SaaS segment to dominate the Saudi Arabia Cloud Computing market till 2026
Favourable government
policies and growing demand for digitization is expected to drive the Saudi
Arabia Cloud Computing market in the forecast period
According
to TechSci Research report, “Saudi
Arabia Cloud Computing Market By Service (SaaS, IaaS, PaaS) By Type
(Public, Private, Hybrid) By Organization Size (Small & Medium-Sized
Enterprises (SMEs), Large Enterprises) By Application (App Hosting, E-mail,
Storage & Backup, CRM, Business Analytics, Database & Content
Management and Others) By End User (IT & Telecom, BFSI, Manufacturing,
Government, Healthcare and Others), By Region, Company Forecast &
Opportunities, 2026”, The Saudi Arabia Cloud
Computing market is expected to grow at a steady rate during the forecast
period. High internet penetration and proliferation of smart devices are
contributing to the Cloud Computing market growth. The rise in implementation
of advanced technologies such as machine learning, artificial intelligence,
among others coupled with the preference shift of organizations towards cloud
technology is fueling the growth of the Cloud Computing market.
The COVID-19 outbreak across the world which has been
declared as a pandemic by World Health Organization has affected several
countries adversely. Leading authorities of Saudi Arabia imposed lockdown
restrictions and released a set of precautionary measures to contain the spread
of novel coronavirus. Coronavirus-affected patients started suffering from
shortness of breath along with coughing and sneezing. Organizations imposed
work from home policy to ensure employees protection which urged the
organization to transform their business models into digital which in turn
increased the demand for cloud technology in the region. Cloud technology
enables remote access of the applications that are the major reason the
companies started to invest to adopt cloud-based technology. Due to the
presence of strict restrictions, disruption in the supply chain was observed
leading to pending business decisions that adversely affected the Cloud
Computing market.
However, lack of skilled IT professionals may create a
hindrance in the Saudi Arabia Cloud Computing market growth.
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Saudi
Arabia Cloud Computing market is segmented into service, type, organization
size, application, end user, regional distribution, company. Based on type, the
market can be divided into public, private, and hybrid. The hybrid type segment
is expected to witness growth in the forecast period, 2022-2026. Hybrid cloud
offers services of both the public and private cloud by integrating them with
proprietary software which enables smooth communication between each separate
service. Hybrid cloud can provide wider flexibility than its other two
counterparts by managing the workload between public and private cloud
types. Based on organization size, the
market is divided into small & medium-sized enterprises (SMEs), and large
enterprises. The large enterprise organization size is expected to hold a major
market share in the next five years owing to the widespread adoption of
digitalization across various industry verticals. Due to the presence of a
large working population, the organizations prefer to adopt mobile technology
and wide bandwidth as they cannot afford to lose customers due to network or
connectivity issues. Based on end user, the market can be divided into IT &
telecom, BFSI, manufacturing, government, healthcare, and others. The BFSI end
user segment is expected to account for a major market share in the predicted
period. The adoption of cloud technology by the banking sector to provide safe
payment gateways is the major driving factor for the growth of this segment.
The surge in customer preference for personalized banking services coupled with
the advancements in technology is contributing to high market growth.
Saudi Aramco Development Co., Oracle
Systems Limited - Saudi Arabia, Saudi Telecom Company, Alibaba Cloud, IBM Saudi
Arabia, Microsoft Corporation, Nournet, Wafai CLOUD, CloudSigma AG, Etihad
Etisalat Company, and others are some of the leading players operating in Saudi
Arabia Cloud Computing market. Companies operating in the market are using
strategies such as joint ventures, product launches, mergers, and research collaborations
to boost their share and increase their geographic reach.
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“With
the onset of the National Transformation Program, the government started
digital implementation in all the prominent industries including manufacturing,
healthcare, BFSI, among others to digitize the operational process and provide
e-services to the consumers to enhance the experience and increase transparency
in the system. Also, the growing demand for e-commerce channels as they offer a
wide variety of options and enhance the experience of shopping or exploring
through online channels. Companies are offering lucrative discounts to attract
more customers on their online platforms. Market players are preferring
cloud-based technology for their online channels as they are scalable,
affordable, and can be accessed remotely which are the major reasons
contributing to propel the market growth till 2026” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Saudi Arabia Cloud Computing Market By Service
(SaaS, IaaS, PaaS) By Type (Public, Private, Hybrid) By Organization Size
(Small & Medium-Sized Enterprises (SMEs), Large Enterprises) By Application
(App Hosting, E-mail, Storage & Backup, CRM, Business Analytics, Database
& Content Management and Others) By End User (IT & Telecom, BFSI, Manufacturing,
Government, Healthcare and Others), By Region, Company Forecast &
Opportunities, 2026”, has
evaluated the future growth potential of Saudi Arabia Cloud Computing market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in Saudi Arabia Cloud Computing market.
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