Iraq ICT Market Size (2024 - 2029)

Iraq ICT Market Analysis

The Iraq ICT Market size is estimated at USD 0.91 billion in 2024, and is expected to reach USD 1.22 billion by 2029, growing at a CAGR of 5.98% during the forecast period (2024-2029).

• The market is witnessing robust growth, propelled by a rising focus on digital technologies like cybersecurity, artificial intelligence, and robotics. The ICT sector in Iraq is expanding, driven by significant investments in both hardware and software services by local companies.
• A growing number of individuals embracing online shopping, the development of data centers, and smart city initiatives, alongside the increasing rates of mobile and broadband penetration, are expected to boost the nation's ICT market. Industries like media and entertainment are embracing digital technologies to improve their operational efficiency using solutions such as cloud-based tools and platforms.
• Players in the market are involved in partnerships, mergers, and innovations to gain a competitive advantage over their peers. In May 2023, Ooredoo partnered with Axon, aiming to offer IoT-managed connectivity services to its clientele spanning MENA. This initiative encompasses nations like Algeria, Tunisia, Jordan, Kuwait, Qatar, Oman, Iraq, and Bahrain.
• In November 2023, Iran's Isa Zarepour and Iraq's Hiyam al-Yaseri inked a memorandum of understanding, solidifying ICT collaboration. The agreement outlines joint efforts in bolstering communication infrastructure, sharing cyber security and AI expertise, and fostering international ICT partnerships.
• Digital tools are crucial for their users due to the resilience they provide, offering easy access, immediate responses, and swift scalability. However, Iraq continues to grapple with digitizing its government, encompassing services from government to business, government to government, and government to citizens.

Iraq ICT Industry Segmentation

ICT encompasses a spectrum of technological tools that facilitate the transmission and processing of information. The term itself is an amalgamation of information, communication, and technology. The study tracks key market parameters, underlying growth influencers, and major vendors operating in the market, which supports the market estimations and growth rates over the forecast period. The study also tracks the revenue accrued from various ICT types that are used in various industry verticals across Iraq.

The Iraqi ICT market is segmented by type (hardware, software, IT services, and telecommunication services), size of enterprises (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 terms of value (USD) for all the above segments.