The IT services output in Finland in 2023 stood at 18.1 Billion Euros. Over the past decade, the industry has shown significant growth with the year-on-year variations generally increasing and notable growth spikes in 2017 (14.83%) and 2022 (12.05%). For the years 2021 and 2022, the growth rates were 8.65% and 12.05% respectively. The Compound Annual Growth Rate (CAGR) over the last five years leading up to 2023 was 8.38%, illustrating robust growth in the sector.
Looking ahead, the sector is forecasted to maintain its upward trajectory with a forecasted CAGR of 5.19% over the next five years (from 2024 to 2028), resulting in an overall growth rate of 28.8%. This indicates continued expansion albeit at a slightly slower pace compared to the previous half-decade.
Future trends to watch for include:
- Increased adoption of digital transformation among Finnish enterprises.
- Growing demand for cloud services and cybersecurity solutions.
- Ongoing investments in IT infrastructure and innovation.
- The impact of emerging technologies such as AI and machine learning on service offerings.
