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Sweden poised to become key destination for Indian IT: report

Sweden has a significant focus on digitisation with its government's 'Digital First' strategy

BS Reporter  |  Bengaluru 

IT highest paid sector in India, manufacturing far behind

has the potential to emerge as a market for services industry, said a joint report by Nasscom, Business and Radar Ecosystem.

The IT lobby, Nasscom, said that the Nordic country has the highest GDP of $550 billion and been identified to have 40 per cent ($23 billion in 2016-17) share of the Nordic region IT spend.

Sweden, the country which is home to such as Truecaller, Candy Crush, Skype and Spotify, has a significant focus on digitisation with its government's "Digital First" strategy.

The report, a key driver of Nordic ICT growth, noted that with a strong underlying economic development, is witnessing the adoption of new delivery models, such as and offshore delivery. "This is in congruence with IT industry, where adoption of new technologies is disrupting the IT space. With most Swedish firms embracing at a rapid pace, a growing need for skills in the field is also on the rise. Another technology that is increasingly penetrating the Swedish markets is the Internet of Things (IoT) market in the vehicle, health, banking and logistics space," said quoting the findings of the report.

is also learnt to have a strong presence in the manufacturing subsectors with varied opportunities to develop innovative products like connected cars and digital locks.

"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,

The report has also stated that the country has seen an increasing demand for expertise in IT consulting and it "will continue as the value of the consulting market is expected to grow by 3.6 per cent to $6.65 billion by 2017.

Based on the report, said has "simple procedures and efficient operations based on a transparent system and the country seeks to facilitate the establishment of new enterprises including factors that no Swedish partner is required to start a business and a competitive corporate tax rate of 22 per cent.

"We have seen a strong growth in interest from services who want to establish and grow in to tap the Nordic market. Access to talent, rather than cost, is a key concern for CXOs and Indian players having the relevant competence are well placed to capitalize on this opportunity," said Vineet Garg, BU Head ICT at Business

First Published: Thu, August 10 2017. 20:42 IST