Saudi Arabia’s IT sector has always had high aspirations, whether in attracting the best talent and software provision or securing its place on the global stage through such programs as Vision 2030.
The desire to compete has been heavily backed by the Saudi Government, but this year looks to be the true beginning of a collaborative effort between the private sector and the government’s investment funds, hoping to make the strides necessary to reach regional goals.
IT spending is expected to hit around $33.8 billion this year, an indisputably giant budget fully capable of drawing the absolute best, both in cutting edge solutions to providing a truly citizen-centric digital government service and in supporting the private sector’s adoption of global technological standards.
As big data insights make their way through both the region’s business sector and the public’s increasing use of smart technology, the National Transformation Program (NTP) is finding incremental dividends from investments, perhaps eluding to the increase in smart budgets.
The seemingly newfound urgency to compete on the global stage may stem not only from government stakeholders, who account for a large portion of investments being made into the IT sector, but from private investors and industry leaders who are seeing the benefits that smart solutions are bringing to multiple industries, just as the oil industry found with the addition of IoT solutions applied to extraction methods in the region.
Smart technology has already infiltrated healthcare providers, and the advances made in retail, education, and manufacturing are pushing regional developers to meet international industry standards. Investors are finding that by investing in international services and solutions to smart technology and creating competition, not only are needs being met, but competition within the Saudi market stands to benefit.
As smart technology solutions make their way through the region’s businesses ranging from education, healthcare, manufacturing and retail, smart transformation needs are at their utmost importance within the new budget breakdown.
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