30 September, 2020
ICT Investment to Drive UAE Digital Economy in Future
Increase in investment in Information & Communications Technology (ICT) is anticipated to drive the digital economy in UAE and the GCC in the post-pandemic recovery trajectory.
Currently, the spend in GCC markets for IT stands at $16.5 Billion in 2019 and this is expected to increase to $20 Billion by 2024. The business sectors of healthcare, media services, education and finance are expected to boost their spending in ICT, which is expected to drive the expenditure in the region, as per the findings by Roland Berger Consulting.
By 20204, the top 5 opportunities are expected to come from e-consultation, e-health monitoring, e-learning, safety & sanitization and automated mining. These opportunities are projected to drive the economy to the tune of $5Billion.
Digital infrastructure expenditure by telecommunication companies will also contribute to increased ICT spending and acceleration. The focus on 5G technology and fiber-connectivity to support demand and enable more businesses. This also emerges from the UAE Government focus on digitization of services, and many opportunities arising within the ICT sector.
Smart society, smart services, and smart IT infrastructure, among others have contributed in increased spending on key technologies such as Cloud, Artificial Intelligence (AI) and Internet of Things (IoT).