Lanka, fastest growing IT market - BMI
Sri Lanka's information technology market will be among the best
potential growth prospects in South Asia, says the Business Monitor
International (BMI) of UK.
Total IT spending is seen as nearly doubling to US$494mn by 2013,
with considerable upside. This projected CAGR of 15 percent would make
Sri Lanka one of the fastest-growing markets in the region, states BMI
in its IT market report.
The BMI further states that the progress is a consequence of the end
to Sri Lanka's long- running war in mid- 2009. Earlier the total size of
the legal IT market was estimated at US$254mn in 2008, just 2 percent
the size of India's with the effects over the years of the country's
political and economic instability, disruption of distribution channels,
the negative impact on incomes growth, and underdevelopment of the
country's telecoms infrastructure, BMI points out.