The Middle East ICT market in 2022 was fueled by spending from major countries such as Saudi Arabia and UAE. The Saudi Arabian ICT market stood at $33.43 billion in 2022 and is expected to grow by 5.6% in 2023. In Saudi Arabia, hardware spending reached 58.5% of the total spend, followed by services (30.4%) and software (11.1%). Digital transformation initiatives across all industries in the region have acted as a catalyst in growing the investments made in emerging technologies. Moreover, investments toward major regional projects such as Neom and government-led countrywide transformation programs such as Vision 2030 in Saudi Arabia further accelerated the Middle East ICT market.
Top 5 Trends to Watch in 2023:
- Green Data Centers: Expect green data center initiatives, data center consolidation, and policy enhancements for data center sustainability.
- Increased Cloud Adoption: There will be intensive cloud computing migration and increased cloud adoption among enterprises in IaaS and PaaS.
- Edge Computing: Increased investment and collaboration in edge computing will help successfully deploy emerging technologies and use cases.
- IT Services Opportunity in AI Space: IT service providers can build and deploy business models and manage data and infrastructure.
- Deploying Emerging Technologies: Industrial and intelligent automation and integration with emerging technologies like IoT, AI and blockchain will grow.
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