Kazakhstan ICT Market Size

Kazakhstan ICT Market Analysis

The Kazakhstan ICT Market size is estimated at USD 1.33 billion in 2024, and is expected to reach USD 2.08 billion by 2029, growing at a CAGR of 9.36% during the forecast period (2024-2029).

• Kazakhstan's ICT market is witnessing robust growth, propelled by government initiatives such as the "Digital Kazakhstan" program. This program is designed to bolster the nation's digital infrastructure and services. Moreover, rising internet penetration and the proliferation of mobile connectivity are democratizing access to digital services. Notably, foreign investments and strategic partnerships catalyze technological advancements and foster innovation in the sector.
• E-commerce and fintech sectors are on the ascent, bolstering market growth. Furthermore, a rising population with an inclination for technology and initiatives to develop IT skills through educational programs bolsters the ICT sector. Enhanced regulatory structures and incentives for tech startups are additional catalysts propelling Kazakhstan's ICT market growth.
• The ICT market in Kazakhstan is experiencing significant growth, primarily propelled by a surge in internet usage. This increased connectivity is spurring an intensified demand for digital services and products. It's hastening the embrace of cloud computing, e-commerce, and digital communication tools. Moreover, it's propelling innovations in IoT, AI, and cybersecurity, meeting the rising need for diverse online solutions.
• In February 2024, The World Bank's Board of Executive Directors approved a USD 92.43 million financing package for the Kazakhstan Digital Acceleration for an Inclusive Economy (DARE) Project. This initiative aims to deliver robust, climate-resilient broadband access to underserved regions in Kazakhstan, ultimately benefiting more than one million residents in rural locales. The DARE Project responds to Kazakhstan's growing demand for a resilient digital infrastructure. This need has surfaced as the nation grapples with its heavy dependence on natural resources and faces new socioeconomic hurdles.
• As part of its 2025 National Development Plan and the "Digital Kazakhstan" State Program, Kazakhstan is prioritizing innovation and digitalization to bridge the digital divide. The initiative aims to ensure that remote and rural communities have equitable access to digital services, mirroring the connectivity levels of urban centers. Central to this strategy is the goal of providing broadband access to all, a move intended to catalyze a transition to a more sustainable and competitive economic framework.
• Also, in January 2024, Almaty, Kazakhstan-based fintech business Solva secured a substantial USD 20 million equity investment from Neo Crystal Holdings Limited, supported by the Sawiris family and ZCP. The capital injection would enable Solva to expand its digital financial products for millions of small, micro, and medium enterprises, fostering regional job creation.
• However, concerns related to privacy and data security, coupled with the substantial CAPEX demands of advanced telecom infrastructure, are poised to hamper market growth during the forecast period.