Enterprise

      1. 2.2.1 Small and Medium Enterprises

      2. 2.2.2 Large Enterprises

    3. 2.3 By Industry Vertical

      1. 2.3.1 BFSI

      2. 2.3.2 IT and Telecom

      3. 2.3.3 Government

      4. 2.3.4 Retail and E-commerce

      5. 2.3.5 Manufacturing

      6. 2.3.6 Energy and Utilities

      7. 2.3.7 Other Industry Verticals

Greece ICT Market Size FAQs

The Greece ICT Market size is expected to reach USD 7.75 billion in 2024 and grow at a CAGR of 12.5% to reach USD 13.96 billion by 2029.

In 2024, the Greece ICT Market size is expected to reach USD 7.75 billion.

Greece ICT Market Report Snapshots

Greece ICT Market Size and Share Analysis - Growth Trends & Forecast (2024 - 2029)