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Bangladesh ICT Market Size (2024 - 2029)

The Bangladesh ICT market is poised for growth, driven by the country's increasing focus on digital technologies such as cyber security, artificial intelligence, and IT infrastructure. The expansion of 4G and 5G networks and the rising presence of technology giants are significant factors contributing to the market's development. Despite the minimal impact of the COVID-19 pandemic, the government's strategic initiatives and partnerships with private sectors are crucial for enhancing the telecom sector and fostering new opportunities. The software industry, identified as a priority sector, holds substantial promise for future growth, contingent upon effective government intervention and policy reforms.

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Market Size of Bangladesh ICT Industry

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Bangladesh ICT Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 1.83 %
Market Concentration Medium

Major Players

Bangladesh ICT Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Bangladesh ICT Market Analysis

The Bangladesh ICT Market is expected to grow at a CAGR of 1.83% over the next five years. Bangladesh's growing emphasis on digital technology, cyber security, artificial intelligence, robotics, healthcare, and IT is significantly driving the market's growth.

  • The increasing demand to explore and adopt digital technologies and initiatives, the increase in the overall demand for digitalization and scalable IT infrastructure, the wide adoption of the 4G and 5G networks, and the rising penetration of technology giants are boosting the growth of the ICT market significantly.
  • According to the IMF (International Monetary Fund), Bangladesh's GDP is expected to grow to USD 4171.06 by 2027. The county's GDP is growing significantly with increasing IT investments, creating new growth opportunities for the Bangladesh ICT market.
  • Key players in the ICT market are taking initiatives to deploy 5G services in Bangladesh. For Instance, Grameenphone began 5G trials in all divisional cities to escalate the transition of "Smart Bangladesh." In July last year, Grameenphone carried out the nation's first 5G trial run with a few use cases in Dhaka and Chattogram.
  • Government authorities are working with private IT and telecom service providers to expand their telecom sector. For Instance, BASIS (The Bangladesh Association of Software and Information Services) held a special event in London to promote Bangladesh's ICT industry in the United Kingdom.
  • The COVID-19 pandemic had minimal impact on the Bangladesh ICT market. But during the COVID-19 lockdown, the government of Bangladesh developed a roadmap to fight the pandemic and ensuing crisis and to find innovative ways to overcome this problem. The software Industry is one of the 18 priority sectors selected based on the impact of COVID-19 on the sector and its potential for transformation of the economy and society. The software industry in Bangladesh has a remarkably optimistic future in terms of growth potential. Industry experts estimate that the overall revenue reduced by 20 to 25% due to the COVID-19 pandemic. 
  • Without the proper intervention of the government and adaptive policy, reformulation has a great role to play in accomplishing the goals and creating new growth opportunities for the ICT market.

Bangladesh ICT Industry Segmentation

The Bangladesh ICT market includes deep analysis of key technology investments such as cloud technologies and artificial intelligence.

The Bangladesh ICT Market is Segmented by Type (Hardware, Software, IT Services, Telecommunication Services), Size of Enterprise (Small and Medium Enterprises, Large Enterprises), End-user Vertical (BFSI, IT & Telecom, Government, Retail and E-Commerce, Manufacturing, Energy and Utilities).

The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

By Type
Hardware
Software
IT Services
Telecommunication Services
By Size of Enterprise
Small and Medium Enterprises
Large Enterprises
By Industry Vertical
BFSI
IT and Telecom
Government
Retail and E-commerce
Manufacturing
Energy and Utilities
Other Industry Verticals
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Bangladesh ICT Market Size Summary

The Bangladesh ICT market is poised for significant growth, driven by the country's increasing focus on digital technologies, cybersecurity, artificial intelligence, and IT infrastructure. The adoption of advanced networking technologies like 4G and 5G, along with the penetration of technology giants, is propelling the market forward. Government initiatives, such as collaborations with private IT and telecom providers, are further enhancing the sector's expansion. The software industry, identified as a priority sector, is expected to play a crucial role in the country's economic transformation. Despite the challenges posed by the COVID-19 pandemic, the sector has shown resilience and continues to attract investments, creating new opportunities for growth.

Cloud computing is becoming a cornerstone of the ICT market, with widespread adoption across various sectors, including healthcare, BFSI, and manufacturing. Key players are upgrading their technologies with cloud solutions, and government-backed initiatives are promoting the use of secure, sovereign-hosted cloud services. The demand for digital transformation is driving investments in technologies like AI, IoT, and big data, further boosting the market. The telecom industry is experiencing growth due to increased smartphone adoption and the expansion of high-speed connectivity services. The market is moderately competitive, with major players like IBM, Google, Oracle, Cisco, and Microsoft actively contributing to advancements and innovation in the region.

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Bangladesh ICT Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Stakeholder Analysis

    3. 1.3 Industry Attractiveness-Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

    4. 1.4 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Hardware

      2. 2.1.2 Software

      3. 2.1.3 IT Services

      4. 2.1.4 Telecommunication Services

    2. 2.2 By Size of Enterprise

      1. 2.2.1 Small and Medium Enterprises

      2. 2.2.2 Large Enterprises

    3. 2.3 By Industry Vertical

      1. 2.3.1 BFSI

      2. 2.3.2 IT and Telecom

      3. 2.3.3 Government

      4. 2.3.4 Retail and E-commerce

      5. 2.3.5 Manufacturing

      6. 2.3.6 Energy and Utilities

      7. 2.3.7 Other Industry Verticals

Bangladesh ICT Market Size FAQs

The Bangladesh ICT Market is projected to register a CAGR of 1.83% during the forecast period (2024-2029)

IBM Corporation, Google LLC, Oracle, Cisco and Microsoft Corporation are the major companies operating in the Bangladesh ICT Market.

Bangladesh ICT Report Snapshots

Bangladesh ICT Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)