There has been a remarkable progress in the modernization of the Information and Communication Technology (ICT) sector in Saudi Arabia over the last few years. A key contributor to this transformation is the Communication and Information Technology Commission (CITC), which has prioritized enhancing market competition by adopting regulations that are flexible, transparent, and collaborative in their approach.. Specifically, the International Telecommunication Union (ITU) recognizes Saudi Arabia as one of the leaders in the Arab States region, achieving a "generation 4" (G4) status in the ITU's Global ICT Regulatory Outlook for 2020. There is no doubt that Saudi Arabia is one of the largest markets for Information and Communication Technology in the Middle East and North Africa regions. With its strategic geographical location, Saudi Arabia is well positioned to emerge as a major hub for technology services and cloud computing, with access to global connectivity via the Red Sea, thereby providing markets in Europe, Asia, and Africa with access to technology services.. Saudi Arabia, as one of the G4 countries, effectively integrates ICT regulation with a separate regulatory authority vested with the power to enforce it. As part of the "generation of regulation" model, this authority operates with a clear mandate, overseeing a free and competitive market while at the same time protecting consumer interests. As per the projections, the Saudi Arabian ICT market is expected to experience a growth rate of 5 percent over the next few years.In 2023, the market is expected to grow by 6%, reaching a total value of $33 billion.By 2022, there will be a total of 43 billion dollars. A large part of this growth can be attributed to hardware expenditures, which account for 58 percent of this growth..There was a 5% growth in services, followed by a 30% growth in manufacturing.It is followed by software (11%) and hardware (4%)..(One percent)
(One percent)
If you would like more insight into this report, please contact our analyst: https://www.infiniumglobalresearch.com/contact-us/
The following are some of the key business opportunities and factors driving ICT growth in Saudi Arabia:
The following are some of the driving forces for the growth of ICT:
A growing pool of specialists committed to advancing the leadership in connectivity and information technology is driving Saudi Arabia's ICT expansion, which is bolstered by rising personal incomes and a growing pool of specialists. The nation also boasts a robust economy, political stability, a young population, and a national policy that prioritizes economic diversification in order to maintain a healthy economy. Various factors, such as a growing foreign direct investment (FDI), an ecosystem that supports and promotes innovation and entrepreneurship in the ICT sector, a thriving telecommunications sector, and a rapidly developing IT service industry have all contributed to the growth of ICT investments in Saudi Arabia.
Various factors, such as a growing foreign direct investment (FDI), an ecosystem that supports and promotes innovation and entrepreneurship in the ICT sector, a thriving telecommunications sector, and a rapidly developing IT service industry have all contributed to the growth of ICT investments in Saudi Arabia.
Investments include the following:
It is expected that Saudi Arabia will embark on a new era of digital innovation this year, with ICT spending expected to exceed $34.5 billion, supported by significant foreign direct investment and a $7 trillion investment plan for the giga project, which is underpinned by significant foreign direct investment. It is expected that the Saudi government will make notable investments in the areas of artificial intelligence, the Internet of Things, cybersecurity, and data analytics in 2023.
Saudi Arabia is incentivizing data center investments of $400 million, which will create a minimum of 20 jobs, at an average annual wage of $40,000 per year, and as a result, will qualify for tax savings of up to 30 years as a result of the investment.
Saudi Arabia has also announced that as part of its commitment to digital transformation and preparation for the future economy, it intends to invest over $9 billion in its technology sector as part of its commitment to digital transformation. As part of these investments, a substantial amount of $2 billion will be made available.In addition to Microsoft's $1 billion commitment to establish a superscalar cloud infrastructure in the country, Oracle has also committed $1 billion.A $5 billion investment will be made to fortify the kingdom's cloud computing capabilities. Additionally, Huawei, a Chinese company, is contributing $400 million to enhance Saudi Arabia's cloud infrastructure as part of the deal
Additionally, Huawei, a Chinese company, is contributing $400 million to enhance Saudi Arabia's cloud infrastructure as part of the deal
Currently, it is estimated that the information and communication technology sector in Saudi Arabia is valued at SR134 billion, constituting 4.1% of the Kingdom's gross domestic product (GDP) and emphasizes the growing economic significance of the sector.
