Saudi Arabia Digital Transformation Market Expected to Register a High CAGR by 2028
Rising internet penetration along with
the increased investments for IT infrastructure to drive the Saudi Arabia Digital
Transformation Market.
According to
TechSci Research report, “Saudi Arabia Digital
Transformation Market - By Region, Competition, Forecast and Opportunities,
2028”, Saudi Arabia Digital Transformation Market is
growing owing to businesses utilizing digital technologies to increase their
geographic reach and clientele as a result of increasing internet penetration.
To assist organizations, track target clients and boost customer retention, the
most recent technologies include interactive chatbots, cloud computing, and
blockchain technology. Additionally, because of their benefits like flexibility
and mobility, cloud-based platforms are becoming more and more popular, which
is raising demand for cloud-based software solutions and services among SMEs.
Services for cloud-based business software include system upgrades, data
security, and backup.
Moreover, By utilizing
digital technology to engage with residents, provide services, and promote ICT
across all demographic groups, the Saudi government is taking the lead in the
Kingdom's digital transformation. According to the most recent United Nations
e-Government study, the Kingdom of Saudi Arabia (KSA), which ranks 36th out of
193 nations, has enhanced its position in the field of e-government transactions
because of initiatives like the ambitious Yesser e-government transformation
program. Furthermore, KSA is the most efficient government in terms of ICT utilization
among G20 nations. These initiatives are driving the Saudi Arabia Digital
Transformation Market.
Saudi Arabia's regulatory
ecosystem is crucial to the digital transformation because it limits potential
externalities while balancing the advantages to the economy and society.
Despite the enormous advancements made in KSA, the current regulatory
frameworks might not be flexible enough to keep up with the rapid pace of technological
advancements. As a result, important sectors like e-commerce regulation are
immature. Given its nascent regulations regarding consumer data, privacy, and
data protection, the Kingdom, for instance, ranks last among the G20 nations in
e-commerce legislation. The definition of effective regulations capable of
keeping up with the rapid advancement of technology will be one of KSA's major
concerns.
Browse over xx market data Figures
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The Saudi Arabia Digital
Transformation Market is segmented based on technology, end-user, and deployment
enterprise size. Based on technology, the market is segmented into data
analytics, cloud computing, AI, IoT, and blockchain. Based on end-user, the market
is segmented into healthcare, government, BFSI, retail, manufacturing, telecom
& IT, and others. Based on Deployment, the market is divided into cloud and
on-premises. Based on enterprise size, the market is segmented into large
enterprise, small enterprise, and medium enterprise. In terms of regional
analysis, the Saudi Arabia Digital Transformation Market is segmented into eastern,
northern & central, western, and southern. The central region is dominant
as most of the market players are present in this region.
During
the forecast period, the blockchain technology segment is expected to register
the highest CAGR. The rising demand for transactions from the financial sector
is driving the market. Additionally, booming investments in this technology are
expected to spur market expansion in a number of regions in Saudi Arabia.
Data
analytics enables businesses to make strategic, important modifications that
lower costs and increase output. This further aids businesses in maintaining
their competitiveness in the marketplace. Organizations can make future
projections and necessary modifications to achieve goals with the use of
information about the current situation of their consumers and employees.
Based on end-user,
the market is segmented into healthcare,
government, BFSI, retail, manufacturing, telecom & IT, and others. The
category of banking, financial services, and insurance (BFSI) held the largest
market share for digital transformation, and is expected that it will continue
to dominate the market owing to the use of digital technology. Businesses in
the BFSI sector are continually implementing new customer-centric strategies
and scurrying frantically to satisfy client expectations. The need for digital
transformation in the BFSI sector is being driven by increased usage of smart
devices for daily financial activities, growing demand for excellent end-user
or customer experience, and improved connectivity.
Key market players in the Saudi Arabia Digital
Transformation Market include:
- 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.
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“The kingdom of Saudi Arabia is working towards
diversifying its economy as a part of the Vision 2030 Program and developing
the country as a center for digitally enabled trade, investment, and
technological advancements. The country is adopting and identifying new
technologies with advanced use cases across the industries as a Saudi Arabia's
Vision 2030 plan. A number of cross-sector initiatives have been launched, and
new governing bodies have been established, including the Saudi Data and
Artificial Intelligence Authority (SDAIA), which will oversee the transition to
a data- and AI-based national economy, and the National Digital Transformation
Unit (NDU), will coordinate efforts across sectors and track the overall growth
of digital transformation market in Saudi Arabia.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Saudi Arabia Digital Transformation Market –
Segmented 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, and On-premises), By Enterprise Size (Large Enterprise,
Small Enterprise, and Medium Enterprise), By Region, Competition, Forecast and
Opportunities, 2028”, has
evaluated the future growth potential of Saudi Arabia Digital Transformation Market
and provides statistics and information on market structure, size, share, and
future growth. The report is intended 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 present in the Saudi Arabia Digital
Transformation Market.
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