New market study, "Sri Lanka Information Technology Report Q2 2016", has been published
Fast Market Research recommends "Sri Lanka Information Technology Report Q2 2016" from Business Monitor International, now available
[USPRwire, Fri Mar 04 2016] Our positive medium - term outlook for the Sri Lankan IT market is maintained in the Q216 update, though there was a small downgrade to the 2016 outlook. Regional economic uncertainty and our expectation for more extensive rupee depreciation against the US dollar are behind the downward revision, but this will not obscure the medium - term growth story based on economic development, rising incomes, private and public sector modernisation initiatives a s well as low device and solution penetration rates. Another positive is the development of the local IT indu stry , including the software development and BPO industr ies, and the development of local facilities for PC and component manufacture . We forecast a CAGR of 12.1% for the IT market spending in 2016-2020 to a total of LKR181.9bn in 2020.
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IT Hardware Sales: LKR71.7bn in 2016 to LKR109.3bn in 2020, a compound annual growth rate (CAGR) of 10.8% in local currency terms. Rising incomes and increased local supply, in an environment of rising incomes, will support an expansion of the IT hardware market, though price sensitivity will remain a central characteristic of demand.
Software Sales: LKR18.8bn in 2016 to LKR32.1bn in 2020, CAGR of 14.0%. As supporting infrastructure investments allows for increased supply, we expect software-as-a-service will deepen the enterprise software market and drive growth.
IT Services Sales: LKR23.1bn in 2016 to LKR40.5bn in 2020, CAGR of 14.7%. IT services forecast to be the outperforming segment, underpinned by the expansion of the outsourcing industry, particularly higher-value software development services.
The Sri Lanka Information Technology Report features BMI Research's market assessment and independent forecasts covering personal computers and software; semi-conductors, memory chips, integrated circuits and general components; the internet and IT solutions. It analyses analyses regulatory changes (licensing, customs and intellectual property protection) and competitive landscapes comparing IT companies by products, sales, market share, investments, projects and expansion strategies.
BMI's Sri Lanka Information Technology Report provides industry professionals and strategists, corporate analysts, IT associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the IT industry in Sri Lanka.
Benchmark BMI's independent IT Industry forecasts for Sri Lanka to test other views - a key input for successful budgetary and strategic business planning in the Sri Lankan IT market.
Target business opportunities and risks in Sri Lanka's IT sector through our reviews of latest industry trends, regulatory changes, and major deals, projects and investments in Sri Lanka.
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