Qatar strengthens position as region’s top ICT market
Qatar has achieved significant progress in digital transformation by expanding its ICT industry and boosting human resource capacity. As the infrastructure construction for the FIFA World Cup Qatar 2022 nears completion, the government hopes to capitalize on this momentum by attracting talent in high-potential areas.
Qatar is strengthening its position as a major ICT market in the region and beyond by utilizing 5G while boosting industries such as online video gaming and e-sports in an increasingly digitalised global economy, according to an Oxford Business Group (OBG) analysis.
In order to transition to a knowledge-based economy in accordance with Qatar National Vision 2030, the nation's framework for economic diversification and growth, Qatar is giving priority to the development of its ICT industry. The development of human resources is essential to the government's effort to lead the area in ICT, and local talent may profit from collaborations between educational institutions and multinational tech companies that support innovation.
#Qatar has made strides in digital transformation by developing its #ICT sector and strengthening human resource capacityhttps://t.co/mJTdXdOGn7— The Peninsula Qatar (@PeninsulaQatar) July 22, 2022
The nation's vast backlog of massive, government-led infrastructure projects in the energy and transportation sectors, as well as innovation in the financial services, retail, and health sectors, will be the main drivers of ICT growth.
The Lusail City project, which is crucial to the FIFA World Cup Qatar 2022 preparations, stands out among these advancements. To support sustainability and stimulate mobility, the smart city is being constructed with technologies like the internet of things (IoT), 5G, and artificial intelligence (AI). Beyond hosting this significant athletic event, Qatar wants to take advantage of chances in other high-potential fields like e-sports and strengthen the local research and development (R&D) ecosystem, according to a study by a global research and consultancy organization.
The ICT industry was estimated to be worth $4.4 billion in 2021, and it is expected to expand as a result of considerable investment. ICT investment in Qatar will increase at a compound annual growth rate (CAGR) of 9.2 percent between 2019 and 2024 to reach $9 billion, predicts UK-based data analytics company Global Data. IoT, cloud computing, cybersecurity, big data analytics, and AI are anticipated to fuel market expansion and account for nearly 50% of the market over this time. For instance, it is anticipated that cloud computing would expand to $1.6 billion during the projected period at a CAGR of 17.8%, led by the software-as-a-service market as Qatari businesses switch from on-site software to cloud-based models.
According to the OBG research, capacity-building collaboration between regional and international stakeholders has aided in the growth of Qatar's ICT ecosystem. Qatar has been making an effort to market itself as a destination for cutting-edge fan experiences. It stated that there are prospects for expansion in digital fan involvement, particularly in light of forthcoming major events like the 2022 FIFA World Cup and the 2030 Asian Games.
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Source credit: The Peninsula