Nigeria Ict Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Nigeria's ICT market is expected to grow at a CAGR of 2.1% over the forecasted period. Nigeria's ICT sector distinguishes itself by creating innovative software and security solutions, using the country's strong workforce, a robust market for technological innovations, and the collaborative support of industry and government in funding for research. Furthermore, the increasing adoption of IoT-based devices across various industries, including BFSI, IT and Telecom, Retail and E-commerce, and others, is propelling the ICT technology industry in the country.
Key HighlightsNigeria's ICT Market is highly competitive, owing to the presence of many small and large players. The market is moderately concentrated, with significant players such as Microsoft Corporation, Oracle Corporation, Google LLC, Cognizant, and HCL Technologies, adopting strategies like product innovation, service innovation, mergers, and acquisitions to stay ahead of the competition and increase their reach.
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