International Data Corporation (IDC) has opened its dedicated new office in Cairo's Smart Village.
The global technology research and consulting services firm said a number of analysts and consultants are already on board and that recruitment efforts are continuing after today's formal inauguration at the IDC Egypt CIO Summit 2016, which took place at The Nile Ritz-Carlton Hotel.
The new office was officially launched by members of IDC's senior management in the presence of representatives from Egypt's Ministry of Communications and Information Technology (MCIT) and IT Industry Development Agency (ITIDA).
According to IDC's latest forecasts, the Egyptian ICT market is expected to total around $8.95 billion in 2016 and grow to $10.32 billion in 2019.
Much of this growth will be driven by spending on IT services and packaged software, which are expected to experience compound annual growth rates (CAGRs) of around nine per cent through to 2019.
As the country emerges from its previous period of transition, the economy is expected to demonstrate solid economic growth under the new government, spurred by significant reforms and external investment.
Yasser El Kady, Egypt ICT's Minister, said: "I'm delighted to witness the launch of IDC new research office in Egypt, thus supporting expansion and job creation for highly-skilled research professionals.
"The MoU comes as part of Egypt's endeavors to attract foreign direct investment and is clear confirmation that the country has evolved into a high-end service delivery favored destination for Europe, Middle East and Africa."
"Capitalizing on the increasing level of investors' confidence in the ICT sector, Egypt is currently implementing a developmental strategy to establish technology parks across the country that serves as a catalyst for Egypt to become a leading, globally-recognized hub for electronic design and ICT innovation," the minister added.
Together, ITIDA and IDC have successfully developed and executed programs that encourage co-operation between Egyptian IT players and the systems integrators and solution providers they need access to in order to thrive in these target markets.
Bundled with unstinting access to IDC's expert analysts and research capabilities, the partnership is enabling ITIDA's mission to promote trade in international markets and become a strategic advisor to local, regional, and global companies.
Jyoti Lalchandani, IDC's vice president and managing director for the Middle East, Africa and Turkey, said: "Egypt is a natural fit with IDC's strategy to invest and grow its presence across the Middle East and Africa.
"IDC has been researching the Egyptian ICT market since the mid-1990s and our research coverage today encompasses the entire spectrum of the industry, including hardware infrastructure, packaged software, IT services, telecommunications, vertical markets, and our recently launched IT Executive Programs, which have been designed with the specific needs of CIOs and IT leaders in mind.
"In light of this expanded coverage, it made perfect sense for us to open our new office here alongside the second annual IDC Egypt CIO Summit, and I look forward to making a further announcement about our new country manager in the coming weeks."