The Information and Communication Technologies (ICT) sector could reach historic highs by 2029, reaching a market value of €10.4 billion, or ~4.6% of the national GDP, recording an increase of 35% compared to 2024 and 80% compared to 2019, provided that appropriate measures are taken to maintain its growth trajectory. In fact, if Greece achieves convergence with Europe, sector’s size could reach €12.5 billion, contributing 5.5% of GDP. Moreover, in the last five years, the sector has been growing at a rate four times higher than the rest of the economy, highlighting its potential.

This is the conclusion reached by a new study by Deloitte on behalf of the Federation of Hellenic ICT Enterprises (SEPE), entitled "The prospects of the ICT sector in Greece", which was presented at digital economy forum 2024: Navigating the digital future. The study reveals significant opportunities and challenges, indicating how Greece can lead the way in the digital era.

Priorities and opportunities

The primary research conducted among approximately 200 ICT executives highlights Artificial Intelligence (30%), Cybersecurity (18%) and Cloud (13%) as the top technology priorities for the next three years. At the same time, the Internet of Things (6%) and Big Data (10%) are highlighted as areas with significant potential.

According to this research, the ICT sector has the potential to support the digital transformation of all sectors, while the greatest needs are identified in health (20%), energy (15%) and financial services (11%).

Despite its momentum, the ICT sector faces significant challenges, such as talent shortages, inadequate infrastructure and regulatory constraints. Only 2% of executives believe that existing digital infrastructure is sufficient, while 63% recognize that significant improvements are needed.

However, the survey shows that the majority of industry executives are optimistic about its course, with more than 53% stating "cautiously optimistic", while 27% see significant growth potential, mainly through emerging technologies and digital transformation in the public and private sectors.

Outlook for 2029

The study proposes four main axes for the future development of the sector:

1. Internationalization: Strengthening exports and creating competence centers for delivering international ICT services.
2. Investing in Innovation: Supporting the development of innovative solutions for national needs, such as cybersecurity and defense.
3. Human Resources: Attracting talent from abroad and creating new postgraduate programs in the ICT sector.
4. Digital Economy: Cultivating a "digital" culture with full digitalization of the Public Sector.

Overall, the study finds that Greece has the foundations to transform the ICT sector into a catalyst for growth. With strategic investments, internationalization and an emphasis on innovation, the sector can contribute decisively to the country's transition to a digital and competitive economy. The challenge lies in overcoming existing obstacles and capitalizing on the opportunities that are emerging.