ME to spend over USD20b in 2012 on IT

08 Oct 2012

(MENAFN) Frost & Sullivan said that spending on information technology (IT) in the Middle East is forecasted to exceed USD20 billion in 2012, reported Arabian Business.

It added that growth of overall IT spending was set to surpass 10 percent, whereas the region’s network security market is forecasted to average an 18-percent growth between 2012 and 2018.

On the other hand, the most vulnerable sites to cyber attacks were banking, government and defense, oil and gas, online retail and social networking sites.

In 2012, the region’s banking, financial services and insurance (BFSI) sector continued to be the main overall spender, in part as a result of growing penetration of global firms in the region.

It is worth noting that public sector firms are also boosting their security infrastructure, as IT becomes a vital component in their operational setup.

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