Retail sector drives PH's ICT market growth
- Asia First
- Nov 1, 2022
- 1 min read
The information and communication technology (ICT) market in the Philippines is expected to grow at an annual growth rate of 8% to USD20.6bn by 2026, from USD14.04bn in 2021. According to London-based data analytics and consulting company GlobalData Plc, the cumulative revenue generation opportunities for ICT in the Philippines between 2022 and 2026 are estimated at USD89.98bn. It said that the retail sector is the major contributor to the growth of ICT in the Philippines. Local businesses are expected to continue spending on ICT next year. KD D. Dizon, head of Globe Business MSME Group, said that as micro, small and medium enterprises secure and make their businesses more resilient and adaptable in the face of future economic disruptions, investments in telecoms and ICT remain a top priority in the next one to two years.
