ICT spend in Middle East, Turkey and Africa to top $238bln: IDC

  • Date: 08-Feb-2024
  • Source: Zawya
  • Sector:Technology
  • Country:UAE
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ICT spend in Middle East, Turkey and Africa to top $238bln: IDC

ICT spending in the Middle East, Türkiye, and Africa (META) will top $238 billion this year, up 4.5% over 2023. And with the region's digital economy increasingly taking shape, digital transformation spending will reach $59 billion in 2024 and accelerate at a five-year CAGR of 15% to $88 billion in 2027.

This is according to the predictions by International Data Corporation (IDC) as more than 400 senior executives from the region's leading technology vendors, telcos, and IT service providers gathered in Dubai for the 2024 edition of IDC Directions Middle East, Türkiye, and Africa, which addressed the theme "Preparing Your Customers for an AI Everywhere Future."

IDC expects AI spending in the region to top $3.0 billion in 2024, up 32% over 2023, with Group Vice President and Regional Managing Director Jyoti Lalchandani explaining that the AI investment priorities of end-user organisations will likely evolve over the coming years as they move beyond their initial focus on reducing costs.

Clear appetite for AI

"Across the META region, there is a clear appetite for AI in general and generative AI (GenAI) in particular, with spending on AI forecast to reach $6.9 billion by 2027," said Lalchandani. "However, many organisations are already questioning whether they are