IT Market in Saudi Arabia 2019-2023
About this market
The popularity of technologies such as artificial intelligence, the blockchain, IoT, VR and AR is rising in Saudi Arabia. Factors such as the availability of capital and political stability and long-term technology initiatives of the Saudi Arabian government provides a favorable environment to implement these advanced technologies. Technavio’s analysts have predicted that the IT market in Saudi Arabia will register a CAGR of almost 9% by 2023.
The establishment of Nation Transformation Program (NTP)
The main objective of the NTP is to improve the infrastructure and economic conditions of the nation. The Saudi Arabia government is taking initiatives to digitally enable all sectors of the economy such as manufacturing, BFSI, healthcare, and government under the NTP using IT.
Fluctuating oil prices
The fluctuations in oil prices severely affect the IT spending capacity of the country. This in turn, reduces business opportunities for service providers and IT product vendors.
For the detailed list of factors that will drive and challenge the growth of the IT market in Saudi Arabia during 2019-2023, view our report.
The market appears to be fragmented with the presence of many companies. Factors such as the popularity of technologies such as artificial intelligence, the blockchain, IoT, VR and AR and establishment of Nation Transformation Program, will provide considerable growth opportunities to manufacturers in the Saudi Arabian IT market. Accenture, Ejada, IBM, Microsoft, and Oracle are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – IT Market in Saudi Arabia 2019-2023
Technavio recognizes the following companies as the key players in the IT market in Saudi Arabia: Accenture, Ejada, IBM, Microsoft, and Oracle.
Commenting on the report, an analyst from Technavio’s team said: “One trend affecting this market is the emergence of advanced technologies.”
According to the report, one driver influencing this market is the launch of Nation Transformation Program (NTP).
Further, the report states that one challenge affecting this market is the increasing threat of cyber-crimes.
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