ECONOMY

Insiders see shake-up in IT industry

insiders-see-shake-up-in-it-industry

Information technology companies are bracing for a fierce battle to land the projects that the government will finance with 2 billion euros through the Next Generation EU resources – this is also a sector that thanks to the swing to tech amid the pandemic is expected to show very strong growth in the coming years.

An IT market official tells Kathimerini that the new contracts the government intends to auction will lead to mergers and acquisitions, the cooperation of local groups with foreign partners that have the necessary know-how, and possibly to new listings on the Athens stock market.

After all, a study by consultants Deloitte as early as winter 2019 – i.e. long before the Next Generation EU fund was conceived – had estimated that the domestic information and communication technology market would grow by €1.5 billion by 2023, to €7.2 billion.

These funds, which need to be absorbed efficiently as quickly as possible, will signal the start of numerous new projects, thereby increasing mobility and broader cooperation among market players. The entry of foreign firms into the local sector will be essential.