Fast Market Research recommends "Kuwait Information Technology Report Q1 2014" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 01/07/2014 -- Kuwait lags behind its peers in the take-up of ICT. However, the country shows promise as the government's push to increase IT usage and growing private consumption drive Kuwait's IT market during our forecast period, through to 2017. This quarter we will focus on the competitive landscape and the role international and local companies play in the Kuwaiti market.
Headline Expenditure Projections
- Computer Hardware Sales: KWD113mn in 2012 to KWD114mn in 2013, +1.4% in local currency terms. Relatively low household PC penetration opens up a growth opportunity of first-time buyers and in the upgrade/replacement market.
- Software Sales: KWD72mn in 2012 to KWD76 in 2013, +5.5% in local currency terms. Growing regional competition is fuelling enterprise spending on software and systems, with BMI expecting security software and solutions to outperform as awareness of risks and regional political tensions combine to create fertile growth conditions.
- IT Services Sales: KWD83mn in 2012 to KWD88mn in 2013, a 4.3% increase in local currency terms. Cloud computing, e-government and machine-to-machine services are identified as key growth areas that will make IT services a growth outperformer in the market from 2013 to 2017.
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Kuwait remains in fourth position in our Q1 2014 IT RRR table for MENA with a score of 60.6. Kuwait lies behind Qatar, Israel and the UAE, but ahead of potentially larger markets such as Saudi Arabia and South Africa.
Key Trends & Developments
BMI believes that over the medium term the IT security software and solutions market is set to boom in Kuwait, and across the Middle East region. Kuwait has not been directly affected by recent incidents of cyber warfare; however, there is potential it could become caught up in rising tensions in the region. In response to these developments, Qatar and Kuwait financed the construction of a new Gulf internet cable network that went live in March 2013.
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