The Information and Communication Technologies (ICT) sector may reach historically high levels by 2029, reaching a value of 10.4 billion euros, or 4.6% of national GDP, recording an increase of 35% compared to 2024 and 80% compared to 2019, if the appropriate measures are taken to maintain its growth trajectory.

In fact, if Greece achieves convergence with Europe, the size of the sector could reach €12.5 billion, contributing 5.5% of GDP. Moreover, over the last five years the sector has been growing at a rate four times higher than the rest of the economy, highlighting its potential.

This is the conclusion of a new study by Deloitte on behalf of the Association of Information and Communication Technology Enterprises, entitled "The prospects of the ICT sector in Greece," presented today at the Digital Economy Forum 2024. The study reveals significant opportunities and challenges, indicating how Greece can lead the way in the digital age.

According to the findings of the survey, companies in the sector, with an estimated annual turnover of €13.8 billion and more than 300,000 employees, contribute significantly to the country's economic activity. 

A typical example of the sector's contribution is that the digitisation of public administration, through gov.gr and KED, is estimated to have brought about €3 billion of benefits in their first five years of operation and has generated around €2.5 billion of additional revenue by reducing tax evasion.

Priorities and opportunities

The primary survey of around 200 ICT industry executives highlights artificial intelligence (30%), cybersecurity (18%), and cloud computing (13%), as the main technology priorities for the next three years, while the Internet of Things (6%) and big data (10%) are highlighted as areas with significant potential.

According to this survey, the ICT sector has the potential to support the digital transformation of all sectors, with the greatest needs identified in healthcare (20%), energy (15%), and financial services (11%). 

Despite its potential, the ICT sector faces significant challenges such as lack of talent, inadequate infrastructure and regulatory constraints. Only 2% of executives consider existing digital infrastructure to be sufficient, while 63% recognise that significant improvements are needed.

However, the survey shows that the majority of executives are optimistic about the industry's future, with more than 53% saying they are "cautiously optimistic," while 27% see significant potential for growth, particularly through emerging technologies and digital transformation in the public and private sectors.

Outlook for 2029

The study suggests four key drivers for future growth in the sector:

• Internationalisation: Strengthening exports and creating international centres such as data centres.
  Investing in innovation: supporting the development of innovative solutions for national needs, such as cybersecurity and defence.
• Human Resources: Attracting talent from abroad and creating new postgraduate programs in ICT.
• Digital Economy: Cultivating a "digital" culture by fully digitising the public sector.
  Overall, the study finds that Greece has the foundations to turn the ICT sector into a catalyst for growth. With strategic investment, internationalisation and a focus on innovation, the sector can make a decisive contribution to the country's transition to a digital and competitive economy. The challenge lies in overcoming existing barriers and seizing the opportunities that arise.