Market Trends of Greece ICT Industry
Rapid Deployment of 5G Network across the Nation will drive the Market
- The government's regional network expansion initiative propels Greece's 5G network. Notably, the National Broadband Plan for 2021-2027 advocates for fixed high-capacity and 5G networks. The Greek Digital Transformation Bible for 2020-2025 also underscores connectivity as a pivotal strategic focus, aligning with the Gigabit Society's 2025 objectives.
- The National Broadband Plan aims to achieve Gigabit connectivity for all key socio-economic sectors. It mandates that all buildings, whether in urban or rural areas, must have internet access, starting at a minimum download speed of 100 Mbps, with the potential for upgrades to 1 Gbps. Additionally, the plan targets 100% internet coverage for residents in urban and rural organized communities and ensures that all major land transport routes boast uninterrupted 5G coverage, offering a minimum download speed of 100 Mbps. Furthermore, the plan sets a goal for 50% of households to have internet connections, each with a minimum download speed of 100 Mbps.
- In addition to government efforts, private enterprises are actively participating in the Greek 5G market. Notably, in December 2023, Cosmote Mobile Telecommunications, a leading telecom service provider in Greece, rolled out its 5G+ standalone (SA) network. This already live network blankets 50% of Greece and aims to extend its coverage to 60% by the end of 2024.
- In July 2023, OQ Technology secured a EUR 1.1 million contract. The contract entails designing, building, integrating, testing, and showcasing three cutting-edge nanosatellites. These nanosatellites are set to offer a range of services, including space-based 5G narrowband internet-of-things communications, an optical communications link, and hyperspectral Earth observation data. These services are specifically tailored to bolster precision agriculture, aligning with the objectives of the ERMIS mission. ERMIS, also known as the Hellenic Cubesat Demonstration Mission, is a pioneering showcase of Greece's ambitions in the satellite arena. It's intricately tied to the nation's broader EUR 200 million national small satellite initiative, which envisions a constellation of such satellites.
- OpenSignal, an independent analytics company, reported that from March to May 2023, Cosmote led in 5G availability in Greece, with users able to connect to its network almost 19% of the time. Vodafone trailed behind, offering a 5G availability rate of around 9%.
Understand The Key Trends Shaping This Market
Download PDF
The IT and Telecom industry will drive the Market
- IT and Telecom companies are at the forefront of digital transformation initiatives, pushing for modernization across various sectors and driving demand for cutting-edge ICT solutions in Greece. Greece is strategically transforming into a regional data and innovation hub. Microsoft's "GR for Growth" initiative is a key move in this direction. This initiative is slated to set up three data centers in the Attica region and aims to upskill 100,000 citizens in digital technologies by 2025.
- In February 2024, as reported by Trade Arabia, a business information portal, the UAE is establishing an investment framework for digital infrastructure, specifically targeting data center ventures in Greece. The data centers slated for development, as outlined in the memorandum of understanding (MoU), are set to boast a capacity of 500 megawatts collectively.
- Government projects and initiatives are key factors in Greece's ICT market development. For instance, according to the International Trade Association, Greece plans to invest USD 176 million for the development of 5G networks, USD 1.43 billion USD in the digital transformation of the public sector, and another USD 413 million USD for the digitalization of businesses, promoting the integration of digital technologies in SMEs.
- Furthermore, the plan will invest over USD 550 million USD to promote the digital transformation of the education and health system. In contrast, nearly USD 825 million USD will be invested in digital upskilling under the Greece 2.0 plan.
- Cybersecurity significantly challenges the region's IT and telecom market growth. As digital adoption surges, the demand for robust cybersecurity solutions escalates to combat the increasing cyber threats. SurfShark, a VPN services company, reported over 41,700 data breaches in Greece between October and December 2023.
