By Nermeen Nabil Khear 
The enterprise ICT market in the Philippines is expected to grow at a compound annual growth rate (CAGR) of 10.9%, driven primarily by IT services, particularly cloud computing and BPO segments, according to a forecast by GlobalData.
GlobalData’s Philippines Enterprise ICT Country Intelligence Report predicts the market size will expand from USD 20.9 billion in 2023 to USD 34.9 billion by 2028, reflecting a strong, positive outlook in terms of ICT investments among enterprises.
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Growth by Niche
Supporting this growth, GlobalData’s 2024 ICT customer insight survey found that 85.4% of key ICT decision-makers reported an increase in their enterprise ICT budgets in 2024 compared to the previous year.
Among IT infrastructure segments (hardware, software, and services), IT services are expected to experience the highest revenue growth, largely due to the rising demand for cloud computing and the robust BPO services sector. These two areas are projected to make up nearly 40% of the country’s ICT revenue by 2028.
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GlobalData forecasts that the banking, financial services, and insurance (BFSI) sector will be the largest end-use vertical in the Philippines’s ICT market, accounting for an estimated 12.8% of the total cumulative revenue from 2023 to 2028. This sector is expected to maintain its position as the top contributor throughout the forecast period.
While both large enterprises and micro, small, and medium enterprises (MSMEs) are increasing their ICT investments, the MSME segment is anticipated to lead in revenue growth, with a projected compound annual growth rate (CAGR) of 12% over the forecast period.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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