According to the latest predictions by International Data Corporation (IDC), ICT spending in Bahrain is expected to reach $2.03 billion in 2023 and $2.23 billion by 2026. The forecast also reveals that telecommunications services spending in Bahrain will increase, with IT spending set to grow from $0.87 billion in 2023 to $1 billion in 2026. These findings are in line with Bahrain’s Economic Recovery Plan that aims to make the country a digital hub and contribute towards achieving the Kingdom’s comprehensive economic growth and development.
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Jyoti Lalchandani, IDC’s group vice president and regional managing director for the META region, stated that organizations in Bahrain will need to invest in strengthening their digital resiliency to succeed in new market environments as conditions continue to change. Lalchandani added that the implementation of further digitalization in critical areas such as customer experience, operations and financial management will be key to separating the thrivers from the survivors. He also expects to see digital transformation spending as a share of overall IT spending continue to grow, reaching $1 billion in 2026, up from $0.87 billion in 2023.
In a digital-first economy, where an enterprise’s competitiveness is tied to its digital business model, leaders will avoid wholesale cutbacks in tech and new tactics will be employed as tech leaders seek to realize maximum business value from their tech investments. IDC predicts that spending on Enterprise IT will reach $0.44 billion and consumer spending will reach $0.41 billion in 2023 in Bahrain.