Industry revenue of engineering activities, related technical consultancy in Sweden 2011-2023

Growth in industrial production, export and digital transformation in almost all areas operations is driving engineering and related technical consulting revenues in Sweden, Cumulatively, the industry is estimated to value around 94 billion U.S. dollars during 2019-2023. Production limitations restricting growth

Over the last few years, Germany, Norway, Finland, Denmark, the U.S., the UK, and the Netherlands have emerged as the top export destinations for Sweden with a particular focus on goods and business services. However, the country’s production capacity in various segments has reached its saturation point and therefore it is struggling to meet this rising demand.

Digital transformation to benefit the industry

Like other mature markets, the Swedish consulting sector is also driven by the global shift towards digital transformation, the market for which is estimated at over 50 billion U.S. dollars globally. The Nordic region is one of the leaders in this segment, having been at the helm of technological advancement for some time now. Therefore, Sweden’s market for computer consulting is expected to grow at a steady pace over the medium term, along with its IT-consulting and implementation services market, which is expected to register a CAGR of 4.6%, increasing from just 413 million U.S. dollars in 2016 to over 516 million U.S. dollars in 2021.

Digitalization is also a major touchpoint for government initiatives in the entire Nordic region, where the demand for e-government initiatives has reached a tipping point. This switch to e-services on a large scale is driving the professional consulting services industry thereby leading to increased revenue for both technical and management consulting companies.

Industry revenue of engineering activities, related technical consultancy in Sweden from 2011 to 2023

Revenue in billion U.S. Dollars
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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Sweden. The industry “engineering activities and related technical consultancy“ has the code “M7112“.

Details on the methodology can be found here.

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