Sweden ICT Market Size (2024 - 2029)

Sweden ICT Market Analysis

The Swedish ICT market is expected to register a CAGR of 7.9% over the forecasted period. The Swedish government published its Digital Strategy to make Sweden the best in the world at utilizing digitization opportunities. The strategy establishes five priorities to attain this overall goal: digital literacy, digital security, digital innovation, digital leadership, and digital infrastructure. Under each aim, a few significant policy areas are identified.

• Digitization opens up new possibilities for future social services, health, and medical care. Modern information and communication technology can make it easier for people to participate in their own health and social care, facilitate contact between people and service providers, and provide more efficient support systems for service providers' staff. The Swedish Government and the Swedish Association of Local Authorities and Regions have resolved to establish a unified vision for eHealth until 2025 in order to encourage efforts to capitalize on digitalization potential in social services and health care.
• As a result of the ICT sector's rapid growth in Sweden and its significant contribution to the nation's socioeconomic development, the Government of Sweden is motivated to create favorable policy and regulatory environments for the ongoing expansion of 5G, the Internet of Things (IoT), Artificial Intelligence (AI), Cloud Technology, Blockchain, Machine-to-Machine (M2M), and many other sectors. To make ICT one of Sweden's key economic growth engines, the government must enact the necessary policy measures. Technological advancements will propel the investigated market in the region.
• ICT's significant benefit is removing classroom education barriers during the pandemic. ICT is helping to connect more and more people to the education system through part-time and distance learning. E-learning is another form of education that provides free education for all individuals. As a fundamental driver of digital transformation, digital innovation can bring new products and services, create new business models and market opportunities, and increase efficiencies in the public sector and beyond.
• Swedish enterprises employ more fundamental digital technologies and advanced digital tools than many other countries. However, there is still room for improvement in the use of digital tools in business operations, particularly in supply chain management and customer relationship management. The "digital lift" program of the Swedish Agency for Economic and Regional Growth could be improved by putting more attention on digital business processes.
• Moreover, Swedish enterprises are slow to implement big data analytics and data-driven innovation. Sweden should create a strategic strategy and practical initiatives to boost the use of big data analytics in Swedish businesses, particularly SMEs. It should also improve circumstances for attracting foreign talent, for example, by establishing centers of excellence and expanding on existing initiatives to integrate immigrants.

Sweden ICT Industry Segmentation

Information and communications technology (ICT) is an extended word for information technology (IT) that encompasses a wide range of hardware, software, internet- and telecommunications-based services, social networking, media applications, and so on. The technology allows users to access, retrieve, store, transfer, and manipulate digital information. With the growing demand for multiple advanced solutions such as IoT, cloud computing, big data, content management, and so on, ICT technology has gained popularity.

Sweden's ICT Market is Segmented by Type (Hardware, Software, IT Services, Telecommunication Services), by Size of Enterprise (Small and Medium Enterprises, Large Enterprises), and by End-User Vertical (BFSI, IT & Telecom, Government, Retail and E-Commerce, Manufacturing, Energy, and Utilities).

The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.