28 Feb Middle East, Türkiye, and Africa region investing over $230 billion in going digital in 2023
The Middle East, Türkiye, and Africa region is investing in going digital, much more than you think.
The Middle East, Türkiye, and Africa (META) region is spending 3.9% more on information and communications technology (ICT) this year than in 2022, at an estimated $233.8 billion.
International Data Corporation (IDC), the premier global provider of market intelligence, advisory services, and events for information technology, telecommunications, and consumer technology markets, has reported this among other predictions during this year’s IDC Directions Middle East, Türkiye, and Africa event in Dubai.
In addition, with the region’s digital economy increasingly taking shape, digital transformation spending is forecast to top $48.8 billion in 2023. This will accelerate at a compound annual growth rate of 16% in the next 3 years to cross $74 billion in 2026.
Additionally, Jyoti Lalchandani, IDC’s group vice president and regional managing director for the META region, shared that digital transformation spending as a share of overall IT spending is expected to continue growing, reaching 43.2% in 2026 compared to 29.4% in 2021. According to him, this is attributed to implementation of further digitalization in critical areas such as customer experience, coupled with more rapid shifts to a ‘digital business’ approach that will separate thrivers from survivors in the year ahead.
Other predictions for the META region in 2023 were highlighted, such as the 16.1% growth of cloud managed services to surpass $1 billion in 2023 and AI spending growing by 16.3% to $7.9 billion in 2023.
With the region’s intensive digital transformation, NAOS International is well positioned to hire top talents for firms to capitalize on growth opportunities. Reach out to our team to learn more about how we can support you.