A decade ago, Greece’s IT and digital sectors were underdeveloped compared to Western European economies. The country was still reeling from its debt crisis, with businesses and government entities focused on economic recovery rather than technological innovation. Adoption of digital tools, including artificial intelligence (AI), was minimal. Greece had a limited tech ecosystem, with low investment in research and development (R&D) and digital transformation programs.
During this time, Greece lacked both the necessary digital infrastructure and skilled talent to support an emerging IT sector. Brain drain was a significant issue, as many young graduates, especially in STEM fields, sought opportunities abroad
Today, Greece has made significant strides in its digital transformation, largely driven by national and EU-led initiatives such as Greece 2.0, a recovery and resilience plan with a focus on innovation.
Greece is evolving into a regional hub for technology, driven by foreign investments in cloud infrastructure, data centers, and AI. For example, tech giants like Microsoft and Hewlett-Packard have recently established operations in the country, signaling confidence in its future potential.
AI is now recognized as a critical area of growth. Government initiatives such as the “Generative AI Greece 2030” foresight project outline the country’s ambition to leverage AI for both public and private sector efficiency.
Furthermore, Greece’s R&D institutions and academic partnerships are fueling this transformation. However, Greece still lags behind in talent availability, with one of the lowest ratios of ICT professionals in Europe.
Significant digital investments are being funneled into healthcare, public administration, and education. AI-driven solutions are gradually being integrated into sectors such as tourism and agriculture.
Over the next decade, Greece is expected to solidify its position as a tech hub in Southeast Europe. The growth of AI, IoT, and 5G technologies will likely dominate the IT landscape. According to the OECD AI Policy Observatory, Greece aims to create a competitive and sustainable AI ecosystem that will integrate AI across industries.
- Key Drivers of Growth:
- Continued foreign investments and EU funding, focused on digital transformation, will accelerate Greece’s IT sector.
- Public and private partnerships, especially in AI, will drive innovation in key areas like healthcare, logistics, and agriculture.
- Greece’s geographical position as a gateway between Europe, Asia, and Africa will help it attract investment from multinational tech companies.
(OECD AI)
- Challenges: Greece must address its talent shortage and improve its digital literacy rate to meet future demand. Moreover, it needs to enhance the regulatory framework around AI ethics and data privacy to align with European standards.
(ΕΓΜΣ, OECD AI)
Investment Opportunity for AI
Investors considering an entry into Greece’s AI sector could see substantial returns within 12 months if they focus on sectors that are currently underpenetrated by AI technologies:
- Healthcare: AI-driven diagnostics and tele-medicine are poised for exponential growth as Greece modernizes its healthcare infrastructure.
- Tourism: AI can revolutionize how Greece’s crucial tourism sector offers personalized experiences and manages resources.
- Logistics and Supply Chains: AI-based solutions can improve efficiency in Greece’s shipping and logistics sectors, leveraging the country’s strategic location.
- Conclusion: To potentially double your investment in 12 months, focus on partnerships with local tech firms or establishing new AI-focused ventures in healthcare, logistics, or tourism. Additionally, collaborating with universities on AI research or investing in training programs for local talent could yield long-term gains.