Harnessing the power of tech

A new era of technology is rising in the Arab world with a focus on disruptive models and innovative platforms. We showcase some of the industry leaders spearheading this transformation

The ICT market in the Middle East is anticipated to witness exponential growth owing to governmental digital transformation objectives and the adoption of disruptive technologies such as the Internet of Things (IoT) and artificial intelligence (AI). The widespread availability of 5G services, as well as their importance in a variety of business applications and industrial verticals, is also driving market growth. According to a recent report by Frost & Sullivan, the Middle East’s ICT market is expected to reach $95.05bn by 2025 from $84.23bn in 2020. “Rising demand for technologies, including AI, machine learning, and IoT will drive market growth. 5G, classrooms of the future, e-governance, next-generation healthcare, smart cities, smart mobility, and smart tourism are key focus areas for governments and enterprises,” said Shibapriya Saha, programme manager at Frost & Sullivan.

As more Middle Eastern businesses migrate to the cloud, the region is also poised to become one of the most profitable markets for cloud and data centre providers, she added. The next wave of expansion in the Middle East will be led by Iraq, Oman and Egypt. Qatar, along with Egypt, will have the greatest growth, but Saudi Arabia will continue to be the largest market. Furthermore, the research stated that the restoration of diplomatic ties between the UAE and Israel, as well as the revival of relations between Qatar and other GCC nations will offer a substantial boost to the regional economy.

Jyoti Lalchandani, group vice president and regional managing director of International Data Corporation (IDC), also believes that spending on digital transformation is set to gather even more pace in the post-pandemic period. Spending on public cloud services and professional cloud services is estimated to top $3.7bn and $1.6bn respectively in 2021.

“In the first quarter of 2021 projects such as ‘remote work visas’, ‘Smart Dubai 2021’, and other economic policy regulations were launched. These are expected to boost technology investments in the region,” said John-David Lovelock, research vice president at Gartner.

With the launch of the UAE Strategy for the Fourth Industrial Revolution and the establishment of a Ministry of Artificial Intelligence, the country has solidified its position as one of the top players in global technological innovation. The UAE’s thriving technology organisations are a key driver supporting the nation’s vision, helping to unlock the potential of the economy, and providing growth and innovation. Organisations that recognised the MENA region’s potential early have now managed to build a significant footprint in the region and are continuing to invest as the market booms. In our special report this month, we profile 10 senior executives from prominent global technology firms with a substantial presence in the MENA region, who play an influential role in the regional tech industry.

We have also looked at leaders within industry verticals who are playing a major role in driving the future of the technology sector.