Kuwait’s Sees Rise In Spending On Communications, Information Technology

The Communications and Information Technology Commission said spending on communications and information technology by individuals, companies and the public sector institutions will be around $4.85 billion in Kuwait during 2021.

The Al-Anba daily indicated that spending on communications and information technology in the country has seen a steady growth, from $4.6 billion in 2016 to $5.2 billion in 2019, with a compound annual growth rate of 4.1%.

The report, which is based on the International Data Corporation, added that the Corona virus pandemic had a significant impact, which led to a decrease in spending on communications and information technology by 9% in 2020, noting that the market is on the path to recovery, as it is expected to grow at a compound annual growth rate of 1.8% over the next four years to reach the pre-corona virus spending levels in 2025.

The report pointed out that spending will increase by 1.9% to reach $4.95 billion in 2022 and by 2% in 2023 to reach $5.05 billion, and will continue to rise in 2024 to reach $5.15 billion.

 

SOURCE : TIMESKUWAIT

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