Sri Lanka is one of the fastest growing IT markets in the region, states the Business Monitor International (BMI) of UK.

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 (CAGR) for several years.

The IT market has considerable latent potential but has been handicapped over the years by the country's political instability, although things are now looking up. The restoration of peace and improvements in security have helped to release enterprise demand for IT solutions as companies look to boost efficiency, BMI points out.

"Sri Lanka's addressable computer hardware market is forecast at US$270mn in 2011 and is projected to reach US$489mn in 2015. As basic infrastructure improves in areas outside Colombo, there is potential for strong growth in the North and East", the BMI further illustrated.

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

Business Monitor International's Sri Lanka Information Technology Report provides industry professionals and strategists, corporate analysts, information technology associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Sri Lanka's information technology industry, the BMI report states further.

For full report please visit:

http://www.researchandmarkets.com/research/3f6e25/sri_lanka_information_technology_report_q3_2011