DUBLIN--(BUSINESS WIRE)--Research and Markets(http://www.researchandmarkets.com/research/2063f9/sri_lanka_informat) has announced the addition of the "Sri Lanka Information Technology Report Q1 2012" report to their offering.
The addressable IT market in Sri Lanka is forecast at US$444mn in 2012, just 2% of the size of India's market. It is expected to grow to US$811mn over BMI's five-year forecast period to 2016. The computer market has comfortably been growing at a double-digit compound annual growth rate (CAGR) for several years, yet the penetration rate remains around 1%.
A projected 2012-2016 CAGR of 16% makes Sri Lanka one of the fastest growing markets in the region, albeit from a low base.
The government's 2012 Budget, delivered in November 2011, envisaged a key role for ICT in development of all sectors, a continuation of the seven-year e-Sri Lanka programme, and island-wide availability of broadband. The government aims to grow ICT sector revenue to US$1bn by 2016, building on current export revenue levels of around US$350mn.
In May 2011, the State Trading Corporation (STC) announced a partnership with Etisalat to provide computers to Sri Lankan schools at discounted prices. In the first year, the project will cover 340 schools, and this will be expanded to 1,000 in 2012.
Sri Lankan spending on software remains rather low, with BMI expecting the addressable market at US$55mn in 2012. The estimated 11% share of the total IT spend, accounted for by software, reflects the relative immaturity of Sri Lanka's IT market. However, the domestic software market is expected to grow at a CAGR of about 19% through to 2016.
The IT services market is forecast to be worth US$87mn in 2012, accounting for about 17% of Sri Lanka's total spending on IT. The market is dominated by demand from the government, finance and telecoms sectors, which account for at least half of the total.
Progress is expected over the forecast period, with internet penetration reaching 19%, and broadband penetration 10.8% by 2015.
Companies Mentioned:
Panora State Trading Corporation (STC) Etisalat HP SAP IBM
For more information visit http://www.researchandmarkets.com/research/2063f9/sri_lanka_informat