PRZOOM - /newswire/ -
Delhi, New Delhi, India, 2007/12/03 - Proliferation of IT combined with the relative wealth of the Emirian populace is making the Middle East region most attractive for the development of ICT industry.
According to a recent report “Middle East ICT Market Analysis” on the Information and Communications Technology (ICT) industry of Middle East, published by the leading market research company RNCOS, the UAE IT market is anticipated to shoot from around US$ 1.5 Billion in 2006 to massive US$ 2.4 Billion (approx) by 2011.
The Middle East region has emerged as a lucrative market for the growth of ICT industry on account of rapid increase in the demand for ICT products and services. The research says that the UAE is geared to become the ICT hub with its benefits of the Internet City Dubai, free trade zones and heavy investments for boosting the innovation and exploiting the technological potential of the country.
IT has turned out to be a propelling sector for the phenomenal growth in the UAE. The growth is further expected to get a boost from several major initiatives taken by the Emirates government along with regional trade and economic liberalization.
The study further identifies the rapidly growing retail industry as the primary force stimulating the UAE ICT market towards growth. The upsurge in the demand for ICT products in the country has mainly been led by the rising number of retail outlets by national as well as global brands.
The aggressive growth of the ICT industry has created many opportunities for the foreign as well as the domestic players in the field of WiMAX, 3G, and other related aspects. Furthermore, huge cost benefit and high investment potential in the ICT industry are also making the UAE a favorable destination for IT outsourcing.
However, the region needs to overcome certain negativities, including monitoring the regional piracy, scarcity of skilled manpower, and lack of ICT research and development financial commitment, to move ahead in the right direction.
Besides UAE, “Middle East ICT Market Analysis” also covers other Middle East countries like Jordan, Qatar, Oman, Iran, Egypt, Turkey, Israel, Kuwait, Saudi Arabia and Bahrain and discusses the key challenges and opportunities, past performance and effect of growth fuelling forces on the future course of direction of the ICT industry. The report evaluates the segments (hardware, software and services industry) of the ICT industry in the Middle East.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.