Sri Lanka Information Technology Report Q1 2015 - New Market Study Published
New Computer Technology market report from Business Monitor International: "Sri Lanka Information Technology Report Q1 2015"
[USPRwire, Tue Nov 25 2014] Strong economic growth and a government that is supportive of digitalisation underpin our IT growth forecast as this is also likely to filter through in a shape of increased government spending. We estimate a CAGR of 15.5% for IT market spending 2014-2018, with the market expected to increase to a value of LRK163.8bn in 2018. We believe Sri Lanka will outperform the majority of IT markets in the APAC region due to a convergence of factors. Strong income growth and low penetration of PCs, enterprise software and services will combine to boost IT spending growth in Sri Lanka over the medium term. The local IT industry is also developing, with a vibrant local software and BPO industry and the development of local facilities for PC manufacture and assembly to service the local market and wider region.
Full Report Details at
Headline Expenditure Projections
* Computer Hardware Sales: LKR59.7bn in 2014 to LKR100.9bn in 2018, CAGR of 14.2% in local currency terms. There is strong growth potential for hardware sales in Sri Lanka due to low PC penetration rates, declining device prices and rising incomes.
* Software Sales: LKR14.8bn in 2014 to LKR28.0bn in 2018, CAGR of 17.5% in local currency terms. Software piracy remains a drag on the market, but growth will be driven by investments in enterprise software.
* IT Services Sales: LKR17.9bn in 2014 to LKR34.9bn by 2018, CAGR of 18.3% in local currency terms. IT services forecast to be the outperforming vertical with cloud computing service adoption seeing the fastest growth.
Key Trends And Developments
* The outsourcing industry in Sri Lanka has developed rapidly in recent years - and BMI believes it is on a strong footing to continue this trend in the medium term. SLASSCOM reported a 238% increase in industry revenue 2007-2013, reaching USD720mn. Meanwhile, sector employment increased by 123% over the same period to reach 75,100 in 2013. Sri Lanka has emerged as a leading destination for software product...
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