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The Saudi Arabia IT market size is forecast to increase by USD 5155.3 million at a CAGR of 6.78% between 2023 and 2028. The IT market is experiencing significant growth, driven by various factors including the launch of national transformation programs aimed at digitizing government services and enhancing citizen engagement. The increasing adoption of e-governance is a major trend in this sector, as governments seek to provide more efficient and accessible services to their citizens. However, this trend also brings challenges, such as the threat of cyber crimes and the need for strong security measures to protect sensitive data. As more services move online, ensuring data privacy and security will be a top priority for governments and IT providers alike. Additionally, the rapid pace of technological innovation requires IT professionals to stay up-to-date with the latest trends and tools to meet the evolving needs of their clients. Overall, the IT market is poised for continued growth, but it will require a focus on security, innovation, and adaptability to meet the changing needs of governments and citizens.
The IT market is a dynamic and ever-evolving industry, encompassing various sectors such as hardware, software, internet, mobile phones, computers, networks, data processing, real-time communication, telecommunications, data centers, cloud computing, cybersecurity, healthcare, Industry 4.0, and more. Hardware components like computers and mobile phones are essential, while software solutions enable data processing and client computing. The internet and wireless connections provide fast access to data and facilitate real-time communication. Telecommunications networks and data centers support the infrastructure for cloud computing, which is increasingly being adopted by businesses for its cost-effectiveness and flexibility. Cybersecurity is a critical concern in the IT market, especially with the rise of data theft and 5G networks.
Artificial Intelligence is another significant trend, with applications in various industries including healthcare and consulting. Integration services, data and analytics, servers, and edge computing are also key areas of focus in the IT market. Overall, the IT industry continues to evolve, driven by advancements in technology and the increasing demand for efficient and secure solutions.
The market research report provides comprehensive data, with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The hardware segment is estimated to witness significant growth during the forecast period.The IT market encompasses various sectors including Hardware, Software, Telecommunication, Oil and gas, e-governance, Pharmacy, and Healthcare, among others. Hardware components consist of computers, networks, and mobile phones, while Software includes client computing, consulting, integration services, data and analytics, edge computing, IT management, mobility, networking, security, servers, and storage. Telecommunication services provide high-speed internet and wireless connections, enabling real-time communication and the implementation of technologies such as 5G, IoT, and digital innovation. The oil and gas industry leverages IT for data processing and cybersecurity to optimize operations. E-Governance enhances public services delivery through digital means. The healthcare sector uses IT for patient care, telemedicine, and data analytics.
The integration of Artificial Intelligence, 5G networks, and Cloud computing is transforming industries like Telecommunications, Oil and Gas, and Pharmacy, making them more digital-savvy and efficient. Cybersecurity is a crucial aspect of IT, ensuring data theft protection for businesses and individuals. Industry 4.0 and the advent of 5G networks are revolutionizing manufacturing and other industries, leading to increased productivity and efficiency.
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The hardware segment accounted for USD 5708.90 million in 2018 and showed a gradual increase during the forecast period.
Our market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The launch of national transformation program is the key driver of the market. The Saudi Arabian government initiated a development program named the National Transformation Program (NTP) in 2016 as part of the Vision 2030 strategy. The NTP's annual report, titled "The Transformation Continues," highlights the achievements of 2020. This plan highlights economic and infrastructure development, aiming to diversify the economy and generate new employment opportunities. The IT sector's utilization is experiencing significant growth in Saudi Arabia, with the intention of digitizing various sectors, including manufacturing, government, healthcare, and BFSI, under the NTP. The necessity to reduce the economy's reliance on oil revenues also influenced the launch of the NTP. The government's commitment to IT adoption is crucial in enabling communication, construction, and consumer goods sectors' advancement and modernization.
Increasing adoption of e-governance is the upcoming trend in the market. Saudi Arabia's economy is set to experience significant growth through the implementation of its Vision 2030 program. The country's advancement in digital communication is a key component of this initiative, with the government expanding the availability of online services over the past decade. Notable e-government offerings include employment programs, e-learning services, online job searches, passport and civic affairs, traffic updates and control, the issuance of commercial registers, and online payment services. Looking ahead, the Vision 2030 program aims to broaden the scope of these digital offerings, encompassing sectors such as geographic information systems (GIS), healthcare, and education. This commitment to communication technology will undoubtedly enhance the overall development of consumer goods and construction industries in Saudi Arabia.
The increasing threat of cyber crimes is a key challenge affecting the market growth. In Saudi Arabia, enterprises are experiencing a significant rise in the utilization of advanced technologies as the country progresses towards globalization, privatization, and technological advancements. The digital transformation and the growing acceptance of cloud services and infrastructure, including public clouds, have brought about increased risks for enterprises in terms of cybersecurity. The COVID-19 pandemic has further amplified these risks, as the number of cyberattacks has flooded due to the increased usage of mobile phones and IoT devices in the workplace.
Further, the shift towards remote work due to the pandemic has only added to the problem, making it crucial for enterprises to prioritize their cybersecurity measures. Communication and construction industries, as well as consumer goods sectors, are particularly vulnerable to cyber threats and must take proactive steps to mitigate risks and safeguard their digital assets.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The IT market is a dynamic and ever-evolving industry that encompasses various sectors such as Hardware, Software, Telecommunication, Oil and gas, e-Governance, Internet, Mobile Phones, Computers, Networks, Data Processing, Real-time Communication, and more. Hardware and Software form the backbone of IT infrastructure, with continuous innovation driving advancements in technology. Telecommunication plays a crucial role in connecting people and businesses, with Oil and gas industries relying on it for remote operations and data transfer. E-Governance is transforming public services, making them more accessible and efficient through the internet. Mobile phones and computers are essential tools for communication and data processing in today's digital world.
Further, networks and data centers provide the backbone for Fast internet and Wireless connections, enabling real-time communication and collaboration. Cloud computing, Cybersecurity, Artificial Intelligence, and Edge Computing are the latest digital innovations, with 5G networks and IoT revolutionizing industries such as Healthcare, Pharmacy, Industry 4.0, and Client Computing. Consulting, Integration Services, Data and Analytics, IT Management, Mobility, Networking, Security, Servers, and Storage are key areas of focus for businesses seeking to optimize their IT infrastructure. Despite the digital-savvy world, challenges such as Data theft and Data breaches persist, highlighting the importance of strong cybersecurity measures. With the advent of 5G networks and AI, the future of IT looks promising, offering endless opportunities for growth and innovation.
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Market Scope |
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Report Coverage |
Details |
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Page number |
156 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
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Market Growth 2024-2028 |
USD 5.16 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.23 |
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Key companies profiled |
Accenture Plc, Al Moammar Information Systems Co., Alphabet Inc., Amazon.com Inc., AT and T Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp., Comprehensive Technology Co., DataFlow Group, Easy World Automation LLC, Ejada Systems Ltd., Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., International Business Machines Corp., IQVIA Holdings Inc., Microsoft Corp., NEC Corp., Oracle Corp., SAP SE, and SAS Institute Inc. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this market research report to meet your requirements Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by End-user
8 Customer Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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