The IT&C services market grew by 23.4% y/y in 2020, and the wholesale trade of IT and telecommunications equipment by 20.5% y/y, according to an analysis performed by Arctic Stream, a Romanian provider of services in the field of communications technologies and equipment, data centres and software solutions.
"Although the year 2020 has put humanity in front of an unprecedented situation in recent history, the ways in which this challenge has been addressed have included the expansion of remote work and services offered via the internet by the public sector and private companies. Arctic Stream responded promptly to the growing need for a high-performance and fast-functioning IT infrastructure,” Arctic Stream says in a press release.
Overall, the IT&C market advanced by 22.3% in 2020, in Romania.
The total market is estimated at RON58.8bn (€11.9bn) in 2020, compared to RON48.1bn in the previous year.
Arctic Stream anticipates annual market growth of at least 14-15% in the next three to four years.
Moreover, after the IT&C sector was the equivalent of about 7% of Romania's GDP during 2015-2020, it could reach the equivalent of 10%, in the context in which both private companies from different industries (banking, retail, energy and utilities, etc.), as well as state institutions will continue to invest in digital transformation.
Last year, Arctic Stream recorded a turnover of approximately €8mn, 120% more compared to 2019, and a profit of over €1.2mn, 200% more than the previous year.