Market Trends of GCC ICT Industry
Oil, Gas, and Utilities to Witness Major Growth
- The oil and gas industry in the GCC is driven by adopting information and communication technologies to improve efficiency, optimize operations, and enhance sustainability across the industry value chains.
- The Dubai Electricity and Water Authority (DEWA) strives to secure and sustain water resources in line with the United Nations Sustainable Development Goals, focusing on water and sanitation. DEWA is investing in Sea Water Reverse Osmosis technology to achieve 100% desalinated water production using clean energy and waste heat in the coming years. DEWA is committed to ensuring the sustainability of water resources by embracing technologies and innovative solutions.
- According to the Federal Reserve Bank of St. Louis, Qatar produced around 550 thousand barrels of crude oil per day. Qatar economically diversified from crude oil and is now one of the leading gas exporters worldwide. The expansion in oil production is anticipated to create new job opportunities in the oil and gas segment and boost the adoption of staffing and recruitment solutions across organizations.
- Cloud technology offers lucrative growth opportunities in the GCC's oil and gas sector. Customers are accelerating their journeys to the cloud. Cloud computing company Amazon Web Services (AWS) is actively investing in the region to serve the growing customer base. After AWS recently launched the first Middle East Region Data Center in Bahrain, it hired professionals, such as account managers, solutions architects, professional services consultants, support staff, and other functions, to support customers in their cloud journey.
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United Arab Emirates Expected to Witness Significant Growth
- The United Arab Emirates (UAE) is one of the most competitive information and communication technology (ICT) sectors in the region and the key international trading and business hub. Initiatives by the UAE government to create a competitive knowledge economy and internationally integrated business environment are driving the demand for ICT products and services across various industries to lessen its reliance on oil and gas revenue and expand the private sector.
- The UAE Digital Government Strategy 2025 is accelerating the implementation of digital government services across the country's seven emirates. The growing focus on digital inclusion and increasing the resilience and adaptability of society from the COVID-19 pandemic is propelling market growth.
- The introduction of the Personal Data Protection Law refines data security and privacy protocols. It applies to companies that process the data of Emirati citizens and residents inside or outside of the country, which is projected to create the need for security and compliance-related solutions and services in the country.
- The component software and services segment contributes substantially to the Emirati ICT market. This is mainly due to the increasing demand for advanced technological solutions, such as artificial intelligence, cloud computing, and cybersecurity solutions. Furthermore, according to ITU and OECD, the number of mobile broadband connections per 100 inhabitants is expected to increase in the Emirates steadily. This is expected to boost the market significantly.
- The increasing level of digitalization with government services to enable time and cost saving, increase business efficiency, digital readiness, successful 5G rollout, and position itself at the forefront of 6G innovation. These are some of the key factors expected to influence the growth of ICT market in the United Arab Emirates over the forecast period.
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