Recently published research from Business Monitor International, "Sri Lanka Information Technology Report Q3 2013", is now available at Fast Market Research

Boston, MA -- (SBWire) -- 06/26/2013 --The growth rate of the Sri Lankan IT market is expected to remain robust in 2013 at 15% as increased retail spending is supplemented by investment from enterprises and the government. However, growth is forecast to moderate in 2013, down from 20.7% in 2012, as the Sri Lankan Central Bank is poised to hit the brakes on an overheating economy. Looking over the medium term, BMI forecasts a CAGR of 12.7% for 2013-2017, making 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: LKR40.2bn in 2013 to LKR60.8bn by 2017, CAGR of 11.5% in local currency terms. Rising PC penetration over the medium term as basic infrastructure improves in areas outside Colombo, with particularly strong potential for growth in the north and east of the country.

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Software Sales: LKR7.6bn in 2013 to LKR13.1bn in 2017, CAGR of 15.1% in local currency terms. Investments in enterprise software expected to be a key driver of growth. However, the market remains restricted by the high level of software piracy.

IT Services Sales: LKR11.9bn in 2013 to LKR20.6bn by 2017, CAGR of 15.3% in local currency terms. IT services forecast to be the outperforming vertical with government, finance and telecoms sectors accounting for at least half of the total services spend.

Risk/Reward Ratings: Sri Lanka's score is 35.2 out of 100.0. The country ranks last place in our Asia region RRR table and has the lowest or joint lowest score in each ratings category, including industry rewards and country risks. 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 And Developments

Sri Lanka's status as a frontier IT market has attracted the attention of major IT vendors, with a number of investments and partnerships announced in recent months. Enterprise software giant SAP expanded the portfolio of its software and services sold through its local partner John Keels Holdings in March 2013. In the same month, IBM partnered with telecoms operator Lanka Bell to provide its SmartCloud service. Meanwhile, in February 2013 leading global CRM cloud services provider Salesforce.com announced it had appointed Saberion as their consulting partner in Sri Lanka and in April 2013 Tata Communications Services expanded its product portfolio in Sri Lanka to introduce managed hosting services - becoming the first global player to do so.

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