SRI LANKA – FASTEST GROWING IT MARKETS IN THE REGION

The Business Monitor International of the United Kingdom says Sri Lanka is one of the fastest growing IT markets in the region.

The addressable IT market in Sri Lanka is forecast at US$393 mn in 2011. It is expected to grow to US$742mn over BMI’s five-year forecast period, states BMI in its IT Market Report. The BMI further states that the computer market has comfortably been growing at a double-digit compound annual growth rate for several years.

BMI points out that the restoration of peace and improvements in security have helped to release enterprise demand for IT solutions as companies look to boost efficiency.

IT services is expect to reach US$75mn in 2011, accounting for about 17% of Sri Lanka’s total spending on IT. BMI states that the market is dominated by demand from the government, finance and telecoms sectors, which account for at least half of the total.