IT Market Size in Qatar to grow by USD 1.40 billion | Research Insights highlight the Increased Adoption of Mobility Solutions as Key Driver - Technavio

NEW YORK, Nov. 19, 2021 /PRNewswire/ -- According to the research report "IT Market in Qatar - Forecast and Analysis Report 2020-2024", the market is expected to have a YOY growth rate of 3.23% in 2020 and is expected to grow at a CAGR of 8% between 2019 and 2024. The report segments the market by product (services, hardware, and software) and end-user (government organizations, large enterprises, and SMEs).

View FREE Sample: to know additional highlights and key points on various market segments and how they will impact in coming years.

Vendor Insights

• The market is fragmented with a presence of several global and regional players.
• Several companies have a significant presence in the market, primarily because of the commercialization of IT products.
• Many vendors operating in the market are currently offering products and services that can be incorporated into various systems.
• Large corporations want to make the most of the significant growth opportunities offered by this market and focus on acquiring companies to enhance their technological capabilities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

• Accenture Plc
• Acer Inc.
• Apple Inc.
• Cisco Systems Inc.
• Dell Technologies Inc.
• Hewlett Packard Enterprise Co.
• International Business Machines Corp.
• Microsoft Corp.
• Oracle Corp.
• SAP SE

Find additional highlights on the growth strategies adopted by vendors and their product offerings. Download Sample Report.

Product Segment Analysis

• By product, the market is classified into hardware and software segments.
• In 2019, the hardware segment led the IT market share in Qatar. The segment is likely to retain its dominant position in the market throughout the forecast period.
• The high adoption of mobile devices and advanced gadgets is expected to support the growth of the market segment in the coming years.
• Another factor fueling the growth of the hardware segment is the increasing demand for infrastructure and automation. Several vendors are targeting the emerging markets for hardware procurement with an increased budget. Several IT contracts are being awarded to vendors for data centers, servers, storage, and security devices that use various hardware devices.
• The increasing incidence of intrusion, violation of data security, and infringement are some of the key factors contributing to the growth of the segment.

End-user Segment Analysis

• By end-user, government organizations will lead the market and continue to retain their dominance in the market throughout the forecast period.
• The growing government spending on the implementation of government infrastructure and security installations in Qatar is a major driver for the market.
• The adoption of IT solutions to improve the country's security and maintain the confidentiality of private data will support market growth during the forecast period. Moreover, government initiatives to improve public security are having a positive impact on the market.
• Other end-user segments including large enterprises and SMEs will also hold significant shares and contribute to the overall market growth in the long run.

Know more about this market's geographical distribution along with the detailed analysis of the top segments. https://www.technavio.com/report/it-market-industry-analysis

Key Market Drivers, Trends & Challenges:

Key Driver- Strong growth of Islamic banking

• In 2018, Qatar's financial services sector performed well, experiencing high growth of 18.2% because of Islamic banking, also known as non-interest banking.
• As of November 2019, Sharia-compliant banking grew over 8.05% with high retail and real estate financing.
• In addition, investment banks in Qatar increased lending and deposit rates. 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 to Islamic banks.
• As a result, revenue from banking software is a major contributor to the growth of the IT market in Qatar.

Key Trend- Increased adoption of IT as a service

• The adoption of IT as a service is increasing in organizations, as they are trying to implement IT solutions to remain competitive in their businesses.
• Changing business requirements in the global marketplace is compelling organizations to align their IT strategies with their business goals for long-term competitive advantages.
• IT also provides flexibility to change IT systems according to the requirements of separate business units within organizations.
• SMEs are implementing IT as a service model to reduce the upfront IT cost and increase business agility. SME requirements are quite different from that of large enterprises, as SMEs have a lower IT budget than large enterprises to implement IT solutions.
• Flexible IT services in SMEs enable organizations to manage their IT infrastructure with low capital investment.

Key Challenge-Overdependence on the economic condition

• Businesses in Qatar are highly dependent on the economic condition of the country. From the 2017 Qatar diplomatic crisis, an economic recession or currency fluctuation lead to drastic changes in investment patterns and cost-cutting measures by vendors.
• Since cost-saving is one of the most important criteria for enterprises, they tend to rely on in-house solutions rather than purchase IT solutions from other vendors.
• Similarly, consumers often put cost ahead of advanced solutions in the buying criteria and hence may shift to free or pirated versions of the software during economic downturns.
• Thus, the over-dependence of consumers and businesses on the country's economic condition is a challenge for the vendors and may affect the growth of the market during the forecast period.

View free sample for highlights on market Drivers, Trends & Challenges affecting the IT market in Qatar.

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