LONDON--(BUSINESS WIRE)--Technavio analysts forecast the IT market in Saudi Arabia to grow at a CAGR close to 9% during the forecast period, according to their latest market research report.
The increasing demand for e-governance is one of the major trends being witnessed in the IT market in Saudi Arabia 2019-2023. 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.
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According to Technavio analysts, one of the key factors contributing to the growth of the IT market in Saudi Arabia is the launch of National Transformation Program (NTP):
IT market in Saudi Arabia: Launch of National Transformation Program
The government launched a development program in 2016 called the 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 use of IT is rapidly growing in Saudi Arabia as the government intends to digitally enable all sectors of the economy such as manufacturing, government, healthcare, and BFSI under the NTP. Another factor behind the launch of NTP was to diversify the economy to ensure that the revenue of the economy is not solely dependent on oil.. 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, integration of IT infrastructure of the government sector for new e-services, 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.
According to a senior analyst at Technavio for research on IT spending by region and industry, “Apart from NTP, other factors that are expected to boost the growth of the IT market in the country is the creation of NEOM, a mega-city that is designed to encourage foreign investments.”
IT market in Saudi Arabia: Segmentation analysis
The IT market in Saudi Arabia market research report provides market segmentation by end-user (government, telecommunication, BFSI, oil and gas, others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The government segment held the largest share of the market in 2018, accounting for over 22% share, followed by the telecommunication, BFSI, and oil and gas respectively. During the forecast period, the government segment is expected to continue dominating the end-user segment and register the highest incremental growth followed by the oil and gas segment.
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