Market Size of Sri Lanka Telecom Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Sri Lanka Telecom Market Analysis
The Sri Lanka Telecom Market revenue is expected to witness a CAGR of 6.8% over the next five years. Most of the major telecom companies in the world, such as Dialog Axiata, Airtel, and Hutchison Telecommunications Lanka (Hutch), are based in Sri Lanka. They promote innovation by making significant R&D investments consistently.
- 5G services still need to be fully deployed in Sri Lanka, but key telecom operators have completed 5G demonstrations and trials over the past two years. In the Future, all the customers will slowly migrate from 3G and 4G networks to the 5G network.
- The transition to 4G and 5G is still rising in the country due to expanding new networks and the expansion of the device ecosystem. For Instance, Airtel is upgrading its 3G mobile network to a 4G Network in Sri Lanka.
- Sri Lanka's telecom industry made further strides in expanding its network capacity with fiber and wireless deployments. For Instance, Sri Lanka Telecom (SLT) offers Wi-Fi hotspots for customers. These wireless broadband services will further help customers by providing high-speed connectivity services.
- For instance, Sri Lanka Telecom (SLT) proposed the SEA-ME-WE 6 cable system to link Western Europe, the Middle East, and South East Asia. This project is expected to be completed at the end of 2025. Key players in the telecom market would further support the growth by investing in fiber cables to offer high-speed connectivity services for customers.
- The COVID-19 pandemic has shifted students from offline education mode to online education mode. The lack of proper internet connectivity in rural areas is a significant concern for online education. To address such connectivity concerns, HUTCH collaborated with the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) on the Gamata Sannivedanaya project to deliver broadband coverage throughout the country. Such a government's timely initiative will further support the growth of the telecom market.
