IT Services - Myanmar

Myanmar

Revenue in the IT Services market is projected to reach US$651.50m in 2024.
Business Process Outsourcing dominates the market with a projected market volume of US$209.70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.38%, resulting in a market volume of US$887.60m by 2029.
The average Spend per Employee in the IT Services market is projected to reach US$26.15 in 2024.
In global comparison, most revenue will be generated in the United States (US$522.00bn in 2024).

Key regions: United States, China, India, Japan, Germany

Definition:
The IT Services market encompasses a wide range of services used by organizations to create, manage, and deliver information, and it includes services that provide assistance with various other business functions. The primary goal of IT services is to ensure that information technology infrastructure, applications, and systems are effectively implemented, operated, and optimized to support an organization's business objectives and requirements. The specific range of services offered may vary depending on the service provider and the client's requirements.

Structure:

IT Services contains four distinct markets that are based on different services:

IT Consulting & Implementation covers advisory services that help businesses evaluate their technology strategies and align them with their business strategies or internal processes.
Business Process Outsourcing (BPO) refers to the transfer of entire business processes or individual activities from a company to a third party and is often IT based. BPO covers a wide variety of business processes, usually either in the back office (e.g., human resources) or in the front office (e.g., customer service in call centers).
IT Outsourcing refers to the external contracting of all IT-related services instead of relying on company-owned resources. In an IT context, these activities include IT administration, IT application, and web hosting services.
The Other IT Services market covers revenues for areas that are not specifically mentioned in the other markets, such as system integration, software installation and support, and IT education and training.

Additional Information:

The IT Services market comprises revenues, revenue change, average spend per employee, and a list of the key players in the market and their consolidated revenues. Market values represent revenues that are generated by primary vendors either directly or through distribution channels at the manufacturer price level (excluding VAT). Reported market revenues include spending by enterprises (B2B) and governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed. Key players in the market include IBM, Cognizant, Hewlett Packard Enterprise, and TCS.

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Analyst Opinion

The IT Services market in Myanmar has been experiencing robust growth in recent years, driven by several factors.

Customer preferences: Myanmar's IT Services market is largely driven by the increasing adoption of digital technologies by businesses. Companies are increasingly looking to leverage technology to streamline their operations, improve efficiency, and enhance customer experience. As a result, there is a growing demand for IT services such as software development, cloud computing, cybersecurity, and digital marketing.

Trends in the market: One of the key trends in Myanmar's IT Services market is the growing popularity of mobile technology. With mobile penetration rates increasing rapidly in the country, businesses are increasingly looking to develop mobile applications and optimize their websites for mobile devices. Additionally, there is a growing trend towards outsourcing IT services to third-party providers, particularly in areas such as software development and digital marketing.

Local special circumstances: Myanmar's IT Services market is still relatively nascent, with many businesses only just starting to adopt digital technologies. As a result, there is a significant opportunity for IT service providers to help companies digitize their operations and gain a competitive edge. However, there are also several challenges to doing business in Myanmar, including a lack of infrastructure and a shortage of skilled IT professionals.

Underlying macroeconomic factors: Myanmar's economy has been growing rapidly in recent years, with GDP growth averaging over 6% per year. This has led to an increase in disposable income and a growing middle class, which in turn has driven demand for digital services. Additionally, the government has been making efforts to improve the country's infrastructure and promote foreign investment, which has helped to create a more favorable business environment for IT service providers.

Methodology

Data coverage:

The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.