Fast Market Research recommends "Sri Lanka Information Technology Report Q3 2014" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 05/30/2014 -- 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. We expect it to embark on a period of catch-up growth 2014-2018, closing the gap to comparable markets in terms of the penetration of IT products and solutions after a long period of conflict. We forecast a CAGR of 15.5% for 2014-2018, with the market increasing to a value of LRK123bn in 2018. As well as strong domestic demand 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. Another area where we expect strong growth is the cloud computing market, with leading global vendors and local players entering the market and low penetration of on-premises enterprise software and IT infrastructure deployments.
View Full Report Details and Table of Contents
Headline Expenditure Projections
- Computer Hardware Sales: LKR46.2bn in 2014 to LKR78.3bn in 2018, CAGR of 14.2% in local currency terms. Vendors are tapping into the potential of low household PC penetration by targeting the first-time buyer and upgrade/replacement market. Low cost tablets are also growing in popularity, deepening the market to middle income consumers.
- Software Sales: LKR9bn in 2014 to LKR17.3bn in 2018, CAGR of 17.9% in local currency terms. Although software piracy remains a drag on growth, investments in enterprise software are driving growth as enterprises modernise.
- IT Services Sales: LKR14.1bn in 2014 to LKR27.4bn by 2018, CAGR of 18.2% in local currency terms. IT services forecast to be the outperforming vertical with cloud computing service adoption seeing the fastest development.
Key Trends And Developments
- A range of vendors are targeting the sizeable cloud computing opportunity in Sri Lanka. For instance Amazon Web Services (AWS) - the leading global cloud hosting provider - officially launched in Sri Lanka in December 2013 with its local implementation and consulting partner Saberion. Meanwhile, Software-as-a-Service providers have also targeted Sri Lanka. Global leader SAP announced the launch of its cloud portfolio in Sri Lanka in April 2014. Meanwhile smaller players are targeting other market areas, for instance, Momento launched its pay-as-you-go ERP suite to target the vast underpenetrated SME market in Sri Lanka. BMI expects competition and adoption rates for cloud services, including infrastructure and software, to increase markedly over the medium term.
About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Computer Technology research reports at Fast Market Research
You may also be interested in these related reports:
- Israel Information Technology Report Q3 2014
- Czech Republic Information Technology Report Q3 2014
- Mexico Information Technology Report Q3 2014
- Hungary Information Technology Report Q3 2014
- Turkey Information Technology Report Q3 2014
- Indonesia Information Technology Report Q3 2014
- Chile Information Technology Report Q3 2014
- Peru Information Technology Report Q3 2014
- Image Projector Market in Sri Lanka to 2018 - Market Size, Trends, and Forecasts
- Medical Device Market in Sri Lanka to 2018 - Market Size, Trends, and Forecasts