Saudi Arabia Digital Transformation Market By Technology (Data Analytics, Cloud Computing, AI, IoT, and Blockchain), By End-User (Healthcare, Government, BFSI, Retail, Manufacturing, Telecom & IT, and Others), By Deployment (Cloud, On-premises), By Enterprise Size (Large Enterprise, Small Enterprise, Medium Enterprise), By Region, Competition, Forecast and Opportunities, 2028
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationSaudi Arabia Digital Transformation Market By Technology (Data Analytics, Cloud Computing, AI, IoT, and Blockchain), By End-User (Healthcare, Government, BFSI, Retail, Manufacturing, Telecom & IT, and Others), By Deployment (Cloud, On-premises), By Enterprise Size (Large Enterprise, Small Enterprise, Medium Enterprise), By Region, Competition, Forecast and Opportunities, 2028
Saudi Arabia has announced more than USD 9 billion investments in its technology sector, as part of efforts to bolster digital transformation in preparation for the future economy.
Digital transformation refers to the process of employing digital technologies to develop new business practices, cultural norms, and consumer experiences, or to adapt current ones, to meet shifting business and market demands. Digital transformation refers to this reinvention of company in the digital age. It goes beyond conventional job functions like sales, marketing, and customer service. Instead, how you think about and interact with customers is where digital transformation starts and ends. With digital technology on our side, we have the ability to rethink how we conduct business and interact with our customers as we go from paper to spreadsheets to smart applications for managing our business.
The market for Digital Transformation in Saudi Arabia is significantly influenced by the development of Fourth Industrial Revolution (4IR). Solutions will accelerate the kingdom's transition to an innovation-driven, knowledge-based economy as part of the Saudi government's Vision 2030 initiative, which aims to diversify the economy and increase the private sector's contribution to the national GDP. Moreover,
Since implementing its Cloud First Policy in 2019, Saudi Arabia has experienced a 16% growth rate in digital transformation, according to the International Trade Association. This policy was launched to hasten the public and private sector usage of cloud. Saudi Arabia is a leader in the MENA region in terms of ICT readiness and cloud computing utilization.
Network Investments are Setting the Standard for Digital Transformation
Network investments are a critical component of the digital transformation. Networks serve as the building blocks for all digital services and applications since they are the backbone of digitalization. The development of next-generation networks like 5G and fibre-optic networks is essential to address the growing demand for faster and more dependable internet connectivity. These investments will improve user experiences and make it possible to adopt cutting-edge technologies like edge computing and the Internet of Things. The government of Saudi Arabia announced a USD6.4 billion investment in its IT sector last year as part of efforts to diversify the country's economy. Moreover, Saudi Arabia is making investments in cutting-edge technologies like 5G, IoT, network slicing, and cloud-native solutions to stay at the forefront of technical development and to set the standard for digital transformation. In the upcoming years, we'll concentrate on extending network reach, improving digital service usability, and giving everyone an equal chance to profit from digitization.
Digital and 5G Technologies are at The Forefront Of Industry Development
The Kingdom hopes to continue its leadership in the 5G industry and achieve the objectives outlined in the Saudi Vision 2030 project through new partnerships and investments. By investing in research, development, and innovation, the vision hopes to boost the GDP by USD16 billion by the year 2030. The Ministry of Communications and Information Technology has implemented considerable reforms in the telecoms industry as part of its preparation for the widespread adoption and use of 5G.
It is predicted that by 2030, AI will contribute USD135.2 billion, or 12.4%, to the Kingdom's GDP.
Rising Collaboration
Saudi Arabia is embracing technology and the digital economy through smart funding and working to create flexible regulations that promote new industries. With 36 million people and a 98% internet penetration rate, the nation is ready for change. With plans to build smart cities, better digital healthcare, improve infrastructure, adopt autonomous vehicles, blockchain technology, and a growing e-commerce business expected to be worth more than USD13 billion by 2025, the Digital Government Authority is leading this shift. The government has started a USD1.2 billion plan to improve 100,000 students’ digital abilities by 2030, with a focus on programming and cyber-security.
Rapid Adoption of Digital Transformation by Enterprises
Technology is transforming entire industries and redefining business models, with an impact on both huge enterprises and SMEs. KSA ranks ninth among the G20 countries in terms of software spending as a proportion of GDP, which can be used as a proxy to gauge an enterprise's digital transformation. As the entrance in the market is competitive across the country, it is difficult for the businesses to embrace the digital transformation shift, as the workforce is low in capacity and quality.
Rising Number Of Startups
Digital start-ups are agents of change in the digital economy because they create and market cutting-edge technologically enabled solutions. The ecosystem for ICT start-ups in KSA is growing, with an increase in new start-ups year over year and a growing network of incubators and investors to help both private and public sectors. The lack of investor experience working with entrepreneurs, the complexity of the administrative procedures, and the difficulty in hiring top talent are all factors. In terms of "most start-up friendly countries," KSA is ranked 13th among its G20 counterparts, although no "unicorns" has yet been created there.
Instead of generating and developing their own IP, KSA start-ups are mostly focused on replicating successful business models from other countries. All these initiatives are driving the Saudi Arabia Digital Transformation Market.
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Market Segmentation
Market Players
Major market players in the Saudi Arabia Digital Transformation Market are
Recent Development
- According to AbdullahAlswaha, Saudi Arabia's Minister of Communications and Information Technology,the investments are being driven by a USD2.1 billion commit from Microsoft,which will build a super-scaler cloud in Saudi Arabia. He made the announcementat the Leap 2023 conference in Riyadh.
- Saudi Arabia's cloudinfrastructure will be improved by USD 400 million from Huawei of China andUSD1.5 billion from Oracle to increase the country's cloud computingcapability.
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2018-2022 and 2024-2028 |
| Report coverage | Revenue forecast, company share, growth factors, and trends |
| Segments covered | Technology End-User Deployment Enterprise Size Region |
| Regional scope | Northern & Central Region, Western Region, Eastern Region, Southern Region |
| Key companies profiled | Exponential Digital Solutions, Advanced Electronics Company, Al Moammar Information Systems Co., Arabic Computer Systems Ltd., Microsoft Arabia, EJADA Systems Company Limited, Jeraisy Group, STC Solutions Inc, Saudi Business Machines Ltd., Saudi Information Technology Co., Wipro Limited. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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