More than $2.03 billion in spend on information and communication technologies (ICT) is expected in Bahrain this year, rising to $2.23bn by 2026, according to the latest predictions by International Data Corporation (IDC).
Announcing its regional forecasts for the year ahead, IDC revealed that it expects telecommunications services spending in Bahrain to increase, with IT spending set to grow from $0.87bn in 2023 to $1bn in 2026.
The findings are in line with ICT and digital economy being major pillars in Bahrain’s Economic Recovery Plan and will contribute towards achieving the kingdom’s comprehensive economic growth and development.
“To navigate storms of disruption, organisations in Bahrain will need to invest in strengthening their digital resiliency so they are better positioned to succeed in new market environments as conditions continue to change,” said Jyoti Lalchandani, IDC group vice president and regional managing director for the META region.
“Regardless of what the economy throws at us over the coming 12 months, the implementation of further digitalisation in critical areas such as customer experience, operations, and financial management – together with a more rapid shift to a ‘digital business’ approach – will be key to separating the thrivers from the survivors. To this end, we expect to see digital transformation spending as a share of overall IT spending continue to grow, reaching $1bn in 2026, up from $0.87bn in 2023,” he added.
In a digital-first economy, where an enterprise’s competitiveness is tied to its digital business model, leaders will avoid wholesale cutbacks in tech. Further, new tactics will be employed as tech leaders seek to realise maximum business value from their tech investments.
In Bahrain, spending on enterprise IT will reach $0.44bn and consumer spending will reach $0.41bn in 2023.
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