Iran’s IT Services market to reach $2.8b
Iran, one of the largest economies in Middle East that has been on backfoot due to economic sanctions imposed on the country for past few years back.
These sanctions lead to the fall in the market for IT services in Iran and exhibited a gradual decline. However, post the announcement of lifting of economic sanctions, IT services market in Iran is projected to grow at a considerable pace during the forecast period. Government’s plans to establish IT parks is anticipated to boost IT services market in Iran over the next five years.
Tehran is forecast to account for a lion’s share in revenues terms in Iran IT services market during 2015 – 2020, predominantly on account of expansion of private sector players in the region and increasing government support.
According to a TechSci Research projected the revenues of Iran IT services market to reach US$ 2.8 billion by 2020. Growth in Iran IT services market is being driven by growing internet and smartphone penetration rates in the country. Further, booming e-commerce market and rising software exports from the country are anticipated to underpin growth in Iran IT services market during 2015-2020.
“IT services market in Iran is projected to grow over the next five years on account of lifting of economic sanctions in 2016, increasing private-public investments in the country’s IT sector, coupled with easy availability of skilled IT manpower and low wages. Further, establishment of new IT and technology parks, coupled with implementation of government reforms aimed at encouraging private investments in the country’s IT sector is anticipated to boost Iran IT services market through 2020.” said Karan Chechi, Research Director with TechSci Research.
The new report also includes IT services market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities prevailing in the IT services market in Iran.