Economy, Sci & Tech

Iran IT Market Worth $2.8b by 2020

Iran IT Market Worth $2.8b by 2020
Iran IT Market Worth $2.8b by 2020

As Iran moves away from biting western sanctions in 2016, international corporations are beginning to take note of the country's potentials in driving their profits.

Several international corporations have already made inroads into the country in recent years, even during sanctions, including Samsung, HTC and LG to name a few.

However, several other brands, including those from Europe and North America, are slowly turning their attention to the Iranian market where business opportunities have emerged. According to the report titled "Iran IT Services Market Forecast & Opportunities, 2020", the domestic IT services market is forecast to reach $2.8 billion by 2020.

Increasing IT spending and growing mobile penetration rates, coupled with easing economic sanctions, are boosting the country's IT services market.

In 2014, Tehran dominated IT services market in Iran, while IT services market in other cities also grew rapidly.

IT captive management services accounted for a lion's share in Iran's IT services market, followed by IT telecom, IT infrastructure services and IT product development segments.

This segmental trend is expected to continue through 2020, while the share of IT captive management services is expected to decline by 2020.