ICT spending in Oman forecasted to reach $1.4 billion in 2026

MUSCAT: ICT spending in the Sultanate of Oman is set to reach $3.23 billion in 2023 and $3.49 billion 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 Oman to increase, with IT spending set to grow from $1.30 billion in 2023 to $1.42 billion in 2026. This aligns in support of Oman’s endeavor to build ICT infrastructure to reduce the digital divide through its National Broadband Strategy, which envisions providing broadband service to more than 90 percent of urban areas by 2030.

“To navigate storms of disruption, organisations in Oman 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,” says Jyoti Lalchandani, IDC’s group vice president and regional managing director for the META region.”

Jyoti Lalchandani, IDC’s Group Vice President & Regional Managing Director for META region

“Regardless of what the economy throws at us over the coming 12 months, the implementation of further digitalization 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 $1.42 billion in 2026, up from $1.30 billion 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 realize maximum business value from their tech investments. In Oman, spending on Enterprise IT will reach $0.55 billion and consumer spending will reach $0.70 billion in 2023.

The post ICT spending in Oman forecasted to reach $1.4 billion in 2026 appeared first on The Arabian Stories News.

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