NASSCOM (National Association of Software and Services Companies) is the apex body of Indian services and software firms. It has rolled out a new report dubbed Sweden a key driver of Nordic ICT growth. As per the report, other Nordic nations including Sweden can come out as the next IT center for IT-BPM sector of India.
Apart from having a superior GDP development than the European Union average, the Nordic nations constantly rank amongst the nations that are most business friendly in the world, claimed the report. These nations are also listed 2nd in innovation all over the world. With the uppermost GDP of $550 Billion amid all Nordic countries, Sweden can be a possible destination for IT firms in India. Sweden is home to some big tech giants such as Candy Crush, Truecaller, Spotify, and Skype as well.
In the report, Sweden has been recognized as the nation having 40% (almost $23 Billion in 2016–2017) of the entire share of the Nordic IT investment. Similar to Indian markets, the trend of central market mirrored in Sweden is the reason behind the boost for digitization. The nation is powered by elevated need for digitization and IT across various other industries.
The swift tech growth and sturdy technological custom of Sweden is claiming to make innovative worldwide success stories in most of the industries. Sweden presently has a smart device penetration of 150%, which is amongst the uppermost in Europe with 14.6 Million gadgets.
The report also cites that with the sturdy fundamental economic growth, Sweden is seeing the acceptance of innovative delivery prototypes, such as offshore delivery and cloud computing. This is in correspondence with IT industry, where acceptance of new techs is unsettling the IT industry. With most Swedish companies taking up cloud computing at a swift pace, a rising demand for skills in the field is also on the verge of growing. Additional technology that is penetrating the Swedish markets more and more is the IoT (Internet of Things) market in the health, vehicle, logistics, and banking space. The report showed that Sweden has a sturdy attendance in the production sub-sectors where there are diverse chances to make innovative products such as digital locks and connected cars.
Speaking of IT consultant market, the report forecasts that with a rising demand for expertise, the drift of elevated sourcing will persist since the worth of the consulting market is anticipated to rise to an overall value of $6.65 Billion by 3.6% by 2017.