Boston, MA -- (ReleaseWire) -- 02/17/2014 -- We have a positive medium-term outlook for growth of the IT market in Turkey, based on a solid foundation of economic growth and modernisation. However, in the Q214 update we highlight increased short-term downside risk emanating from external and internal factors, resulting in a minor downgrade to our outlook. Looking beyond the dip in growth rates 2012-2014, we believe the market has strong fundamentals for medium-term growth. The inherent demographic profile advantage, coupled with sustained growth and consistent government push towards reforms, lends a bullish, long-term future for the IT sector in the country. Continued investments by multinational sector players, such as Apple, testifies Turkey's IT market is expected to be a regional outperformer over our five-year forecast period to 2018.
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Headline Expenditure Projections
Computer Hardware: TRY11.23bn in 2013 to TRY11.79bn in 2014,+5% in local currency terms. Economic uncertainty and the depreciation in the Turkish lira are factors in the downgrade. Despite these difficulties we expect growth to continue, with consumer purchases and government investment in IT for education being key factors.
Software: TRY1.93bn in 2013 to TRY2.12bn in 2014, +9.8% in local currency terms. Consumer software spending will remain flat in 2014, but we expect ERP spending will grow, particularly among SMEs.
Services And Cloud Computing: TRY2.70bn in 2013 to TRY2.95bn in 2014, +9.5% in local currency terms. Increasing volume and complexity of cloud computing services by local and global vendors will boost overall services spending.
Key Trends And Developments
- The Turkish hardware market is set to be boosted in 2014 by the provision of tablets under the FATIH project, the classroom computerisation initiative undertaken by the Turkish government. In November 2013 the tender for the FATIH project was completed, with the contract awarded to Turkish company Tepla, beating bids from established international vendors such as Samsung and Hewlett Packard, submitting the lowest bid of TRY409mn for 675,000 tablets, 550,000 covers and 125,000 keyboards. Tepla supplied the first batch of 50,000 General Mobile tablets in December 2013, with further deliveries set to take place through 2014. BMI considers the project positive for the modernisation of education in Turkey, and will also boost the hardware market, compensating for declining retail demand due to a weaker lira.
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