Egypt ICT Market Size (2024 - 2029)

Egypt ICT Market Analysis

The Egypt ICT Market size is estimated at USD 20.07 billion in 2024, and is expected to reach USD 45.18 billion by 2029, growing at a CAGR of 17.61% during the forecast period (2024-2029).

• The surge in internet penetration and smartphone adoption is fueling the demand for digital services. Egyptians are coming online and embracing smartphones, catalyzing expansions in e-commerce, fintech, and digital entertainment.
• Government initiatives are a cornerstone of the Egyptian ICT market’s growth. Spearheaded by initiatives such as the Digital Egypt Strategy and Egypt Vision 2030, the focus is on bolstering digital infrastructure, nurturing innovation, and elevating digital literacy. Notably, Egypt is making substantial investments in its telecommunications infrastructure, with a notable shift toward expanding 4G coverage and introducing 5G networks.
• Also, the tech startup ecosystem's expansion is a pivotal factor. Egypt has emerged as a thriving center for tech startups, buoyed by a rising count of incubators, accelerators, and venture capital investments. This vibrant ecosystem not only nurtures innovation but also cultivates a rich soil for ICT progress.
• Foreign direct investments (FDI) in the Egyptian ICT market are bolstering growth. The nation's strategic location, skilled workforce, and favorable investment climate are drawing in international corporations. Furthermore, educational and workforce development programs are honing the ICT skills of the younger generation, guaranteeing a continuous talent pipeline to match the market’s expanding needs.
• In September 2023, Huawei Technologies, a significant provider of information and communications technology solutions, collaborated with the National Council for Women (NCW) to introduce the "Women in Technology" initiative. This initiative is designed to bolster and empower Egyptian women and girls, fostering their participation in the information and communications technology (ICT) industry.
• Also, in July 2023, in Cairo's Smart Village, the United Nations Development Programme (UNDP) and Egypt's Information Technology Industry Development Agency (ITIDA), an affiliate of the Ministry of Communications and Information Technology, signed a pivotal project agreement. This five-year initiative aims to infuse Egypt's tech industry with both financial backing and mentorship, offering its innovators and entrepreneurs a pathway to pioneering advancements.
• However, the ICT market in Egypt faces impediments to its growth, including inadequate rural infrastructure, regulatory obstacles, and rising cybersecurity risks. Moreover, political volatility and economic fluctuations further compound challenges, casting uncertainty over continued investments and advancements in the ICT industry.

Egypt ICT Industry Segmentation

Information and communication technologies (ICT) encompass a wide array of communication technologies, including the internet, computers, wireless networks, software, cell phones, videoconferencing, middleware, social networking, and various media applications. These technologies empower users to store, access, transmit, retrieve, and manipulate information digitally.

The Egyptian ICT market is segmented by type (hardware, software, IT services, and telecommunication services), size of enterprise (small and medium enterprises and large enterprises), and industry vertical (BFSI, IT and telecom, government, retail and e-commerce, manufacturing, energy and utilities, and other industry verticals). The market sizes and forecasts are provided in value terms (USD) for all the above segments.