Boston, MA -- (ReleaseWire) -- 01/09/2014 -- Serbia's position as an EU candidate country offers considerable potential for growth, with government and businesses keen to invest in the infrastructure needed to bring Serbia to level with its peers. Investment in education and training has been paying off, attracting major international companies such as Microsoft to invest in the market. This has resulted in Serbia becoming as a key IT development market, building software and services for export. However, while these developments are good for the economy, the effects have not yet been fully felt in Serbia. Nevertheless, we highlight continued strong growth potential across the market, with IT services set to increase its share of the overall market.
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Headline Expenditure and Forecasts
Computer Hardware Sales: RSD41.34bn in 2013, rising to RSD56.10bn by 2017. This segment will remain the largest in Serbia over our five-year forecast period to 2017.
Software Sales: This will see the highest growth rate, reaching RSD10.00bn by 2017, up from RSD7.13bn in 2013. Previous strong growth in hardware will support the ongoing expansion of this area of the market.
IT service sales: This will be driven by businesses looking to make cost and time savings. This will lead the IT service segment to reach 22% of the market's total by 2017, with a market value of RSD17.37bn.
Key Trends And Developments
Austerity measures from the government will see VAT on computers rise from 8% to 10%. This is still lower than the country's standard 20% rate. Moves to reduce the fiscal deficit to below 2% of GDP by raising taxation and cutting state subsidies will remain controversial. Limiting consumer spending by lowering their take-home earnings will cause a slowdown in demand for consumer hardware devices such as computers and laptops. However, lower priced tablets have already gained a strong foothold in the market and will provide some impetus to hardware growth.
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