The global biomedical refrigerators and freezers market is slated to magnify at a strong CAGR of 4.2% over the period amid 2016 and 2024. The market, which was worth $2.91 billion in 2015, is predicted to upswing to $4.28 billion by 2024…
BMI View: Sri Lanka has huge potential as one the APAC markets with the lowest penetration rates for
hardware, software and services - along with a robust economic outlook. We believe this will enable
spending to increase at a CAGR of 12.1% over 2016-2020 to a total of LKR167.8bn in 2020. There is
however some downside to the low level of development, for instance, price sensitivity will be high and this
could limit profitability, while in the hardware segment there is increasing concern for PC vendors that
large numbers of consumers could bypass the PC era and become accustomed to smartphones as their sole
? IT Hardware Sales: LKR66.4bn in 2016 to LKR95.1bn in 2020, a compound annual growth rate
(CAGR) of 9.4% in local currency terms. Downgraded outlook in Q416 due to negative impact of
smartphones on tablet sales, but income growth momentum will still be a boost for overall PC sales.
? Software Sales: LKR17.8bn in 2016 to LKR30.9bn in 2020, CAGR of 14.7%. As supporting
infrastructure investments allows for increased supply, we expect software-as-a-service will deepen the
enterprise software market, along with the upside through reduced piracy.
? IT Services Sales: LKR22.1bn in 2016 to LKR41.8bn in 2020, CAGR of 17.3%. There is growth
potential in basic services as computerisation levels increase in the public and private sectors, while
adoption of cloud computing and outsourcing boost the outlook even higher.