💻 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.
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.
Sources: EDB Sri Lanka, SLASSCOM, ICTA, Stats & Market Insights 2025, Unity Communications Research 2026
| Sub-Sector | 2024 Revenue | 2025 Revenue | YoY Growth | Key Segments | Status |
|---|---|---|---|---|---|
| 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 | ~$200M+ (est.) | Not tracked | Individual freelancers, offshore billing | Underreported |
Sources: EDB Sri Lanka, SLASSCOM, Unity Communications (Feb 2026)
| Year | Official ICT Exports (US$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) | $3,000M | 82% growth from 2025 |
Sources: EDB Sri Lanka, SLASSCOM State of the Industry, Unity Communications 2026
💻 ICT/BPM Export Growth Trend (US$M)
Year-on-year export growth 2021–2025
| Startup Sub-Sector | 2024 Funding | Notable Players | Key Focus |
|---|---|---|---|
| 💳 Fintech | $100M | LankaQR, PayHere, iLoan, EZ Cash | Mobile wallets, digital payments, micro-finance, SME lending |
| 🌾 Agritech | $60M | FarmFitter, AgriSense, SmartIrrigators | Digital marketplace, crop management, smart irrigation |
| ✈️ Tourism Tech | $50M | TravelPass, EcoLanka, MySriLanka | Booking platforms, eco-tourism, virtual tours, AI itineraries |
| 🏥 Healthtech | $40M | Doc990, oDoc, MediDirect, PharmaXpress | Telemedicine, AI diagnostics, digital health records |
| 🌿 Green Tech | $30M | SolarIsland, GreenCycle, CleanSri Lanka | Solar solutions, waste management, biofuels |
| 🛒 E-Commerce & Logistics | $30M | Kapruka, PickMe, ShopNGo | Online marketplace, last-mile delivery, rural e-commerce |
| 🤖 Artificial Intelligence | $20M | AIHub Lanka, VisionAI | Business intelligence, predictive analytics, agri-AI |
| TOTAL | $250M (+40% YoY) | 8,000+ new jobs created | 10 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
🏙️ 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
| Incentive | Details | Authority |
|---|---|---|
| Tax Holiday | 5–15 years corporate tax exemption for BOI-registered IT companies with qualifying investment | BOI |
| 100% Foreign Ownership | Full foreign ownership permitted in all ICT/BPM activities; no local partner requirement | BOI |
| Profit Repatriation | Full repatriation of profits, dividends, and capital for BOI-registered IT companies | BOI / CBSL |
| Import Duty Exemption | Duty-free import of computers, servers, networking equipment, and IT infrastructure | Customs / BOI |
| IT Parks & SEZs | BOI-managed IT Parks in Colombo (Orion City), Kandy, and provincial cities; subsidised office space | BOI / ICTA |
| R&D Tax Incentive | 150% tax deduction for qualifying R&D expenditure in approved technology research | Inland Revenue Dept. |
| Startup Sri Lanka Programme | Grants, mentoring, and market access support for early-stage tech startups; ICTA-administered | ICTA |
| Digital Economy Strategy 2030 | National framework targeting $3B ICT exports and $15B digital economy; government-backed acceleration | Ministry of Technology |
Sources: BOI Investment Guide 2025, ICTA, National Digital Economy Strategy 2030
| Metric | Sri Lanka | India | Philippines | Vietnam |
|---|---|---|---|---|
| English Proficiency | Very High | High | Very High | Moderate |
| Mid-level Developer Cost ($/mo) | $1,200–$2,000 | $1,500–$3,000 | $1,400–$2,500 | $900–$1,800 |
| Time Zone (GMT) | GMT+5:30 | GMT+5:30 | GMT+8 | GMT+7 |
| IT Graduates / Year | ~10,000 | ~1.5M | ~120,000 | ~55,000 |
| Political Stability (2025) | Improving | Stable | Stable | Stable |
| Tax Holiday (IT sector) | 5–15 years (BOI) | 5–7 years (SEZ) | 4–6 years (PEZA) | 4 years + reduced |
| Foreign Ownership (IT) | 100% permitted | 100% (auto route) | Up to 40% in some areas | 100% permitted |
| ICT Export Scale | $1.65B (2025) | $254B (2024) | $29B (2023) | $7.5B (2023) |
Sources: SLASSCOM, NASSCOM India, IBPAP Philippines, VINASA Vietnam; Kearney GBS Index; EDB Sri Lanka 2025
🚀 ICT Exports Growth Path to 2030 (US$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.
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