Bangladesh ICT Market Size (2024 - 2029)

The market size of the Bangladesh ICT sector is projected to expand, driven by the country's increasing focus on digital technology, cyber security, artificial intelligence, robotics, healthcare, and IT. The growth of the market is also fueled by the rising demand for digital technologies, scalable IT infrastructure, and the adoption of 4G and 5G networks. The country's GDP growth and IT investments are creating new opportunities for the ICT market. Key market players are initiating the deployment of 5G services, while government authorities collaborate with private IT and telecom providers to expand the telecom sector. Despite the impact of the COVID-19 pandemic, the software industry in Bangladesh shows promising growth potential, with government intervention and policy reformulation playing a crucial role in achieving market growth.

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Market Size of Bangladesh ICT Industry

Bangladesh ICT Market Summary
Study Period 2018-2028
Base Year For Estimation 2022
Forecast Data Period 2024 - 2028
Historical Data Period 2018 - 2021
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

Bangladesh ICT Market Size Summary

The Bangladesh ICT Market is predicted to grow steadily over the next five years, driven by a growing emphasis on digital technology, cyber security, artificial intelligence, robotics, healthcare, and IT. The country's increasing demand for digital technologies and scalable IT infrastructure, coupled with the wide adoption of 4G and 5G networks, is significantly boosting the market's growth. Key players in the market are taking initiatives to deploy 5G services, and government authorities are working with private IT and telecom service providers to expand their telecom sector. The software industry has been identified as a priority sector with high growth potential. Cloud technology is seeing a surge in demand in the ICT market, with vendors adopting it for application development, testing, resource management, and data storage among other uses. The government's investment in promoting the development of technologies such as 5G, AI, IoT, machine learning, and Big Data is also driving market growth. The IT and Telecom sector is expected to be a significant driver for the market, with the government taking initiatives to boost these sectors due to the growing demand for digital transformation. The transition to 3G, 4G, and 5G is still ongoing in the country, further driving the demand for ICT products and services.

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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 (2023-2028).

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

Bangladesh ICT Report Snapshots