New Computer Technology market report from Business Monitor International: "Sri Lanka Information Technology Report Q1 2013"
Boston, MA -- (SBWIRE) -- 12/22/2012 -- Market Overview
BMI View: BMI expects Sri Lankan IT market growth to moderate in 2013, as the Sri Lankan Central Bank is poised to hit the brakes on an overheating economy, which through the rising cost of credit could have an impact on IT investment. Sri Lankan IT market growth is now forecast at 10% in 2013, but a projected 2013-2017 CAGR of 12% makes Sri Lanka one of the fastest growing markets in the region, albeit from a low base. The IT market has considerable latent potential and the restoration of peace and improvements in security have helped to release enterprise demand for IT solutions as companies look to boost efficiency.
Headline Expenditure Projections
Computer hardware sales: US$296mn in 2012 to US$321mn in 2013, +8% in US dollar terms. Forecast in US dollar terms downwardly revised due to macroeconomic factors, but as basic infrastructure improves in areas outside Colombo, there is potential for strong growth in the north and east.
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Software sales: US$54mn in 2012 to US$61mn in 2013, +8% in US dollar terms. Forecast in US dollar terms downwardly revised due to macroeconomic factors, one restraint being the high level of software piracy, with nine out of 10 packages in use believed to be unlicensed.
IT services sales: US$85mn in 2012 to US$95mn in 2013, +12% in US dollar terms. Forecast in US dollar terms downwardly revised due to macroeconomic factors and analyst adjustment; with the government, finance and telecoms sectors accounting for at least half of the total services spend.
Risk/Reward Ratings: Sri Lanka's score was 27.7 out of 100.0. The country ranked last place in our Asia region RRR table and had the lowest or joint lowest score in each ratings category, including IT market and country risk. Despite this, the country's status as a frontier market with high growth potential should see it rise up the rankings over time.
Key Trends & Developments
- The government is supportive of initiatives to increase PC penetration in rural areas. As basic infrastructure improves in areas outside Colombo, there is the potential for strong growth in the north and east. The development of better credit availability from banks and other financial institutions, as well as from vendors and retailers, will play a part in market growth. In 2012, the education ministry announced a pilot programme to issue laptops to every student in 13 primary schools selected to represent the whole country.
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