Boston, MA -- (SBWIRE) -- 06/18/2013 -- We expect the Turkish IT market will continue to outperform in a regional context 2013-2017. There was, however, a slowdown in the market in 2012 and we downgraded our forecast for 2013 on the basis of weaker domestic confidence in the context of wider eurozone uncertainties. Looking beyond the dip in growth rates 2012-2014, we believe the market to have strong fundamentals for medium term growth. The inherent demographic profile advantage, coupled with sustained growth and consistent government push towards reforms, lends a bullish, long-term future for the IT sector in the country.
Computer hardware: TRY11.23bn in 2013 to TRY11.79bn in 2014,+5.0% in local currency terms. Slower growth forecast on the basis of a weaker economic outlook and the depreciation in the Turkish lira is also factored. Despite these drags, robust growth will continue with consumer purchases and government investment in IT for education key drivers.
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Software: TRY1.93bn in 2013 to TRY2.12bn in 2014, +9.8% in local currency terms. Arrival of Microsoft Windows 8 will provide a small boost, but enterprise software spending will continue to be the main driver of market growth.
Services and cloud computing: TRY2.70bn in 2013 to TRY2.95bn in 2014, +9.5% in local currency terms for services. Growing integration with the EU will edge Turkish companies towards increasingly embracing IT services. Refinement and maturity in cloud computing offerings by local and global vendors will make them attractive for corporates in general and SMEs in particular.
Key Trends & Developments
- Turkey is becoming an increasingly important regional hub for both hardware manufacturing and IT services. In April 2013 Indian IT services firm Tech Mahindra announced the launch of its new hub for Turkey and Central Asia in Istanbul. It hopes the hub will work as a near-shore centre for projects in the Middle East and Europe, while it is also focusing on Turkey as a source of growth because of the young and cosmopolitan populations, meaning greater demand for IT services and solutions from domestic firms. The announcement from Tech Mahindra followed the opening of local manufacturing setups by global IT majors such as HP/Foxconn and strengthening of local operations by printers vendors such as Ricoh and Konica Minolta, which will improve affordability and service support.
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