Egypt’s technology market will amount to $1.5 bn by 2020: Afifi

The size of Egypt’s technology market reached 17 billion Egyptian Pounds and is expected to reach 26 billion pounds by 2020, said Hesham Afifi, board member of the General Division for Computer and Software in the Federation of Egyptian Chambers of Commerce.

He stated that devices represent about 50% of the market, while services represent about 30%, and software represents 20%, adding that the major drivers of the market are the governmental, communication, and banking sectors, in addition to the big companies.

Afifi added that the market is also affected by the general business climate, the ability to access financing, the legal system that supports businesses, and the systems that stimulate innovation.

Executive director of the division, Mohamed Azzam, said that the international trend in the technology field in the next period will depend on combining reality with the virtual world through the intense use of artificial intelligence, smart applications, and the ability of machines to learn, in addition to virtual reality applications. The sales of these applications are expected to reach $120m by 2020, which represents a chance, as well as a challenge to Egyptian companies to join that rapid development.

Head of the General Division of Computer and Software, Khalil Hassan Khalil, revealed that they are getting ready to organise the third Techne Summit, which is specialised in entrepreneurship and innovation. The summit will take place in Borg El-Arab, Alexandria, and will include over 100 speakers and dozens of entrepreneurs and investors.

 Source: Daily News Egypt