META ICT Spending to Top $238 Billion in 2024: IDC

According to the latest insights from the International Data Corporation (IDC), ICT spending in the Middle East, Turkey, and Africa (META) is projected to surpass $238 billion in 2024, marking a 4.5% increase from the previous year. The region’s digital economy is rapidly evolving, with digital transformation expenditure expected to reach $59 billion this year and accelerate to $88 billion by 2027, boasting a robust five-year CAGR of 15%.

During the 2024 edition of IDC Directions Middle East, Turkey, and Africa, themed “Preparing Your Customers for an AI Everywhere Future,” over 400 senior executives from leading technology vendors, telecommunication companies, and IT service providers convened in Dubai to explore these predictions. Jyoti Lalchandani, Group Vice President and Regional Managing Director at IDC, highlighted that AI spending in the region is anticipated to exceed $3.0 billion in 2024, demonstrating a remarkable 32% increase from the previous year.

Lalchandani emphasized the shifting focus of end-user organizations towards AI, particularly generative AI (GenAI), with AI expenditure forecasted to reach $6.9 billion by 2027. He noted the evolving priorities of organizations beyond cost reduction towards leveraging AI to drive revenue growth, urging providers to align their offerings accordingly.

Crawford Del Prete, President of IDC, hailed the emergence of GenAI as a transformative era in IT landscapes and customer engagement, predicting global annual spending on GenAI to surpass $150 billion by 2027. Thomas Meyer, Group Vice President for the EMEA region at IDC, emphasized the importance for tech vendors to develop responsible AI strategies that support customers in securing funding for investments, ensuring ROI, and delivering tangible business outcomes for prioritized use cases.

IDC Directions Middle East, Turkey, and Africa serves as a pivotal annual event in the ICT industry, facilitating the exchange of ideas and providing a platform for engagement with IDC’s leading local and global analysts.