Emerging Sector · ICT · BPM · Startups

💻 Technology

Sri Lanka’s ICT/BPM sector posted US$1.65B in exports in 2025 (+8.8%), with startups raising $250M in 2024. The country targets a $15B digital economy by 2030 — backed by ICTA, SLASSCOM, and a skilled 140,000-strong tech workforce.

🏛️ Regulated by ICTA · SLASSCOM · Ministry of Technology
⚠️ All investments carry risk. Data sourced from SLASSCOM, ICTA, Export Development Board (EDB), Stats & Market Insights, Unity Communications research, and WIPO Global Innovation Index 2024–2025. Consult a licensed advisor.
← Back to Emerging Sectors
OVERVIEW

Sri Lanka’s technology sector is one of the country’s fastest-growing and highest value-added export industries. Official ICT and Business Process Management (BPM) export revenue reached US$1.65 billion in 2025, an 8.8% increase over 2024, according to the Export Development Board. Sri Lankan startups raised a record US$250 million in 2024, a 40% jump year-on-year, with fintech, agritech, and tourism tech leading the pack. The country’s tech workforce stands at approximately 140,000 professionals, supported by strong university STEM pipelines and government upskilling programmes under the Digital Talent Development Initiative. The National Digital Economy Strategy 2030 sets an ambitious target of US$3 billion in ICT exports and a US$15 billion digital economy contribution by 2030.

💻
$1.65B
ICT/BPM Exports 2025
📈
+8.8%
ICT Export Growth YoY
🚀
$250M
Startup Funding Raised (2024)
👩‍💻
140,000
ICT Professionals
🏢
500+
Registered IT Companies
🤝
30+
Startups with Global Presence
🎯
$3B
ICT Export Target 2030
🌐
$15B
Digital Economy Target 2030

Sources: EDB Sri Lanka, SLASSCOM, ICTA, Stats & Market Insights 2025, Unity Communications Research 2026

ICT/BPM Sector Performance (2025)
Sub-Sector2024 Revenue2025 RevenueYoY GrowthKey SegmentsStatus
Software & IT Services~$750M~$820M +9.3% Custom dev, SaaS, ERP, cloud High Growth
BPO / Business Process Management~$450M~$490M +8.9% Finance BPO, HR, data entry, customer service Stable Growth
IT-Enabled Services (ITeS)~$280M~$310M +10.7% Data analytics, research, content services Growing
Freelance & Remote (est.)Not captured~$200M+ (est.) Not tracked Individual freelancers, offshore billing Underreported

Sources: EDB Sri Lanka, SLASSCOM, Unity Communications (Feb 2026)

YearOfficial ICT Exports (US$M)YoY Change
2021$1,050M+12%
2022$1,100M+5% (crisis year)
2023$1,380M+25%
2024$1,516M+9.9%
2025$1,650M+8.8%
2030 (target)$3,000M82% growth from 2025

Sources: EDB Sri Lanka, SLASSCOM State of the Industry, Unity Communications 2026

💻 ICT/BPM Export Growth Trend (US$M)

Year-on-year export growth 2021–2025

Startup Ecosystem 2024–2025
Startup Sub-Sector2024 FundingNotable PlayersKey Focus
💳 Fintech$100MLankaQR, PayHere, iLoan, EZ CashMobile wallets, digital payments, micro-finance, SME lending
🌾 Agritech$60MFarmFitter, AgriSense, SmartIrrigatorsDigital marketplace, crop management, smart irrigation
✈️ Tourism Tech$50MTravelPass, EcoLanka, MySriLankaBooking platforms, eco-tourism, virtual tours, AI itineraries
🏥 Healthtech$40MDoc990, oDoc, MediDirect, PharmaXpressTelemedicine, AI diagnostics, digital health records
🌿 Green Tech$30MSolarIsland, GreenCycle, CleanSri LankaSolar solutions, waste management, biofuels
🛒 E-Commerce & Logistics$30MKapruka, PickMe, ShopNGoOnline marketplace, last-mile delivery, rural e-commerce
🤖 Artificial Intelligence$20MAIHub Lanka, VisionAIBusiness intelligence, predictive analytics, agri-AI
TOTAL$250M (+40% YoY)8,000+ new jobs created10 M&A deals valued at $80M in 2024

Source: Stats & Market Insights — Sri Lanka Startup Ecosystem 2025

💰 Startup Funding by Sub-Sector (US$M, 2024)

Total $250M raised across 7 key verticals

Ecosystem Highlights 2024–2025

🏙️ Colombo — primary tech hub
📍 Kandy, Galle, Jaffna — emerging innovation hubs
🤝 30+ startups expanded internationally
📊 10 M&A deals valued at $80M in 2024
👩‍💻 8,000+ jobs created by startups in 2024
🚀 Google for Startups, Impact Hub Colombo active
Policy Framework & Investor Incentives
IncentiveDetailsAuthority
Tax Holiday5–15 years corporate tax exemption for BOI-registered IT companies with qualifying investmentBOI
100% Foreign OwnershipFull foreign ownership permitted in all ICT/BPM activities; no local partner requirementBOI
Profit RepatriationFull repatriation of profits, dividends, and capital for BOI-registered IT companiesBOI / CBSL
Import Duty ExemptionDuty-free import of computers, servers, networking equipment, and IT infrastructureCustoms / BOI
IT Parks & SEZsBOI-managed IT Parks in Colombo (Orion City), Kandy, and provincial cities; subsidised office spaceBOI / ICTA
R&D Tax Incentive150% tax deduction for qualifying R&D expenditure in approved technology researchInland Revenue Dept.
Startup Sri Lanka ProgrammeGrants, mentoring, and market access support for early-stage tech startups; ICTA-administeredICTA
Digital Economy Strategy 2030National framework targeting $3B ICT exports and $15B digital economy; government-backed accelerationMinistry of Technology

Sources: BOI Investment Guide 2025, ICTA, National Digital Economy Strategy 2030

Competitive Positioning vs Peers
MetricSri LankaIndiaPhilippinesVietnam
English ProficiencyVery HighHighVery HighModerate
Mid-level Developer Cost ($/mo)$1,200–$2,000$1,500–$3,000$1,400–$2,500$900–$1,800
Time Zone (GMT)GMT+5:30GMT+5:30GMT+8GMT+7
IT Graduates / Year~10,000~1.5M~120,000~55,000
Political Stability (2025)ImprovingStableStableStable
Tax Holiday (IT sector)5–15 years (BOI)5–7 years (SEZ)4–6 years (PEZA)4 years + reduced
Foreign Ownership (IT)100% permitted100% (auto route)Up to 40% in some areas100% permitted
ICT Export Scale$1.65B (2025)$254B (2024)$29B (2023)$7.5B (2023)

Sources: SLASSCOM, NASSCOM India, IBPAP Philippines, VINASA Vietnam; Kearney GBS Index; EDB Sri Lanka 2025

Sector Charts & Forecast

🚀 ICT Exports Growth Path to 2030 (US$B)

Actual trend and forecast to reach $3B target by 2030

Source: EDB, SLASSCOM National Digital Economy Strategy 2030

👩‍💻 Tech Workforce Growth Forecast (thousands)

ICT professional headcount growth towards 200K target

Source: SLASSCOM, ICTA Digital Talent Development Initiative

📈 Invest in Sri Lanka’s Technology Sector

From BPO captive centres to fintech platforms and AI startups — Sri Lanka’s tech ecosystem offers compelling, cost-competitive investment opportunities with 100% foreign ownership and generous tax incentives.

Talk to an Advisor →
Scroll to Top

Compare