PH ICT market has exploded

By EMMIE V. ABADILLA

The country's Information Communications Technology (ICT) market has exploded, growing by an annual average of 24 percent since 2019 and is expected to continue until 2023, says Globe Business SVP for Enterprise Peter Maquera.

On top of this, Philippine data traffic and consumption soared 60 percent annually since 2015 and will be sustained until 2025.

The availability of high-speed internet and the use of social media are driving consumption growth.

Significantly, companies that thrived during the pandemic were either way ahead in their digital journey or rapidly adapted to digital, the SVP pointed out.

A Globe Business study of 50 corporations conducted before the end of last year confirmed this, Maquera noted.

However, digitalization also makes vulnerable companies prey to cyber criminals.

“Ransomware and cyberattacks have become more sophisticated during this pandemic, with incidents rising by 435 percent last year versus 2019," he warned.

"With a majority of the workforce operating remotely, cybersecurity has evolved since we now need to protect everyone, everywhere, outside the walls and security of offices."

Furthermore, increasing digital adoption now fuels the demand for more data centers in the Philippines.

Hyperscalers and content and digital media companies now account for 80 to 90 percent of local capacity, with much room for growth and opportunity.

"We already know that 95 percent of Filipinos will continue to use at least one digital service post-pandemic. Companies really need to go digital or lose out in the process,” he concluded.