Bermuda ICT Communication Technology Report

Between 2013 and 2014 employment of IT professionals decreased by 25.4%, Bermuda’s ICT trade deficit increased by 62.1% in 2014 and the ICT sector contributed 3.9% to GDP or $222 million in 2014.

The is according to to the Information and Communications Technology [ICT] report for the year ended 2014, which was released in October 2015 and was generated using data from a sample of 1,500 businesses with a response rate of 91.1%.

ICT Sector GDP And Capital Investment

• The ICT sector contributed 3.9% to GDP or $222 million in 2014.
• Capital investment in ICT increased by 15.7% from $70 million in 2013 to $81 million in 2014. This growth reflected a 38.3% increase in the purchase of computer software.

Information Technology [IT] Professionals And ICT Related Employment

• Between 2013 and 2014, employment of IT professionals decreased by 25.4%, or 78 Jobs.
• ICT-related employment decreased by 15.5% or 130 jobs.
• ICT-related employment accounted for 2.1% of total filled jobs in 2014 compared to 2.4% in 2013.

Business Use Of ICT

• In 2014, 88% of businesses surveyed reported using a computer for business operations. With a further 64% identifying the use of Wi-Fi enabled devices to conduct business.
• Slightly more than half of the businesses surveyed reported having a web presence, while 64% of businesses allow their employees internet access.

Business Use Of The Internet By Activity

• The leading uses of the internet by businesses were sending or receiving e-mails, internet banking, and getting information on goods and services.
• More businesses are using the internet to recruit and train staff, with both categories increasing by 3 percentage points over 2013.
• The number of businesses using the internet to get information from government increased by 5 percentage points in 2014.

Trade In ICT Goods And Services

• Bermuda’s ICT trade deficit increased by 62.1% or $19.7 million in 2014.
• The wider deficit reflected an increase in imports of 9.9% or $11.1 million combined with a decline in exports of 10.6% or $8.6 million.

Businesses Outsourcing ICT

• The majority of companies surveyed [62.5%] did not outsource their ICT needs in 2014. Nearly three out of 10 companies [28.8%] outsourced their ICT needs to other local companies and approximately one in every 10 companies [8.7%] outsourced their ICT needs overseas [Figure 8].

Use Of ICT For Selected Industries

• There is a continued trend from previous years of service-related industries relying heavily on ICT to conduct business. However, the agriculture and construction industries have embraced greater use of ICT compared to 2013, reporting an increase in the use of computers to conduct business by 6 percentage points and 1 percentage point, respectively.

Full Bermuda ICT Analysis 2014 report follow below [PDF here]:

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Category: All, Business, technology