The GCC ICT Market size is estimated at USD 129.07 billion in 2024, and is expected to reach USD 203.09 billion by 2029, growing at a CAGR of 9.49% during the forecast period (2024-2029).
Businesses across industries are embracing digital transformation to adapt to a new normal and enhance their resilience, driving the demand for ICT solutions that enable automation, data analytics, and e-commerce. Further, the highlighted importance of telehealth has led to increased adoption of virtual consultations, remote patient monitoring, and e-health services, providing opportunities for health-tech startups to innovate new solutions.
The GCC ICT Market is fragmented. The significant factors governing this force are a sustainable competitive advantage through innovation, levels of market penetration, barriers to exit, power of competitive strategy, and firm concentration ratio. Some prominent market players include Google LLC (Alphabet Inc.), IBM Corporation, Microsoft Corporation, HP Inc., and SAP SE.
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