DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/t7xnmf/it_market_in) has announced the addition of the "IT Market in Philippines 2015-2019" report to their offering.
The IT market in Philippines to grow at a CAGR of 9.28% over the period 2014-2019.
The report, IT Market in Philippines 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the IT market landscape in Philippines and its growth prospects in the coming years. The report also includes the profile of key vendors operating in this market.
IT can be defined as an integrated platform consisting of hardware, software, and services. Organizations have IT departments that are responsible for storing, safeguarding, processing, transmitting, and retrieving information. IT enables a smooth flow of information across an organization. It also helps organizations align their business processes with various technologies and improve the overall operational efficiency.
The increased adoption of a virtualized environment is one of the key trends being witnessed in this market. It offers new opportunities for growth across verticals for IT firms. It is used for maintaining data and applications with the help of central remote servers. Virtualization is an essential strategy for enhancing IT efficiency that has made significant inroads in the IT market in Philippines.
According to the report, constant support from government for IT initiatives drives the growth of the IT market in Philippines. The government of the Philippines has undertaken several initiatives that have enhanced substantial opportunities for many IT industry projects. The government is concentrating more on PPP across sectors such as BFSI, Education, Construction, E-governance, Infrastructure, Transportation, and ICT.
Further, the report states that one of the key challenges in the market is the lack of skilled workforce. Acquiring and retaining a technically skilled workforce is difficult in outsourcing destinations such as the Philippines because of competitive pay scales provided by countries such as India, China, the US, and Canada. In addition, the lack of a quality skill set to accomplish IT processes on a large scale has lowered the hiring rate.
Other Prominent Vendor
- Indra Philippines
- Lakeside Technologies
- Novare Technologies
- Safeway Philtech
- Sutherland Global Services
- Teletech holdings
For more information visit http://www.researchandmarkets.com/research/t7xnmf/it_market_in