Cambodia ICT Market Size (2024 - 2029)

Cambodia ICT Market Analysis

The Cambodian ICT market is expected to register a CAGR of 5.3% over the forecasted period. The increasing usage of IoT-based devices across several industries, including consumer electronics, military, agriculture, and construction, significantly drives the ICT technology industry. The market is also growing because the government is spending more on keeping up its advanced infrastructure and making sure that the country's many modernization and improvement projects are done right.

• The Cambodia Digital Government Policy 2022-2035 is a strategic plan that reflects the Royal Government's long-term vision and acts as a blueprint for complete digital government transformation. This way, short-term, medium-term, and long-term priority actions are arranged cohesively and comprehensively by digital technology advancement, Cambodian development, and national and international best practices. By doing these top priorities, Cambodia will move up on the E-Government Development Index, which is put out every two years by the UN Department of Economic and Social Affairs.
• Visa highlights a fast-changing payment landscape in Cambodia in its Consumer Payment Attitudes study, with cash losing ground to digital alternatives. According to the report, fourteen percent of Southeast Asian customers do not use any money, with Cambodia (36%) leading the way. The rapid growth of digital payments is propelling the development of e-commerce in Cambodia. According to the National Bank of Cambodia (NBC), Cambodia had 13.6 million mobile payment customers last year, increasing 42% from 9.56 million in the previous two years.
• According to GSMA Intelligence, there were 22.06 million cellular mobile connections in Cambodia at the beginning of last year. Further, mobile connections in Cambodia were comparable to 129.3 percent of the total population in January 2022. Moreover, according to Hootsuite, in January last year, Cambodia had 13.44 million internet users. At the start of the previous year, Cambodia's internet penetration rate was 78.8 percent of the total population.
• According to the Royal Government of Cambodia, the global trend of the Fourth Industrial Revolution, combined with the spread of COVID-19, has prompted Cambodia to accelerate its socio-economic development by utilizing digital technology as a catalyst for new growth sources to achieve its vision of becoming a higher middle-income country by 2030 and a high-income nation by 2050. In this way, the Cambodia Digital Economy and Society Policy Framework 2021-2035 was made in response to the Fourth Industrial Revolution. It has three main pillars: digital citizens, digital government, and digital business. Building a digital government must start first to encourage the adoption and use of digital technology and digital transformation in the economy and society as a whole.
• As ICT infrastructure policies are revitalized, information security becomes an increasingly critical concern in Cambodia and worldwide. Cambodia has tried to set up a national cyber security base through the CamCERT organization. However, there are some problems, such as a lack of a comprehensive cyber security system to ensure the reliability of ICT services, a lack of relevant laws, regulations, policies, standards, and norms, a lack of cyber security knowledge and know-how, and an outdated cyber security infrastructure.

Cambodia ICT Industry Segmentation

Information and communications technology (ICT) is an extended term for information technology (IT) that encompasses a wide range of hardware, software, internet- and telecommunications-based services, social networking, media applications, and so on. The technology allows users to access, retrieve, store, send, and manipulate information in digital form. With the growing demand for multiple advanced solutions, such as IoT, cloud computing, big data, content management, and so on, ICT technology has gained popularity.

The Cambodian ICT Market is classified as follows: Type (Hardware, Software, IT Services, Telecommunication Services), Enterprise Size (Small and Medium Enterprises, Large Enterprises), and 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.