IDC predicts strong growth in spending on Digital Transformation at IDC Directions
IDC Directions is IDC's industry event which explored the theme of 'Multiplied Innovation Goes Mainstream: Thriving in the Digital Economy'
Investments in digital transformation and innovation will account for 30% of all IT spending in the Middle East, Turkey, and Africa (META) by 2024, up from 18% in 2018. That's according to the latest predictions revealed by International Data Corporation (IDC).
The firm's group vice president and regional managing director, Jyoti Lalchandani, explained that spending in these two areas is leaving the rest of the market in its wake, increasing at a compound annual growth rate (CAGR) of 18% versus 1.5% for the rest of IT at the annual IDC event held in Dubai.
The agenda incorporated various individually themed expert-led sessions exploring a diverse range of topics such as 5G, IoT, AI, cloud, Smart Cities, hyperconverged systems, software-defined infrastructure, automation, security, managed services, digital document solutions, mobile phones, PCs, and wearables.
There were also discussions on the emerging opportunities that exist in key markets such as Saudi Arabia, Egypt, Africa, and the UAE, with IDC forecasting the latter to see a 5.1% year-on-year jump in IT spending this year to $8.45 billion.
"From ecommerce and cloud computing to fintech and cybersecurity, the UAE is leading the region in digital transformation," said Ammar Al Malik, managing director of Dubai Internet City.
"We believe that the biggest budget in the history of Dubai, announced earlier this year, sends a strong message to the business community. It will be a catalyst for growth that stimulates entrepreneurship, innovation, and the ecosystems supporting a diversified, knowledge-based economy.” He added.