IDC revises forecast of ICT market development in Uzbekistan

Tashkent, Uzbekistan (UzDaily.com) -- IDC forecasted the growth of ICT market of Uzbekistan will make up 6.9% in 2017 (4.8% in 2016), which reflects moderate growth in conditions of devaluation and restoration of state and corporate sector of the economy.

The largest increase in growth will be recorded in the services segment - 17.6% (13.3% on 2016). Segments of IT equipment and software will grow by 6.1% (4.1%) and 13.6% (12.4%) respectively.

The average annual growth rate (parameter CAGR) for period 2016-2021 was changed as follows (in parentheses, a similar forecast was created a year earlier for the period 2015-2020):

IT market as a whole - 12.9% (8.2%)
Equipment - 12.1% (7.7%)
Services - 22.1% (13.3%)
Software - 19.6% (11.3%)

According to IDC, provided all government plans to liberalize foreign trade operations, exchange rate regime and business conditions in Uzbekistan are implemented, the growth rate of the country’s IT market will be on average 30% higher than the previous forecast.

IDC expects that in 5 years IT market of Uzbekistan will grow by 83.5% in comparison with 2016. Including, the equipment segment will grow by 76.9%, software - by 145.2% and IT services - by 171.5%.

Moreover, in case of additional measures of economic stimulation by the government, IDC expects even more optimistic growth rates of the IT market of this country.

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