World Economy

Mideast ICT Market Outpacing Global Average

Mideast ICT Market Outpacing Global AverageMideast ICT Market Outpacing Global Average

The Middle East region’s information and communication technology (ICT) market is set to jump from a projected $15 billion this year to $20 billion in 2020, outpacing the global average, according to market intelligence firm IDC.

The growth is being buoyed by region-wide investment in smart technology spending, boosted by infrastructure spending by the government sector, it said, according to TradeArabia report Thursday.

International technology professionals from more than 150 countries will discuss this emerging market growth at Gitex Technology Week 2014, which will run from October 12 to 16 at the Dubai World Trade Center (DWTC).

Gitex connects more than 138,000 industry professionals and over 3,500 suppliers from 144 countries across five continents, making it one of the world’s top three ICT exhibitions.

The event will host more than 3,700 exhibiting companies from 61 countries, as the positive trend spurs global demand for the event, which is a leading ICT event in the Middle East, Africa and South Asia (Measa).

Gitex Technology Week has also partnered with the world’s top ICT leaders to share transformational developments with regional companies across the show’s four knowledge themes: Smart, Cloud, Big Data and Mobility.

Helal Almarri, director general, Dubai’s Department of Tourism and Commerce Marketing (DTCM) and chief executive officer, DWTC, said: “Dubai is set to transform into a ‘Smart City’ by harnessing technology to create better living conditions and new forms of developments for all people in Dubai and the UAE.

“Gitex Technology Week is privileged to contribute to this vision by facilitating the public-private partnership in knowledge exchange and sharing of achievements between the world’s leaders in smart innovations and local organizations leading the smart transformation of Dubai.”

With market research company, Gartner, anticipating a growth rate of eight percent in regional ICT spending this year – compared with global growth of just 2.1 percent – Ahmed Al Khaja, senior vice president, Venues, DWTC, added: “The significant regional ICT spend demonstrates the region’s aspiration in technology empowerment, as reflected in Gitex’s four knowledge themes – Smart innovation, Cloud Computing, Big Data and Mobility – which are expected to accelerate over coming years in terms of regional spend.”

With Dubai’s Smart City roll-out predicted to catalyze an acceleration of Smart City initiatives in other (P)GCC countries, the event will showcase a pioneering app-based Smart Journey Tour featuring more than 25 Smart technology leaders, as well as government-led updates on the progress of the Dubai Smart City initiative.