The Communications, Space, and Technology Commission (CST) announced at the forum that the Saudi Arabian ICT market is expected to reach a value of 154 billion in 2022, which places Saudi Arabia as the largest and most rapidly expanding digital economy in the region.. As well as this, Dr.. As part of CST's efforts to address the needs of over 5 million people and ensure uninterrupted communication services throughout the country, Altamini highlighted the fact that CST has introduced high-speed internet services to over 21,000 villages throughout the country.. It is clear from this that the Kingdom's communications and technology infrastructure have made substantial progress in recent years. It is noteworthy that 5G coverage has reached an impressive 53% in Riyadh, while it has exceeded 94% in other parts of the kingdom. Over the past few years, fiber optics have been used in a variety of ways.In Saudi Arabia, there are over 7 million users, a reflection of a dynamic shift towards advanced and high-speed connectivity solutions
In Saudi Arabia, there are over 7 million users, a reflection of a dynamic shift towards advanced and high-speed connectivity solutions
Opportunities include the following:
As the Ministry of Communication and Information Technology (MCIT), we have been primarily focused on establishing an architectural framework that is robust and advanced to facilitate digital transformation across a wide range of domains such as e-commerce, smart cities, national data management, digital education, digital healthcare, and e-government, among others.. Saudi Arabia's ICT strategy for 2023 lays out a number of objectives, including generating more than 25,000 job opportunities in the sector, achieving a 50% increase in the size of the IT market and technology development, and increasing the sector's contribution to GDP by 13.5%..More than three billion dollars. As part of the strategy, the government also intends to attract international investments as well as promote the active participation of women in the field. In accordance with the International Data Corporation (IDC), there was an impressive 8% growth in the Saudi ICT sector between 2019 and 2021, resulting in a total value of $32 billion between 2019 and 2021.There are one billion people in the world
There are one billion people in the world
As part of a move to bolster the resilience of the Supreme Audit Institution (SAI) through the use of ICT solutions, the Saudi Fund for Improved SAI Performance (Saudi FISP) is supporting the expansion and upgrading of the ICT infrastructure of SAI. The Saudi Arabia General Court of Audit has generously allocated $1 million to be distributed among members of the International Organization of Supreme Audit Institutions (INTOSAI) who require external assistance to advance their ICT infrastructure, which will strengthen the capabilities of these institutions.
The Saudi Arabia General Court of Audit has generously allocated $1 million to be distributed among members of the International Organization of Supreme Audit Institutions (INTOSAI) who require external assistance to advance their ICT infrastructure, which will strengthen the capabilities of these institutions.
If you need assistance, please send us an inquiry at https://www.infiniumglobalresearch.com/contact-us/.
The vision for 2030 is as follows:
As part of the Vision 2030 plan for Saudi Arabia, the ICT sector will be bolstered with the goal of forming a digital society, a digital government, a digital economy, as well as a forward-looking future for the country. It is within this framework that the Ministry of Communication and Information Technology (MCIT) is establishing the foundations for diversification and enhancing competitiveness in the country. It revolves around three primary pillars, each of which outlines specific objectives to be realized by 2030. By utilizing a well-crafted digital strategy, we enable a connected present and an innovative future in order to foster a dynamic society, a prosperous economy, and an ambitious nation.
It revolves around three primary pillars, each of which outlines specific objectives to be realized by 2030. By utilizing a well-crafted digital strategy, we enable a connected present and an innovative future in order to foster a dynamic society, a prosperous economy, and an ambitious nation.
Challenges:
The Saudi Arabian ICT sector faces challenges both in expanding its domestic workforce and in attracting foreign talent, both of which present challenges for it. Moreover, it proves to be challenging to find local professionals with hands-on experience in cutting-edge technologies such as cloud computing, mobility solutions, and cybersecurity. Additionally, the nation is also plagued by significant cybersecurity threats that further complicate its ICT landscape.
The main players in the game
We would like to introduce ourselves as follows:
Recent reports from Infinium Global Research, which is known as a market research leader in Saudi Arabia, include comprehensive analysis of several market segments in the country. The reports present a detailed analysis of various segments and subsegments within the Saudi Arabian market. In addition to providing a comprehensive overview of trends, forecasts, and dollar values of the markets, the reports also shed light on the impact of drivers, restraints, and macroeconomic indicators on both short-term and long-term market dynamics.
Infinium has published reports in various ICT domains operating for Saudi Arabian clients for such as the Cloud Infrastructure Market, Cloud Gaming Market, the IT Services Outsourcing Market, the Government Cloud Market, the Cloud Migration Services Market, the AI in Edge Computing Market, the Cloud Robotics Market, and the Finance Cloud Market.    
Alternatively, you can contact Infinium Global Research at 2nd Floor, Ganadish Empire, Rahatani Chowk, Pimple Saudagar, Pimple Saudagar, Pimple Chinchwad, Maharashtra 411027. Phone: +918999930634 Email: [email protected] Website: www.infiniumglobalresearch.com.
Infinium Global Research's logo can be found at https://mma.prnewswire.com/media/2244132/Infinium_Global_Research_Logo.jpg
Infinium Global Research is the source of this information
There is no doubt that robotics is playing a central role in Saudi Arabia's Vision 2030, a comprehensive reform program intended to diversify the nation's economy and reduce its dependency on oil...
Due to Saudi Arabia's expansive population of over 36 million people, the health care industry in Saudi Arabia has gained a significant amount of importance, making it one of the leading.
If you'd like to receive PRN's top stories and curated news delivered to your inbox every week, sign up now!

Source prnewswire