The Value Added of ICT and Information Services in Turkey has shown substantial growth over the past decade, rising from 14.78 billion New Turkish Liras in 2013 to 65.9 billion New Turkish Liras in 2023. This growth includes notable increases from 2013 to 2019, with high year-on-year variations of 22.33% to 31.43% and a CAGR peaking at 24.86%. However, recent years have seen a slowdown, with 2020 recording a slight decrease of -0.83% and subsequent years exhibiting more modest growth rates of 3.88% in 2022 and 5.51% in 2023. The last five years (2019-2023) report an average annual CAGR of 9.18%, highlighting a deceleration trend.
Looking ahead, the forecasted data from 2024 to 2028 projects steady growth, with the Value Added expected to reach 83.96 billion New Turkish Liras in 2028. The forecasted 5-year CAGR is estimated at 3.77%, indicating modest yet consistent growth of about 20.34% over the next five years.
Future trends to watch for:
- Technological advancements and digital transformation initiatives that could boost the sector.
- Government policies and investments in ICT infrastructure.
- Global economic conditions that affect foreign investment and domestic economic stability.
- Competitive dynamics within the sector, possibly driven by new market entrants or innovations.
