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Doha, Qatar: Qatar’s IT Services market is witnessing a trajectory of growth in the current year and this trend is expected to continue in the next few years, according to several reports.
Statista, a comprehensive and global analytical platform researching trending markets in the region forecast that the revenue of the industry is expected to reach $950.40m (QR3.4bn) in 2024.
Experts at the research platform state that IT Outsourcing dominates the sector with a projected market volume of US$361.40m (QR1.3bn) in 2024.
Industry leaders also note that the revenue, on the other hand, is expected to show a compound annual growth rate (CAGR) by 2028 of 6.62 percent, resulting in a market volume of $1.2bn (QR4.37bn) by 2028.
However, the average expenses per employee in the IT Services market in 2024 are expected to amount to $417m.
Compared to the global point of view, the United States is expected to generate the highest revenue this year reaching approximately $495.30bn.
A leading authority in the Market, Research Reports World, recently stated that the outlook of the IT Services market remains promising from 2024 to 2030, driven by dynamic strategies employed by key market players.
Previously, researchers at the Mordor Intelligence platform underscored that the market revenue will achieve a CAGR of 8.5 percent over the next five years with its resilient communication infrastructure, benefiting private businesses and stakeholders, while the country invests in high tech infrastructure development as it positions itself into a knowledge-based economy.
Qatar has also transformed into a technological innovator in the IT Services market by carrying out 5G network services.
According to an OpenSignal report, at present, Qatar has 16.4 percent of handsets remain connected to 5G availability across the country. Compared to the global perspective, Puerto Rico leads the 5G availability with almost 43 percent.
