The IT sector exhibits intense activity, with a series of acquisitions and mergers in the last three years, which is expected to affect, to a certain extent, the correlation of forces in the market with the “strengthening” of companies in the sector, as pointed out in a recent study by ICAP CRIF.
Regarding the prospects of the sector, a further rise of the Greek IT market is expected in the next two years. In particular, under the Enterprise Agreement for the Development Framework, the budget for business support is quite high and focused on digital transformation. On the other hand, the new development law 4487/2022 is expected to support businesses in the Information and Communication Technologies (ICT) sector.
Today, there are many companies operating in the industry that vary in size and the projects they undertake, meeting both the basic needs of a user and the specialized IT business requirements. The IT and Software Services sector has been on an upward trajectory over the last five years, since the need for digital transformation has increased in many businesses in the country. Important clients of the sector are financial institutions, telecommunications companies as well as the wider public sector.
Eleni Demertzi, Senior Manager of ICAP CRIF’s Department of Economic and Sectoral Studies, emphasized that the domestic Software and IT Services market has shown a remarkable increase in value over the last three years (2021-2023), recording an average annual rate of change of 9.8%. In particular, 2022 saw an increase of 12.3% compared to the previous year. For 2023, a further increase of 6.0% compared to 2022 is expected.
