The value of the Greek business software market is estimated at 400 million euros, and it is expected to double over the next 5 years, reaching 1 billion euros. These are essentially investments in software products on the part of both private and public sector enterprises.
According to sector representatives, the increased digitization needs of businesses combined with the requirements from the legal framework (e.g. mandatory receipt of electronic invoices from public entities, ERPs interfacing with POS card payment systems, expansion of the requirement to use the digital card etc.) constantly create new needs and increase the demand for business software products and services.
For example, a significant part of the expenses in the financial sector now concerns the improvement and enrichment of online and mobile banking services. In addition, there is an increased demand for services related to the automation of processes in order to improve overall performance and reduce costs.
However, a significant number of small companies are still operating with outdated software solutions or products from much smaller companies. These solutions lag behind technologically, since they do not support databases, mobility, analytics and do not utilize the Internet.
The domestic IT Software and Services market has shown a remarkable increase in value over the last three years (2021-2023), recording an average annual rate of change of 9.8%. In 2022 overall the Software and Services market grew by 12.3% compared to the previous year. For 2023, a further increase of 6.0% compared to 2022 is expected.
However, the largest part of the total value is occupied by IT Services with a percentage of 62% while the remaining 38% concerns the purchase of Software. The Software market increased by 17% in 2022 compared to the previous year, while for 2023 the rate of increase is estimated at 10%. The IT Services market has also strengthened in recent years, recording an annual rate of change of 10% in 2022 compared to 2021. Accordingly, in 2023, the market is estimated to increase but at a lower rate (4%).
