New Computer Technology market report from Business Monitor International: "Sri Lanka Information Technology Report Q1 2014"
Boston, MA -- (SBWIRE) -- 01/01/2014 -- Sri Lanka is positioned to be a regional outperformer on the back of strong economic growth as and the security dividend catalyses faster growth. We forecast a CAGR of 14.8% for 2013-2017, with the market increasing to a value of LRK103bn in 2017. We have a positive outlook for the growth of the Sri Lankan IT market over the medium term and expect it to close some of the gap with its regional peers in terms of PC, software and services penetration. As well as strong domestic demand the local IT industry is also developing, with a vibrant local software and BPO industry. It is also becoming a hub for PC manufacture and assembly to service the local market and wider region.
Headline Expenditure Projections
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- Computer Hardware Sales: LKR40.2bn in 2013 to LKR66.6bn by 2017, CAGR of 13.5% 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.
- Software Sales: LKR7.6bn in 2013 to LKR14.3bn in 2017, CAGR of 17.2% 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: LKR11.9bn in 2013 to LKR22.6bn by 2017, CAGR of 17.4% 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.
Key Trends And Developments
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