Sweden, which has 40 percent ($23 billion in 2016-17) of the total share of the Nordic IT spend, is becoming an attractive destination for Indian software companies, according to a report released by NASSCOM along with Business Sweden and Radar Ecosystem.
Along with a higher GDP growth compared to European Union average, Nordic countries rank among the most business-friendly nations in the world. These countries are also ranked second in innovation globally.
Amongst all Nordic countries, Sweden has the highest GDP of $550 billion. Technology companies such as Truecaller, Candy Crush, Skype and Spotify are in Sweden, in addition to several notable companies.
IT consultant market in Sweden is expected to grow by 3.6 percent to $6.65 billion by 2017.
“India and Sweden’s IT ecosystem have a mutual affinity for each other – with both the countries are at the threshold of digitisation, opening multiple opportunities for the countries to collaborate,” said R Chandrashekhar, president of NASSCOM.
Sweden currently has a 150 percent smart device penetration, which is among the highest in Europe with 14.6 million devices.
With most Swedish firms using cloud computing, a need for skills in the field is on the rise. Internet of Things (IoT) market in the vehicle, health, banking and logistics space is also gaining momentum in Sweden. Sweden has a strong presence in the manufacturing sector and the development of connected cars and digital locks will be useful for Indian IT firms.