Trends to watch in the industry

1. AI adoption: The rise of AI-powered tools is boosting demand for IT services across multiple sectors, with over 60% of GCC firms using AI in various business functions in 2023.
2. Cybersecurity focus: With increasing cyber threats, investments in cybersecurity frameworks are rising, especially in sectors like finance and energy.
3. Cloud infrastructure: Public and private sectors are driving cloud adoption in the GCC, with initiatives from players like the Saudi Public Investment Fund (PIF) enabling low-latency, high-performance solutions.

• GCC IT services and software market projected to grow at +5% annually, reaching $11 billion by 2029.
• Enterprise software in the GCC expected to grow at +6% annually from 2024 to 2029.
• UAE and Saudi Arabia lead the region in leveraging cloud infrastructure to enhance efficiency and innovation.