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FINANCIAL NEWS
Qatar’s IT spending to grow by 15 percent in 2014
02 Nov 2014
(MENAFN) Qatar’s Information Technology sector is expected to grow by around 14-15 percent in the current year, compared to a growth of 10-11 percent in the last couple of years mainly driven by software sales, The Peninsula Qatar reported.
The growth in Qatar’s IT market is in line with growth in the GCC countries, with the IT sectors in neighboring countries having a growth rate in the range of 12-15 percent in the last few years.
In Qatar, the computer hardware sale is expected to reach USD1.16 billion in 2018 showing a compound annual growth rate of 9 percent, while software sales is likely to reach USD580.72 million in 2018, showing a CAGR of 13.2 percent and IT Services sales is likely to be around USD1.02 billion in 2018, amounting to a CAGR of 14.4 percent.
“ICT has been a major beneficiary of government policies to diversify Qatar’s economy away from hydrocarbons, notably through QATAR’s ICT-2015 strategy and the government’s push to build smart cities. These government initiatives have led to ambitious investments in network infrastructure,” said the Business Monitor International in its Qatar Information Technology Report.
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