MENA ICT Market Size (2024 - 2029)

MENA ICT Market Analysis

The MENA ICT Market size is estimated at USD 183.48 billion in 2024, and is expected to reach USD 250.29 billion by 2029, growing at a CAGR of 6.41% during the forecast period (2024-2029).

The ICT sector in the MENA region has been experiencing significant growth in recent years. Vendors in the industry are choosing strategic alliances, mergers, and acquisitions due to the fast-expanding digital transformation ecosystem to meet the growing need for converting current businesses and keeping a competitive edge over rivals.

• Businesses across industries are embracing digital transformation to adapt to the new normal and enhance their resilience, driving the demand for ICT solutions that enable automation, data analytics, and e-commerce. Further, the highlighted importance of telehealth led to increased adoption of virtual consultations, remote patient monitoring, and e-health services, providing opportunities for health-tech startups to innovate new solutions.
• Ongoing events and the growing tourism sector are driving the demand for automation. From smart ticketing systems at cultural events to automated services in tourist facilities, the country is embracing technology to enhance efficiency and visitor experiences. Additionally, automation plays a crucial role in managing the increased service demand, ensuring a seamless and modernized approach to hospitality and event management.
• In addition to this, the MENA government has significantly driven digital transformation initiatives. The Oman government has implemented various policies and strategies to encourage the adoption of ICT solutions, including the National Digital Strategy and the Oman Vision 2040. These initiatives focus on enhancing digital infrastructure, promoting e-government services, and fostering innovation.
• Security and privacy concerns are among the key challenges faced by the MENA ICT market. As organizations increasingly rely on digital technologies, they are collecting and storing huge amounts of confidential data, making them vulnerable to data breaches and cyberattacks. Additionally, as the number of connected devices grows, so does the attack surface for hackers, which makes it more difficult to secure these devices and the data they gather and transmit.
• The COVID-19 pandemic had a profound impact on the economies of the MENA region, compounding the digital transformation efforts from the government authorities of various sectors and businesses across various end-user industries, resulting in increased demand for ICT solutions. While the pandemic posed initial challenges, it also presented opportunities for ICT companies in the region to meet the evolving needs of businesses and individuals.

MENA ICT Industry Segmentation

The MENA ICT market includes the amalgamation and adoption of different Information and Communications Technologies (ICT), such as big data, mobility, storage, outsourcing, and cloud computing in MENA for the purpose of digitization and digital transformation. It tracks the revenue accrued through the sale of technology-related solutions.

The MENA ICT market is segmented by technology (big data analytics, mobility and telecom, cloud computing, storage, business process, and outsourcing), component (hardware/devices, software and services, and communication and connectivity), end-user industry (oil, gas and utilities, travel and hospitality, healthcare, financial services, and manufacturing and construction), and country (Saudi Arabia, United Arab Emirates, Qatar, Oman, Egypt, and Rest of MENA). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.