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Friday, July 30, 2010 - 6.30 GMT |
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IT market
growing in double digits – UK report |
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Sri Lanka's IT market is estimated to be worth US$336mn in 2010, just 2% the size of India's, but is expected to grow to more than US$700mn within the five-year forecast period. The computer market has comfortably been growing at a double-digit for the past several years, said Companies and Markets, a leading online business information aggregator published from London.
"The Sri Lankan government's e-Sri Lanka strategy outlines the country's vision for information society development and forms the basis for initiatives related to ICT development. A key measure was the establishment of the ICTA, which has led ICT projects on various fronts. In recent years, plans for large scale deployment of broadband have been announced utilising digital subscriber line (DSL) as well as Wi-Fi, and fixed-wireless solutions such as WiMAX", the report said.
According to the information aggregator, Sri Lanka's IT market has considerable latent potential, but has been handicapped over the years by the country's economic instability, due largely to the long-running civil war. This has impacted the market in multiple ways, from disruption of regional and distribution channels to the negative effect on the economic and incomes growth and the underdevelopment of the country's telecoms infrastructure. In 2010, the consumer PC segment will benefit from lower interest rates and more credit availability, while the Computers for Education programme will continue to receive government investment in 2010. The projected 2010-2014 CAGR of 20% would make Sri Lanka one of the fastest-growing markets in the region, albeit from a low base", the report added.
The decision by the Sri Lankan government announced to reduce import duties on electronic goods by around 3.5% should result in a further reduction of local market PC prices. The move will lead to a reduction in tax on imported CPUs, thus leading to lower prices for locally assembled computers.
In 2010, the government plans to roll out another 1,500 computer labs for Sri Lankan schools. This is in addition to the 3,500 that have already been constructed in both rural and urban areas, with around 6,000 planned in total. The government designated 2009 as the year of IT (and English) in Sri Lanka. At the end of the year, the country continued to roll out new IT and education-related initiatives.
The analysis is accessible at:
http://www.officialwire.com/main.php?action=posted_news&rid=191664
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