Iran IT Services Market to Touch US$ 2.8 Billion by 2020
Easing economic sanctions and increasing government focus to drive Iran IT services market through 2020
Iran IT services market suffered a major setback due to imposition of economic sanctions on the country a few years back. Basic IT services such as instant messaging offered by companies such as Microsoft, etc., were also suspended. Consequently, IT services market in Iran exhibited a gradual decline during 2010-2013. 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 report “Iran IT Services Market Forecast and Opportunities, 2020”, revenues of Iran IT services market are projected 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. The trend is anticipated to gain momentum during the forecast period, with the lifting of economic sanctions by mid-2016. In 2014, IT captive management services dominated Iran IT services market, followed by application software services segment. IT captive management services segment is forecast to maintain its dominance in the coming years as well on account of growing demand for network consulting & integration, web services consulting, etc.
“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 Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Iran IT Services Market Forecast and Opportunities, 2020” has evaluated the future growth potential of IT services in the country and provided statistics and information on market structure and trends of Iran IT services market. The report 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.
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