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The Ukrainian IT sector has shown impressive resilience and even growth in times of adversity. Sweden is among Ukraine’s largest EU investors, and recently more and more Swedish stakeholders and companies are starting to realise how much Ukraine really has to offer in this field. But there is still a lot of potential for increased trade between Ukraine and Sweden.
About the Swedish market
Sweden is the birthplace of many well-known global tech brands in various sectors that play a leading role in the world. Spotify, Skype, Ericsson, Electrolux, Truecaller, µTorrent, Klarna, Mojang, King, among others. It is an ever-growing industry with a great need for expertise.
- In Sweden, there is a high demand for IT services and a shortage of skills.
- Sweden is one of the most technologically advanced countries in the world, but imports and partnerships with companies outside of Sweden are essential for the industry.
- Cybersecurity, AI competencies, gaming and fintech are some of the subsectors where the need for products and services is growing.
Growing demand in several IT subsectors
New technologies such as Internet of Things (IoT), Artificial Intelligence (AI), Machine learning (ML), Blockchain and Big Data have seen tremendous growth during recent years. In the Nordic countries, IoT and cognitive systems such as AI and ML grew at a whopping rate of 65% and 68% respectively.
The Nordic IT services market has been forecasted to grow from $24.4 billion in 2018 to $29.5 billion in 2023.