Philippines’ information technology is calculable to be one in all the rising markets within the future, which needs hardware, software, and different IT services. Through database management, IT technology is utilized in libraries, hospitals, banks, shops, prisons, hotels, airports, train stations, and others. Non-public and government consumption can additionally support IT spending in the Philippines. It’s the utilization of computers to store, retrieve, transmit, and manipulate data or information. It’s generally used in the context of business operations as opposed to personal or entertainment technologies.
According to the study, ‘Philippines Information Technology Market Trends, Statistics, Growth, and Forecasts’ Philippines plays a significant role within the IT outsourcing services and is one of all the most important markets within the IT sector. High dependency and exposure to China, increasing trade wars between the US and China can impact the expansion of the Philippines IT market. The software and IT services segments are growing at a maximum rate within the country particularly within the cloud applications because of the rising adoption of cloud services by the private sector corporations. The computer hardware market growth within the country is supported by enhanced spending to renewed components of the installed computers. The country has a big share of windows 7 users as of January 2020. Windows has stopped updates for Windows 7 in January 2020 and this is often possible to encourage private corporations to upgrade their computers, which can boost the sales of computer hardware and software. Government specializes in investing in supporting IT systems, giant-scale IT infrastructure projects in the air, sea, and railway sector can additionally generate demand for the IT sector. Accenture, Convergys Philippines, JP Morgan Chase, Sutherland Global are some of the major key players in this segment.
In addition, Information Technology and Business Process Management are one of all the foremost prospective sectors within the country with its revenue increasing 15 times over 2004-2018. The IT-BPM has contributed to around 2.7% of the GDP in 2004 and has enhanced its share to 6.2% by 2016. The utilization within the IT-BPM sector has exaggerated to 1.14 million by 2016, increasing by 1200% over 2004. Philippines is projecting itself as a significant world destination for IT-BPM and is that the 2ndlargest market globally within the non-voice services. Low trade barriers, low operating prices, advancements in the IT market, price-efficient delivery of services, and the presence of a huge skilled workforce are the key factors that have led to the success of the IT-BPM phase. Around half of the courses within the college are associated with the IT-BPM market and has the third-largest in terms of talent within the world, once China and India. Government support for the industry has also contributed to the development of the IT-BPM sector within the country. In the IT-BPM segment, Business Process Outsourcing has the most important share followed by IT services and animation.
The growth of the internet has driven technological advancements within the IT sector. The Philippines IT market is predicted to grow at a maximum growth over the medium term with increasing spending within the IT sector and improving economic activity within the producing and services sector. Growing demand from the retail sector and increasing digitization within the retail and different sectors are additionally supporting the growth of the sector. Thus, it is predicted that the Philippines Information Technology market can increase in the upcoming years.
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Ankur Gupta, Head Marketing & Communications