Maturing Slovak IT Services Market Will Maintain Healthy Growth

17. 11. 2007 | 11/2007 | Komentáre čitateľov [0]

Maturing Slovak IT Services Market Will Maintain Healthy Growth. The Slovak IT services market is slowing as it matures but will retain a healthy rate of growth. According to a recent study from IDC, it is expected to grow by more than 10% this year, down from 13.8% in 2006 and 21.8% in 2005. In 2006, the Slovak IT services reached $358.50 million. The slowdown last year stems from delayed government projects and increasing technology saturation among large Slovak organizations, among other factors.

Maturing Slovak IT Services Market Will Maintain Healthy GrowthThe Slovak IT services market is slowing as it matures but will retain a healthy rate of growth. According to a recent study from IDC, it is expected to grow by more than 10% this year, down from 13.8% in 2006 and 21.8% in 2005. In 2006, the Slovak IT services reached $358.50 million. The slowdown last year stems from delayed government projects and increasing technology saturation among large Slovak organizations, among other factors.

International players dominated the Slovak IT services market in 2006. The top 3 providers were HP, Siemens Business Services, and Siemens Program and System Engineering. Their combined share reached just over 28% of the market.

“Slovakia's emergence as a favored location in the EU for high-end manufacturing production and a safe place for investment highlights how far the country has come over the past decade,” said Jeffrey Vavra, research manager, IDC CEMA. “The same is true of Slovakia's IT services market, which continued to grow in 2006 despite cutbacks in public sector spending. This shows that the Slovak IT services market has matured and reached sustainable growth levels that will ensure its continued development, regardless of future difficulties.”

Systems integration services topped the list as most in demand, accounting for 19.0% of IT services revenue last year. In a near dead heat for second place, applications consulting and customization barely edged out hardware support and installation, each accounting for a little over 17% of spending. The combined outsourcing category was the fastest growing, skyrocketing more than 175% to comprise 7.4% of the IT services market in Slovakia in 2006.

Of all vertical markets, the financial sector spent the most on IT services, at 26.3% of the total. The government sector was the second-biggest spender with nearly 21% share. The third biggest, the manufacturing sector, accounted for over 16% of Slovak IT services expenditure in 2006.

IDC predicts that the Slovak IT services market will, on average, grow by more than 11% annually over the next five years. The main drivers are expected to be steady demand from the government sector, growing demand for high-end services in the increasingly technology-dependent economy, and the inflow of direct foreign investment, as well as the direct and indirect impacts of EU membership on the public and private sectors.

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