LONDON--(BUSINESS WIRE)--The IT market in Saudi Arabia is expected to post a CAGR close to 9% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The growing application of IT in Saudi Arabia can be contributed to the government’s intention to digitally enable all sectors of the economy such as manufacturing, government, healthcare, and BFSI under the development program, NTP, which is a Vision 2030 program. This transformation plan focuses on economic development and infrastructure development. It includes plans to diversify the economy and create new job opportunities. The execution of NTP will advance digital transformation (DX) in all sectors of the economy. It underlines DX initiatives such as improvement of the reach and quality of broadband connectivity in Saudi Arabia, and integration of IT infrastructure of the government sector for new e-services. This initiative will also help in the integration of government data into an enhanced Saudi e-Portal gateway, modernization of business environment and the economy, and augment the payment systems and channels. Thus, the launch of NTP will have a significant impact on the IT market growth in Saudi Arabia.
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As per Technavio, the increasing demand for e-governance will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
IT Market in Saudi Arabia: Increasing Demand for E-Governance
The government of Saudi Arabia has increased the possibility of online services over the last decade, under its Vision 2030 program. The country has introduced e-Government online services such as employment programs, e-learning services, online job searches, passports and civil affairs, traffic updates and control, online issuance of commercial registers, and online payment services. The primary aim of Vision 2030 is to provide better quality government delivered services by streamlining processes and diversifying communication channels. Vision 2030 also supports the increased use of online applications in government sector agencies such as cloud applications, data sharing platforms, and HR management systems. The Saudi Arabian government intends to reinforce online services within the government. The country will also see an increased use of cloud computing in other areas as well.
“Emerging technologies, change in economic structure, use of IT in the creation of “NEOM”, and booming of e-commerce sector are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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IT Market in Saudi Arabia: Segmentation Analysis
This market report segments the IT market in Saudi Arabia by end-user (government, telecommunications, BFSI, oil & gas, and others), and component (hardware, services, and software).
The hardware component led the IT market share in Saudi Arabia in 2018, followed by services, and software segment. The country is in the process of developing its IT infrastructure, which would require investments in network, storage, and server hardware by companies in various sectors. In addition, the adoption of enterprise mobility is also increasing in Saudi Arabian enterprises, which is expected to drive the demand for IT solutions in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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