Spain’s IT & technology industry has made a strong recovery following the recent international health crisis, riding on the momentum created by the country’s digital transformation efforts and financial support from the European Union’s recovery funds. As one of the largest economies in the EU, Spain has leveraged this opportunity to further develop its IT & technology industry, particularly in sectors requiring industry-specific digital solutions. The sector is expanding at an accelerated pace and offers significant opportunities, especially for US companies, which are seen as key suppliers of innovative technologies and services. In 2022, Spain’s IT & technology sector had an impressive impact on the nation’s economy, contributing to approximately 22.6% of its GDP. The sector’s turnover reached an estimated $131 billion that same year. There are approximately 38,000 ICT companies operating in Spain, with more than 70% of them concentrated in two major autonomous regions: Madrid and Catalonia. Madrid, as the capital, and Barcelona, the business hub of Catalonia, have emerged as dominant centres for IT innovation, hosting the headquarters of many key players in the industry. One of the most significant developments in Spain’s ICT industry is the implementation of the country’s 5G National Plan. This initiative has not only spurred mobile network upgrades but has also driven investment in the expansion of fibre network infrastructure. As Spain continues to lead the charge toward a fully digital future, its telecom sector has experienced major shifts, including the consolidation of key players. The merger between Mas Movil and Orange, announced in July 2022, stands as a prime example of the industry’s ongoing transformation, although it awaits approval from the European Union. In response to these shifts, Spanish telecom companies have also begun diversifying their portfolios. They are offering an array of new services, from mobile sales and alarm systems to energy solutions.