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Qatar’s IT Market Forecast To Grow 7.71% CAGR by 2027

Qatar’s IT Market Forecast To Grow 7.71% CAGR by 2027

Doha, Qatar: The IT sector in Qatar anticipates registering a massive growth of $1,780.93m (QR6,484.37m) in the years ahead.

According to Research and Markets, analysts have stated that the industry is poised to accelerate at a compound annual growth rate (CAGR) of 7.71 percent from 2023 until 2027.

The report notes “The increased adoption of IT as a service is one of the prime reasons driving the IT market growth during the next few years.”

Furthermore, in Qatar, the digital transformation and blockchain technology adoption and increased adoption of the BYOD concept will lead to sizable demand in the market, it said.

However, Qatar’s market is driven by the increased adoption of mobility solutions and regulatory compliance in information technology.

The report also highlights several segments of the market including services, hardware, and software. Researchers have also stressed the IT market sizing, predictions and covers key analysis of the industry in its recent data.

The robust vendor analysis is designed to help improve IT’s market position, and in line with this, this report provides a detailed analysis of several leading IT market vendors that include 3M Co., Accenture Plc, Acer Inc., Almana Soft WLL, Apple Inc., Argus Technologies WLL, Ascentsoft, Cisco Systems Inc., Dell Technologies Inc., Infosys Ltd., InterGlobe Enterprises Pvt. Ltd., International Business Machines Corp., JAS Business Systems, Microsoft Corp., Oracle Corp., QBS LLC, Salesforce Inc., SAP SE, Sonata Software Ltd., and Synergy Technology Solutions W.L.L. 

Although the sector stands resilient for the upcoming years, the report outlines that there are major challenges that will potentially influence market growth.

The report added, “This is to help companies strategize and leverage all forthcoming growth opportunities.”

Over the years, Qatar has emerged as a regional leader in telecom development, with one of the Middle East’s highest fixed and mobile penetration rates. In terms of enhancing the 5G network, the country has excelled among the top countries globally.

With the launch of Google Cloud in Doha this year, Access Partnership has reported that the platform will generate an estimated $18.9bn (QR68.81bn) in gross economic output (GO) by the decade-end.

Meanwhile, Fitch Solutions in a report notes that the cloud market will create $19bn (QR69.18) in gross domestic product (GDP) by 2030. According to market experts and officials, this adds up to a huge potential to create 25,000 vacancies in the sector.

During the launch event held in May 2023, Google Cloud executives Ghassan Kosta, Qatar Country Manager, and Tarek Khalil, Director, Middle East & North Africa told The Peninsula that the country is striving towards transitioning its economy with various tech-based innovative products and lauded the efforts taken by the authorities in boosting the market.