Forecast of 4% growth in MENA IT spending in 2024

Forecast of 4% growth in MENA IT spending in 2024
IT spending in the Middle East and North Africa (MENA) region is forecast to accelerate in 2024, increasing 4% from 2023, according to the latest forecast by Gartner, Inc.
IT spending in the Middle East and North Africa (MENA) region is forecast to accelerate in 2024, increasing 4% from 2023, according to the latest forecast by Gartner, Inc.
MENA’s IT spending is projected to total $183.8 billion in 2024, up from $176.8 billion in 2023. In comparison, global IT spending is projected to total $5.1 trillion in 2024.
“IT spending in MENA is increasing because organizations, particularly in the Gulf Cooperation Council (GCC) region, continue to focus on digitalizing their IT infrastructure,” said, Managing VP Analyst at Gartner. “This is required to support regional governments’ push to implement their country visions for economic diversification, enhance public-private collaboration as well as bolster sustainability efforts towards net-zero targets.”
Software and IT Services Spending to Record Double-Digit Growth
MENA software spending is expected to record double-digit growth of 12.3% in 2024, followed by IT services spending, growing at 11.1%. “Organizations in MENA will invest more in software and IT services to accelerate digitalization and streamline operations by continuing cloud migration efforts and increasing automation and IoT capabilities. The spending will also be targeted to enforce compliance with regulation,” said he. “By 2024, we expect local organizations to increase their spending on embedding artificial intelligence (AI) into their strategic business and IT planning. Improving data management to yield greater monetization as well as strengthening cybersecurity security and risk management will remain top spending priorities in the region.”
Increased Focus on Generative AI
Gartner predicts that by 2024, 40% of enterprise applications will have embedded conversational AI, up from less than 5% in 2020. “Despite economic challenges, business executives in the MENA region are primarily investing in generative AI (GenAI) to enhance customer experience,” said, Sr Director Advisory at Gartner. “GenAI promises to revolutionize public and private sector engagement with customers/citizens by delivering personalized, real-time solutions to complex inquiries.”
Sep 27, 2023
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