Market Report, "Sri Lanka Information Technology Report Q2 2013", published


Fast Market Research recommends "Sri Lanka Information Technology Report Q2 2013" from Business Monitor International, now available


[UKPRwire, Thu May 23 2013] BMI expects Sri Lankan IT market growth to moderate in 2013, as the Sri Lankan Central Bank is poised to hit the brakes on an overheating economy, which, through the rising cost of credit, could have an impact on IT investment. Sri Lankan IT market growth is now forecast at 10% in 2013, but a projected 2013-2017 CAGR around 12% makes 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.

Full Report Details at
- http://www.fastmr.com/prod/589193_sri_lanka_information_technology_report_q2_2013.aspx?afid=303

Headline Expenditure Projections

Computer Hardware Sales: LKR40.2bn in 2013 to LKR60.8bn by 2017. As basic infrastructure improves in areas outside Colombo, there is potential for strong growth in the north and east. Strong growth expected in local currency terms.

Software Sales: LKR7.6bn in 2013 to LKR13.1bn in 2017. The market remains restricted by the high level of software piracy, with nine out of 10 packages in use believed to be unlicensed.

IT Services Sales: LKR11.9bn in 2013 to LKR20.6bn by 2017. Key sectors for growth are government, finance and telecoms sectors accounting for at least half of the total services spend.

Risk/Reward Ratings: Sri Lanka's score is 27.7 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

The government is supportive of initiatives to increase PC penetration in rural areas. As basic infrastructure improves in areas outside Colombo, there is the potential for strong growth in the north and east. The development of better credit availability from banks and other financial institutions, as well as from vendors and retailers, will play a part in market growth. In 2012, the education ministry announced a pilot programme to issue laptops to every student in 13 primary schools selected to represent the whole country.

Computerisation has only just started in many areas of government and the Inland Revenue Department, for example, is required to be fully automated by 2013. Growth in IT spending will be stimulated by the ongoing modernisation of Sri Lanka's banking sector, which should provide opportunities for IT vendors. The tourism industry is also projected to grow rapidly and technology is a key part of plans to assist the sector to improve efficiency and cope with increasing demand. Liberalisation and more competition in the telecoms sector should have a multiplier effect with regard to demand for IT.

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