Projected MENA IT spend to reach $163.4bn

Most companies around the world have come a long way in digitising their systems and processes. In the Middle East and North Africa region, companies may be a bit behind their western counterparts, but are surely coming to par. Gartner, the global research and advisory firm, has projected the IT spend in the MENA region to reach $163.4 billion by 2020 in their recent report — a 4 percent rise from 2018.

It is expecting the maximum chunk of that money—24 percent—to be on enterprise software that supports the companies as a whole and automate existing business processes.

The largest IT outlay amongst 11 industries in 2019 will be seen by the banking and securities sector, totalling $13.2 billion. Miriam Burt, managing vice president at Gartner, advises that banks in the region “must keep investing in IT in order to participate in the international banking system. At the same time, IT security has always been on the radar and has now become the number one priority for senior banking executives.”

Read more about Gartner’s recent report here.