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After several years of growth, 2024 saw a decline in the ICT sector, but it has been assessed that strengthening the sector is crucial due to its strong potential and importance for digital transformation. This conclusion was presented during the event “The ICT Sector through Financial Statements for 2024,” held on June 13 and organized by the Chamber of Economy and ICT Cortex. The event focused on presenting key financial indicators of the information and communication technologies sector, as well as discussing institutional support and development perspectives of this strategic branch of the Montenegrin economy.
“To harness the exponential momentum of the ICT sector’s development, we must work together to establish a supportive business environment, improve competitiveness, and create better conditions for innovators,” said Branimir Bukilić, Chairman of the ICT Association Board of the Chamber of Economy, in his opening remarks.
He particularly highlighted the export potential of this sector, which, according to him, already makes a significant contribution to Montenegro’s exports, emphasizing that it serves as a strategic pillar for economic diversification and technological advancement.
Maja Laušević Odalović, Executive Director of the ICT Cortex cluster, pointed out the importance of bringing together all relevant stakeholders around a common goal — the further development of the domestic ICT sector.
“I’m glad that you’ve recognized the ICT sector’s potential for further growth and development. Although, unfortunately, it is still not officially recognized as a strategic industry, we believe it deserves special attention, as it demonstrates exceptional vitality, resilience, and the ability to contribute to the transformation of the entire economy,” she emphasized.
She reminded that the mission of the ICT Cortex cluster is precisely to build an innovative, digital, and competitive environment where knowledge and technology form the foundation of sustainable development.
“As Cortex, we are actively involved in shaping the new Smart Specialization Strategy — a key document that will guide the development of the country’s innovation policies. Our goal is for the ICT sector to be recognized not only as a horizontal but also as a vertical domain, with clearly defined priorities and allocated resources,” she stated
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The analysis of the sector through the 2024 financial statements was presented by Nada Rakočević, Secretary of the ICT Sector Board of the Chamber of Economy, and Ratko Nikolić, Director and Owner of BI Consulting.
According to Rakočević, after several years of stable growth, 2024 brought a decline in almost all key indicators of the ICT sector — the number of companies, employees, revenue, and profit.
Nevertheless, the sector remains one of the key drivers of digital transformation, she emphasized, adding that precisely because of its strategic importance and strong potential, support measures must continue in order to overcome the current slowdown phase and ensure sustainable development.
Rakočević stated that this situation is not a sign of weakness, but rather an indication that the sector is entering a more mature development phase — one in which tailored policies are essential to further strengthen its resilience, competitiveness, and long-term growth capacity. She particularly highlighted the need for stronger integration of ICT with traditional industries, so that the full potential of technology can be harnessed to modernize business processes, increase efficiency, and open up new market opportunities across all sectors of the economy.
Nikolić presented the results of the analysis conducted this year as part of the Top Business Montenegro initiative, which shows that the entire sector, both overall and in the monitored segments, recorded a decline in revenue after several years of intensive growth. In addition to the drop in revenue, there was also a decrease in the number of companies operating in the sector across all three segments analyzed: Telecommunications, IT Equipment and Software Trade, and IT Services.
The most significant revenue decline was recorded in the IT Services segment, where the largest part consists of companies engaged in software development and computer programming. In nominal terms, the revenue drop in 2024 amounted to 12.27%, while the real decline, after excluding the impact of price increases for these services, reached as much as 18.01%.
“This significant drop in revenues should be seen as a warning and a strong signal that the sector may be facing considerable challenges that could hinder the realization of its full potential. Despite substantial growth over the past five years, revenues from this sector accounted for only 4.3% of Montenegro’s total economy revenue in 2024, nearly half of which came from the Telecommunications sector, while only 1.26% was contributed by the IT Services segment, which includes the results of software companies. Such a low share should be understood as a signal that this sector has significant growth potential, especially as we enter the era of digital transformation ahead of us,” Nikolić concluded.
After the analysis presentation, a roundtable was held where key support programs for domestic companies seeking to develop innovations and strengthen their business models were introduced.
Aleksandra Mugoša from the Ministry of Education, Science, and Innovation presented the co-financing call for participation in EUREKA projects for 2025, with a total fund of 200,000 euros. The goal is to develop products, services, or technologies with a high degree of innovation through international cooperation.
Bojana Femić Radosavović from the Innovation Fund of Montenegro spoke about national support for participation in the Horizon Europe program — Pillar III: Innovative Europe, in which Montenegrin entities have open access thanks to an agreement with the European Union. For preparatory activities, the Ministry and the Fund have provided co-financing of up to 20,000 euros per application.
Matija Dautović, representative of the European Bank for Reconstruction and Development (EBRD), emphasized that EBRD provides both technical and financial support to SMEs through its digitalization and innovation programs. He highlighted that they actively monitor the needs of the ICT sector in Montenegro and encourage companies to apply for digital business transformation.
Tanja Radusinović, Director of the Projects Sector at the Chamber of Economy of Montenegro (PKCG), presented the EmBRACE project, funded under the Interreg IPA cross-border cooperation program Croatia – Bosnia and Herzegovina – Montenegro. The aim is to strengthen sustainable growth of micro and small enterprises through cross-border innovation projects. More than 8.7 million euros are available in grants for micro and small enterprises, and projects must include at least two partners from different participating countries.
The roundtable moderator, Maja Laušević Odalović, stated that joint cooperation between the private and public sectors is a prerequisite for strengthening the innovation ecosystem in Montenegro and encouraged all attendees to take advantage of the open calls and opportunities presented.
The event concluded with an open discussion during which participants highlighted the importance of coordinated institutional support, better awareness of funding opportunities, and stronger involvement of domestic companies in international innovation flows.
