CBN: In 2021, the ICT Industry in Bulgaria to Exceed the Country’s GDP Levels From 25 Years Ago
Bulgaria’s ICT industry is advancing rapidly and is highly likely to rank among the three most potent industries out of Bulgaria’s eighteen industries in 2021. The forecast is by the independent agency CBN Pannoff, Stoycheff & Co. and is part of the annual ICT Industry Observer Bulgaria 2020 report with data and analysis for the last four years and a forecast for 2021.
The study presents the number of ICT companies in Bulgaria by years, the people employed in the sector by years, the revenues in the four subsectors of the industry, and an overview of the industry in three specific regions – Sofia, Plovdiv, and Varna. The study also includes a ranking of the Top 25 companies in Bulgaria by revenue. The four subsectors into which the industry is conditionally divided are software and services, hardware and services, telecommunications and services, and others.
The full report of Industry Observer Bulgaria ‘2020 is available here, and here are some of the main highlights from the study:
- The ICT business in Bulgaria is distributed too unevenly territorially and predominantly positioned in Sofia – it is expected that in 2021 the number of employees in the ICT business in Sofia will exceed the number of employees in the entire tourism industry in Bulgaria.
- The subsector of software and its related services subsector is the largest and fastest-growing in the country.
- In the critical year of 2020, the ICT sector marked the most considerable absolute growth in revenues among all Bulgaria sectors, surpassing its only competitor among the growth sectors – gambling.
- Over 1.5 million digital devices are sold on the Bulgarian market every year – smartphones, laptops, tablets, desktops, and servers.
- Telecoms and Internet providers have entered a new development stage – the pandemic gives a notable boost in the demand for their services. Their rapid development is directly related to the digitalization of businesses and the digital society.