As remote work grows, so do cybersecurity threats and investments. Cybercrime costs are rising sharply, driven by increased phishing and ransomware targeting remote work setups. In response, global spending on remote work solutions is projected to climb from USD3.6 billion in 2020 to USD11 billion by 2026. Gartner also estimates that 30% of IT budgets will be devoted to remote work support by 2024, underscoring the critical investment in cybersecurity and collaboration tools.

This resulted in the increased need for robust cybersecurity as businesses adapt to new ways of working and digital transformations. This situation emphasizes the necessity of re-evaluating security measures and leveraging hybrid or multi-cloud infrastructures.

Middle East is becoming a significant global technology hub, with IT spending expected to hit USD193.7 billion in 2024, reflecting a 5.2% increase from the previous year, according to latest forecast by Gartner. Saudi Arabia’s Vision 2030 plan aims to diversify the economy and reduce its dependence on oil, with a focus on becoming a global leader in technology. In 2023, the region attracted more Foreign Direct Investment (“FDI”) projects in technology compared to 2022, bucking the global trend of declining tech FDI.

The region’s rapid technology adoption offers business opportunities for enhanced efficiency, productivity and competitive advantage.