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Sweden is poised to become a key destination for Indian IT companies, helped by factors like large spending on IT services and high rate of innovation, a report by industry body Nasscom said today.
The report titled 'Sweden a key driver of Nordic ICT growth' found that along with having a higher GDP growth compared to the European Union average, the Nordic countries consistently rank among the most business-friendly nations in the world. These countries are also ranked second in innovation globally.
The report inferred that among all Nordic countries, Sweden has the highest GDP of USD 550 billion. With big technology names like Truecaller, Candy Crush, Skype and Spotify, Sweden is also home to several notable companies, it said.
In the report, Sweden was identified as the country with 40 per cent (USD 23 billion in 2016-17) of the total share of the Nordic IT spend.
The report forecasts that with an increasing demand for expertise, the trend of increased sourcing will continue and the market is expected to grow by 3.6 per cent to a total value of USD 6.65 billion by 2017.
"India and Sweden's IT ecosystem have a mutual affinity for each other - both the countries are at the threshold of digitisation, opening multiple opportunities for the countries to collaborate," Nasscom President R Chandrashekhar said.
This report will provide an impetus to IT employees and companies to broaden their horizons and opens its door to new markets, he added.
Vineet Garg, BU Head ICT at Business Sweden, said: "We have seen a strong growth in interest from Indian IT services companies who want to establish and grow in Sweden to tap the Nordic market.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)