Oman - Information Technology (IT) Market 2024-2028 :
The Oman - Information Technology (IT) Market size is estimated to grow at a CAGR of 9.91% between 2023 and 2028. The market size is forecast to increase by USD 3.20 billion. The growth of the market depends on several factors, including the increased adoption of mobility solutions, the increase in IT consolidation, and IT modernization and emerging technologies. The IT market in Oman refers to the industry that focuses on the provision of information technology products and services in the country of Oman. This market encompasses a wide range of products and services, including hardware, software, networking equipment, IT consulting, IT outsourcing, and support services. The Oman IT market includes both public and private sector organizations, ranging from small businesses to large enterprises across various industries such as finance, healthcare, education, retail, and government. These organizations rely on IT solutions to enhance their operational efficiency, improve communication, automate business processes, and enable digital transformation.
This Oman IT market report extensively covers market segmentation by type (hardware, software, and IT services), end-user (large enterprises and SMEs), and application (BFSI, telecommunication, industrial, and others). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
What will be the Size of the Oman IT Market During the Forecast Period?
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Oman IT Market Overview
Driver
One of the key factors driving the Oman IT market growth is the increase in IT consolidation and IT modernization. There is an increase in IT consolidations and IT modernization to enhance the operational efficiency of organizations and to achieve economies of scale, which is fuelling the Oman IT market. In addition, the ever-increasing consolidation of IT infrastructures such as data centers and networking systems in organizations is forcing C-suite executives to implement advanced IT service delivery models such as shared and managed IT services.
Moreover, the the continuous changes in technology and the need for IT modernization in numerous industry verticals such as the manufacturing, BFSI, telecom, and healthcare sectors are fuelling the adoption of IT services. In addition, the demand for consolidated IT services will also increase with IT consolidation across industry verticals in the public sector. Furthermore, the public sector spending on IT services used to manage consolidated ICT infrastructure is increasing significantly. Therefore, it is positively impacting the Oman - information technology market. Hence, such factors are driving the Oman IT market growth during the forecast period.
Trends
A key factor shaping the Oman IT market growth is the increased adoption of IT as a service. IT as a services model refers to an IT service delivery model for organizations to manage their IT systems according to strategic business requirements. In addition, the adoption of IT as a service is increasing in organizations as they are trying to implement IT solutions to remain competitive in their businesses.
Moreover, IT service models facilitate organizations to use IT resources optimally for greater operational efficiencies. In addition, changing business requirements in the global marketplace is compelling organizations to align their IT strategies with their business goals for long-term competitive advantages. Furthermore, IT as a service model requires a low upfront investment to set up IT systems in organizations. Hence, such factors are driving the Oman IT market growth during the forecast period.
Restrain
A shortage of skilled professionals is one of the key challenges hindering the Oman IT market growth. Some of the key factors leading to the shortage of skilled professionals include factors such as fewer people opting for specialized medical fields and lack of sufficient investments are a common consensus among IT service providers worldwide that acquiring and retaining qualified professionals and fresh talent. In addition, there is a shortage of talent across the world and this shortage is set to intensify with time if proper and timely measures are not taken.
Moreover, the IT services market is facing challenges in reducing the attrition rate and avoiding the loss of resources, especially when companies are making strategic investments. In addition, the availability of better opportunities and higher wages offered by multinational companies are fuelling attrition rates that are bound to increase in the coming years. Hence, such factors are negatively impacting the Oman - information technology market. Therefore, it is expected to hinder the Oman IT market growth during the forecast period.
Oman IT Market Segmentation By Type
The hardware segment is estimated to witness significant growth during the forecast period. This segment has slow growth due to the growing demand for virtualization, which eliminates the need for organizations to invest in hardware. In addition, as funds are available for the IT infrastructure, which includes servers, personal computers (PCs), network devices, and data centers, the segment is developed, limiting its rate of growth.
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The hardware segment was the largest segment and was valued at USD 1.65 billion in 2018. Moreover, the demand for hardware from various industries, including electronics, is increasing as the demand for infrastructure and automation is growing. In addition, improvements in Omans infrastructure significantly increased people's purchasing power to buy hardware. Furthermore, several IT contracts are being awarded to vendors for data centers, servers, storage, and security devices that use various hardware devices. Furthermore, the rising incidence of intrusion, violation of data security, and infringement are some key factors contributing to the segment's growth. Hence, such factors are fuelling the growth of this segment which in turn will drive the Oman IT market growth during the forecast period.
Oman IT Market Segmentation By End-user
The increasing adoption of IT services by large enterprises segment will increase the Oman IT market. The large enterprise segment can be referred to as organizations or businesses with substantial size and resources that operate in a variety of industries, including banking and finance, oil and gas, manufacturing, telecommunications, and government. In addition, this segment usually employs a sizable workforce in addition to having sophisticated IT systems and infrastructure to support their operations. Moreover, Omans IT industry, the major corporate category is distinguished by a strong need for cutting-edge IT services and solutions that promote productivity, efficiency, and innovation. Furthermore, the large enterprise segment in the Oman - information technology market presents significant opportunities for technology vendors, service providers, and solution developers to offer innovative and customized solutions to support the growth and digital transformation of these organizations. Hence, such factors are fuelling the growth of this segment which in turn will drive the Oman IT market growth during the forecast period.
Oman IT Market Customer Landscape
The Oman IT market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Oman IT Market Customer Landscape
Who are the Major Oman IT Market Companies?
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ACS Services Inc: The company offers IT solutions such as help desk support services, 24 by 7 managed services, network security, hosted cloud solutions, data recovery, and off-site backup.
Capgemini Service SAS: The company offers IT solutions such as cloud services, business services, cloud services, cybersecurity, and risk management.
Cisco Systems Inc: The company offers IT solutions such as packaged solutions, advisory services, solution consulting, and software support.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
- Broadcom Inc.
- CrimsonLogic Pte. Ltd.
- Dell Technologies Inc.
- Fortinet Inc.
- Fujitsu Ltd.
- Hewlett Packard Enterprise Co.
- Hitachi Ltd.
- Infosys Ltd.
- International Business Machines Corp.
- Juniper Networks Inc.
- Lenovo Group Ltd.
- Microsoft Corp.
- Muse technologies Inc.
- Oracle Corp.
- SAP SE
- Tata Consultancy Services Ltd.
- Toshiba Corp.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Segment Overview
The Oman IT market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 - 2022.
- Type Outlook
- Hardware
- Software
- IT services
- End-user Outlook
- Large enterprises
- SMEs
- Application Outlook
- BFSI
- Telecommunication
- Industrial
- Others
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Oman IT Market Scope |
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Report Coverage |
Details |
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Page number |
159 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.91% |
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Market Growth 2024-2028 |
USD 3.20 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
8.38 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ACS Services Inc., Broadcom Inc., Capgemini Service SAS, Cisco Systems Inc., CrimsonLogic Pte. Ltd., Dell Technologies Inc., Fortinet Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., Hitachi Ltd., Infosys Ltd., International Business Machines Corp., Juniper Networks Inc., Lenovo Group Ltd., Microsoft Corp., Muse Technologies Inc., Oracle Corp., SAP SE, Tata Consultancy Services Ltd., and Toshiba Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Oman IT Market Research Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the market between 2024 and 2028
- Precise estimation of the market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the market across Oman
- A thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of market companies
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