Italy ICT Market Size

Italy ICT Market Analysis

Italy's ICT Market is expected to grow at a CAGR of 7.5% over the next five years. Increasing emphasis on digital technology and advanced technology, such as cyber security, artificial intelligence, and robotics, drives the market's growth. The ICT market across the Country is overgrowing due to strong spending on hardware and software services by Itlay companies.

• The ICT sector includes both the IT and Telecom markets. IT investments are growing, and the ICT market demand is expected to grow significantly over the next five years. For instance, TIM Group (Telecom Italia S.p.a.) collaborated with Cisco to deliver cloud services for private enterprises and government agencies. The increasing need to explore and adopt Cloud technology investments significantly boosts Italy's ICT market growth.
• The government took initiatives to develop the ICT industry, which would drive new growth opportunities for the ICT market. For instance, Italy's National Plan for Recovery and Resilience should provide a positive boost, impacting the ICT market in 2021-2024. Italy is among the leading contributors to the digital market. In the three years of 2022-2024, the main technological drivers will continue to be cloud computing, big data, artificial intelligence (AI), the Internet of Things (IoT), and cybersecurity.
• Although information and communication technology (ICT) is everywhere, it plays a significant role in the Country's economic development. For instance, Google is contributing technological developments to Italy's economic recovery. Google invested more than USD 900 million over five years to help transform Italian businesses, large and small, including launching two Google Cloud regions in partnership with TIM (Telecom Italia). Such initiatives from the Key market players would bring new growth opportunities for the Italy ICT market.
• The ICT industry significantly impacts Italy's GDP (Gross domestic product). According to the IMF (International Monetary Fund), Italy's GDP is expected to grow by USD 2289.81 billion by 2027. The county's GDP is growing significantly with increasing IT investments that would create new growth opportunities for the Italy ICT market.
• Due to the COVID-19 pandemic, a large portion of the Italy population was forced to stay at home constantly, and many opted to work from home due to increased broadband consumption. Post COVID-19 scenario created an unexpectedly high demand for secure cloud services. For Instance, Oracle opened its first cloud region in the Nordics in Stockholm, along with one in Milan, Italy. The COVID-19 pandemic increased demand for the adoption of cloud computing tools from private and public organizations. Further COVID-19 pandemic is creating new growth opportunities for the Italy ICT market.