Philippines ICT Market Size and Forecast (by IT Solution Area, Size Band and Vertical) to 2027
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Philippines ICT Market Overview
The Philippines ICT market size was valued at US$ 19.42 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 11.63% to reach a value of US$ 33.65 billion by 2027. The cumulative revenue generation for ICT providers in the Philippines is estimated at US$ 154.18 billion for 2022-2027.
Philippines ICT Market Outlook, 2022-2027 (in US$ Billion)
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The ‘Philippines ICT Market’ opportunity forecast report provides the total addressable market for ICT products/services in the Philippines from 2019 to 2027.
Market Size (2022) | US$ 19.42 billion |
Market Size (2027) | US$ 33.65 billion |
CAGR (2022-2027) | 11.63% |
Key IT Solutions | • Application Development and Management (3 Products/Services)
• Artificial Intelligence (4 Products/Services) • Business Process Applications (9 Products/Services) • Business Process Outsourcing (6 Products/Services) • Client Computing (10 Products/Services) • Cloud Computing (7 Products/Services) • Communications and Collaboration (10 Products/Services) • Consulting & Integration Services (3 Products/Services) • Data and Analytics (6 Products/Services) • Data Center and Hosting (2 Products/Services) • Edge Computing (11 Products/Services) • Internet of Things (IoT) (3 Products/Services) • IT Management (11 Products/Services) • Mobility (5 Products/Services) • Networking (18 Products/Services) • Security (17 Products/Services) • Servers (4 Products/Services) · Storage (7 Products/Services) |
Key Verticals | · Communication
· Construction · Consumer Goods · Education · Energy · Financial Markets · Foodservice · Government · Healthcare · Information Technology · Insurance · Manufacturing · Media · Medical Devices · Mining · Others · Pharmaceuticals · Retail · Retail Banking · Transport and Logistics · Travel and Leisure · Utilities |
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Philippines ICT Market Segmentation by Vertical
In terms of vertical end-use segments, the retail sector held the highest market share of 10.2% in 2022, followed by the manufacturing sector. The government sector is expected to be the fastest-growing segment, at an estimated CAGR of 16.40%, during the forecast period.
Philippines ICT Market Share by Verticals, 2022 (%)
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Scope
This product provides revenue opportunity forecasts for ICT products/services in the Philippines from 2019 to 2027, spanning 18 IT solutions and 133 products/services. The details of the IT solutions and the corresponding products/services have been provided. The forecast data has been provided for 5 employee size bands.
Key Highlights
- The ICT market in the Philippines is expected to grow at a CAGR of 63% over the forecast period.
- The country’s top three product/service categories – Customer Relationship Management (CRM) BPO, IoT Hardware, and Systems Design and Integration.
- IoT Hardware is expected to be the leading ICT product/service segment in the Philippines during the forecast period.
Reasons to Buy
- Assess the historical data (past 4 years), current state, and expected growth (next 5 years) of the ICT market in the Philippines.
- Identify the fastest-growing products/services within the Philippines ICT market.
- Determine the most lucrative vertical for ICT in the Philippines, considering their current contribution to the overall Philippines ICT market and their expected input toward the growth of the market over the next 5 years.
- Identify products/services that would contribute toward the growth of the ICT market in the Philippines over the next 5 years.
- Get a thorough, forward-looking analysis of Philippines ICT trends and key opportunities in a concise format to build proactive and profitable growth strategies.
Frequently asked questions
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What was the Philippines ICT market size in 2022?
The Philippines ICT market size was estimated at US$ 19.42 billion in 2022 and is expected to reach US$ 21.24 billion in 2023.
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What will the Philippines ICT market growth be by 2027?
The Philippines ICT market is expected to grow at a compound annual growth rate of 11.63% over the forecast period, to reach US$ 33.65 billion by 2027.
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Which industry vertical led the Philippines ICT market in 2022?
The retail sector was the largest Philippines ICT vertical with 10.2% market share in 2022.
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Which type of products/service led the ICT market in the Philippines in 2022?
The Customer Relationship Management (CRM) BPO segment dominated the Philippines ICT market in 2022 with a revenue share of more than 8.5%.
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