Doha, Qatar: The Digital Transformation Market size in Qatar is expected to amount to $9.19bn (QR33.55bn) in 2025, states Mordor Intelligence in its latest report. It also highlighted that the market revenue will reach $19.65bn (QR71.75bn) by 2030, at a compound annual growth rate (CAGR) of 16.43 percent by the end of the decade.

Researchers note that the country is currently experiencing rapid growth in digital transformation, driven by a rising urban population and the increasing adoption of mobile phones that support 3G, 4G, and 5G services. In addition to that, the market is positively impacting from Qatar’s smart city initiatives like the Msheireb Downtown Doha and Lusail, which are boosting the digital transformation.

Officials earlier said that Qatar is adopting advanced and modern technologies and is in the global race to become a smart nation. It also details Qatar’s strategic initiatives to leverage the global smart city market, projected to amount to almost $7 trillion (QR25.56bn) by 2030.

The objectives toward attaining the country’s national strategic vision coupled with several governmental initiatives have been the key to expanding its financial services and augmenting Qatar’s digital transformation.

Market experts underscore that the government is particularly interested in promoting partnerships between banks and the broader financial ecosystem to digitize and enhance services for citizens and businesses. On the other hand, they also indicate that Qatar’s digital transformation is bound to encounter various challenges including concern the fear of data being transferred outside the country, and the increasing volume of data generated and stored digitally, which makes businesses vulnerable to data breaches.

By leveraging numerous technologies such as AI and machine learning, Qatar has propelled its GDP growth and improved its quality of life through the enhancement of digital infrastructure and by implementing an ecosystem. 

The report further adds that numerous players operate Qatar’s digital transformation market, eventuating its global economic outlook. Some of the main players in the technology sector such as the Oracle Corporation, International Business Machines Corp. (IBM), and Wipro Doha LLC, continuously strive for advancements. These firms form partnerships and expand their presence in developing regions to bolster their market positions. 

Recently, the Supreme Judiciary Council unveiled a five-year digital transformation strategy as part of its efforts to automate the judicial system, in line with QNV 2030. This initiative aims to foster an advanced national judicial system, and  attain prompt justice.