Sri Lankan IT industry leverages niche appeal
Consistently ranked as a top global destination for business process outsourcing (BPO) and IT, Sri Lanka’s tech services industry has grown substantially in recent years, with high expectations and ambitious targets going forward. Challenges remain, notably in supplying the advanced IT graduates necessary to spur future growth; however, with fundamental infrastructure largely in place, Sri Lanka should continue to expand its role in a burgeoning global market. In figures Recent years have seen significant growth in Sri Lanka’s ICT revenues, particularly exports, given its limited domestic market. From $128m in revenue in 2007, figures rose to $325m in 2009, $440m in 2011 and $719m in 2013, representing 6.47% of total exports. With official figures slightly delayed and reliant on periodic industry surveys, estimates for 2014 were around $820m with projections for 2015 topping $1bn. The industry aims for a total of $5bn in revenue by 2022, with 200,000 direct jobs and 1000 new start-ups.