NewswireToday - /newswire/ -
Delhi, New Delhi, India, 2007/10/18 - Thanks to its swelling software segment, the Eastern European ICT industry is skyrocketing. The industry is growing impressively at domestic front and due to its low cost advantage, also going strongly in international arena.
The world is going tech-savvy, and so is the Eastern Europe. According to “Eastern Europe ICT and Outsourcing Market (2007-2011)”, a recent market research report published by the leading research company RNCOS, the Eastern European ICT (Information and Communications Technology) is believed to be among the largest growing segments all over the world. And software emerged as the strongest market within the industry in 2006 by growing to around €2.5 Billion, and is expected to surge by around 11.6% this year. The total ICT industry nearly touched €43 Billion in 2006 and is predicted to reach almost €50 Billion in 2008.
The report has outlined ‘system segment’ as the fastest growing one within the software sector. The demand in this segment was being fuelled by infrastructure software, subsuming web services and middleware. The increase in ‘application software’ remained moderate as the demand for CRM and ERP dipped in 2003.
A major part of this growth in the software and services segment stemmed from large-scale projects in government administration, manufacturing, telecommunications, and banking/financial services.
The report also calls Eastern Europe an attractive market for both domestic and foreign players. It puts forth the EU accession as the important factor which is drawing more international IT players to make investments in the software industry of Eastern Europe.
Research Analysts at RNCOS opined that Eastern Europe is fast emerging as the most sought-after destination for software outsourcing as it provides low-cost outsourcing services and a large skilled workforce.
A multitude of reasons, including talented manpower services at comparatively low cost and vast scope for foreign players to invest in the industry, have infused growth in the Eastern European ICT industry and made it the fastest growing regions, says the RNCOS report. The highest activity is being seen in countries like Romania, Poland, Russia, Hungary, and Ukraine.
"Eastern Europe ICT and Outsourcing Market (2007-2011)” is a comprehensive research on the world’s one of the fastest growing ICT industry. It presents information on Eastern Europe’s past and current performance segmented into software, hardware, and services industries. The data is given at country-level, including Romania, Hungary, Ukraine, Slovakia, the Czech Republic, Bulgaria, and Poland. The report discusses the factors that will bring growth phase in a particular segment (like Internet, PCs, fixed and mobile telephony, broadband, and e-commerce) and based on the current market conditions, predicts the future of that segment.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.