The enterprise ICT market within the Philippines is anticipated to develop at a compound annual progress charge (CAGR) of 10.9%, pushed primarily by IT companies, significantly cloud computing and BPO segments, in keeping with a forecast by GlobalData.
GlobalData’s Philippines Enterprise ICT Nation Intelligence Report predicts the market measurement will broaden from USD 20.9 billion in 2023 to USD 34.9 billion by 2028, reflecting a powerful, constructive outlook by way of ICT investments amongst enterprises.
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Development by Area of interest
Supporting this progress, GlobalData’s 2024 ICT buyer perception survey discovered that 85.4% of key ICT decision-makers reported a rise of their enterprise ICT budgets in 2024 in comparison with the earlier 12 months.
Amongst IT infrastructure segments ({hardware}, software program, and companies), IT companies are anticipated to expertise the very best income progress, largely because of the rising demand for cloud computing and the strong BPO companies sector. These two areas are projected to make up almost 40% of the nation’s ICT income by 2028.
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GlobalData forecasts that the banking, monetary companies, and insurance coverage (BFSI) sector would be the largest end-use vertical within the Philippines’s ICT market, accounting for an estimated 12.8% of the overall cumulative income from 2023 to 2028. This sector is anticipated to keep up its place as the highest contributor all through the forecast interval.
Whereas each giant enterprises and micro, small, and medium enterprises (MSMEs) are rising their ICT investments, the MSME section is anticipated to guide in income progress, with a projected compound annual progress charge (CAGR) of 12% over the forecast interval.
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