By Greg Wilson
According to Madar Research, the local IT market will grow at a compound annual growth rate (CAGR) of 9.4% over the next three years — and BEA is determined to capture its share of the market.
Esolutions BEA is positioning itself to take advantage of the expected boom in regional IT spending. Regardless of global market slowdown, the local IT market will grow at a compound annual growth rate (CAGR) of 9.4% over the next three years — and BEA is determined to grab its share of the market.“The expanding GCC market, which stood at US$ 6 billion in 2002, is poised to record more striking growth within the next three years, fuelling demand for proven solutions for enterprise applications and system integration,” says Diyaa Zebian, regional manager, Middle East & Egypt, eSolutions BEA.BEA’s optimistic outlook is based on statistics from Madar Research. The local research firm predicts that the GCC IT market value will cross US$8 billion by 2005. “The pace of IT growth across the region has accelerated remarkably in recent years, as governments and private companies have embarked on streamlining the processes across [multiple] silo applications,” says Zebian. According Madar Research, Saudi Arabia, the UAE and Bahrain are all showing robust growth. When viewed as a percentage of the Gross Domestic Product (GDP), Bahrain tops the list with 3.97%, against the world average of 3.88%. Saudi Arabia followed with 1.99% and the UAE registered 1.77%.“The bright forecasts in IT growth are supported by massive investments being made by key GCC governments keen to boost their non-oil revenues by moving to the digital economy,” comments Zebian. “Governments are often the driving force in this IT expansion, and that is one reason why IT growth is higher in the Gulf than some of the developed countries. This drive is impacting businesses as well as the community, indirectly accelerating the region’s march towards the digital economy,” he adds.