The IT market in Saudi Arabia will register a CAGR of almost 9% by 2023.
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.
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.