Middle East consumers could spend around $37 billion on media content this year and $28 billion on smartphone upgrades as digital consumption soars in the region, particularly in Gulf Arab states, according to Deloitte.
Smartphone upgrades were expected to surpass 70-100 million units for the first time in 2015, generating between $18 billion to $28 billion in revenues.
"The majority of upgrades will take place in the GCC, which has the highest penetration levels, whereas in large parts of North Africa, with much lower smartphone penetration, many will be new adopters, buying a smartphone for the first time," the consultancy said in a forecast of digital behaviour in the region.
The report said that 2.8 billion IoT wireless devices were shipped globally, and 25 million IoT devices are expected to be shipped to the Middle East this year alone. “Regional adoption of IoT will continue to outpace global growth, and that trajectory will only move upwards as governments and companies invest in smart city developments across the Middle East, with Gulf Arab states taking the lead,” the company reported.