The telecoms sector will be the fastest-growing industry in Africa over the next five years as internet connectivity improves, according to new World Mobile research.
When asked to pick the three sectors that they believe will see the strongest growth over the next five years, three out of four (75%) senior executives selected telecoms in the study.
It was comfortably ahead of the healthcare sector which emerged as the second choice selected by 61% of survey respondents as one of three industries that will see the strongest growth ahead of tourism at 44%
Senior executives at companies with combined annual revenues of more than $6.75 billion based in Tanzania, Angola, Botswana, Cameroon, Ethiopia, Ghana, Nigeria, and South Africa were interviewed for the study.
Improvement in internet connectivity was identified as central to growth in the economy and across all sectors. Around two-thirds (66%) say it is important while 20% believe it is very important. The table below shows which sectors senior business executives believe will be the fastest-growing over the next five years.
Micky Watkins, CEO of World Mobile, says: “The expansion of telecoms across the African continent is central to driving economic growth and senior business executives clearly agree as they rank it well ahead of other major sectors of the economy.
“To a great extent, growth in telecoms spurs growth in other sectors as societies become more digital and technology focused and that applies very much to financial services, healthcare, retail and education.”