Technavio analysts forecast the IT market in Qatarto grow at a CAGR of almost 11% during the forecast period, according to their latest report.
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Technavio has published a new research report on the IT market in Qatar from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the IT marketin Qatarfor 2017-2021. To calculate the market size, the report considers the revenue generated through the sales of IT hardware, software, and services in government organizations, large enterprises, and SMEs.
The IT market in Qatar is currently driven by the rising demand for IT services owing to the adoption of advanced solutions such as cloud computing services, big data and analytics services, IoT, and virtualization. A major driver for this market is the availability of funds to install new IT infrastructure and upgrade legacy systems. With the upcoming 2022 FIFA World Cup, there are millions of dollars being spent to enhance the existing infrastructure and improve the security infrastructure of the country.
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Technavio analysts highlight the following three factors that are contributing to the growth of the IT market in Qatar:
- Strong growth of Islamic banking
- Increase in IT consolidation and IT modernization
- Increased adoption of mobility solutions
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Strong growth of Islamic banking
In 2016, Qatar's financial services sector performed well, experiencing high growth in Islamic banking. Sharia-compliant banking grew over 7% while the conventional banks grew by over 6%, with high retail and real estate financing. Qinvest, a local sharia-compliant investment bank, announced a revenue increase of 18% in 2016. The Central Bank of Qatar (QCB) increased interest rates by 0.25%, following the US Federal Reserve's 2016 December announcement that it was raising its federal fund's rate target range to 0.5%-0.75%.
Amrita Choudhury, a lead enterprise application research analyst at Technavio, says, "With such a position of Islamic banking in Qatar, the need for advanced IT solutions to track and maintain banking operations is high. Several banking software vendors in Qatar have realized this opportunity and are offering sharia-compliant software solutions specifically for Islamic banks. As a result, the revenue inflow from banking software is a major contributor to the growth of the IT market in Qatar."
Increase in IT consolidation and IT modernization
The increase in IT consolidations and IT modernization is taking place to improve the operational efficiency of organizations and to achieve economies of scale, which is driving the IT market in Qatar. The ever-increasing consolidation of IT infrastructures such as data centers and networking systems in the organizations are forcing C-suite executives to implement advanced IT service delivery models such as shared and managed IT services.
"The continuous changes in technology and the need for IT modernizations in numerous industry verticals such as the manufacturing, BFSI, telecom, and healthcare sectors are the key factors contributing to the growing adoption of IT services. The demand for consolidated IT services will also increase with the increase in IT consolidation across industry verticals in the public sector," adds Amrita.
Increased adoption of mobility solutions
With the increasing availability of wireless networks, mobility is touching every aspect of government operations such as data collection using mobile devices and unified communication. Mobility enables e-government initiatives in Tier II and Tier III cities and rural areas, which lack IT infrastructure. Therefore, mobility enables uninterrupted data sharing.
Financial inclusion can be achieved using mobile solutions, and people without access to a bank can use m-commerce, mobile banking, and mobile money. Unprecedented growth in the smartphone market leads to an increase in mobile app users. Mobile application developers require IT services such as backend as a service (BaaS) and the web integrated development environment (IDE) solutions for innovative mobile application development solutions.
Top vendors:
- Hewlett Packard Enterprise
- IBM
- Microsoft
- Oracle
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