Riyadh - Sharikat Mubasher: Saudi Arabia’s information technology (IT) services market is forecasted to reach $6.4 billion in 2027, recording a compound annual growth rate (CAGR) of 9% during the period 2022–2027, a recent report stated.
A report released by the International Data Corporation (IDC) expected spending on IT services in Saudi Arabia to surpass all other countries in the Middle East and Africa region.
The Kingdom’s economy continues to grow with great resilience despite the challenges posed by the global pandemic and the recent global economic slowdown.
The IDC’s report highlighted the Kingdom’s massive investments in mega projects and digitalization initiatives which led to a huge demand for emerging technologies and bolstered the implementation of digital transformation initiatives across both the public and private sectors.
Suraj Godse, a Senior Research Analyst at IDC, stated that service providers in the Kingdom need to leverage new technologies to provide cost-effective and efficient services to customers to position themselves as value-based service partners.
On the other side, the report noted that government, finance, as well as media and communications remain the top three industries in terms of IT services spending and will continue to drive growth in this area over the coming years.
IDC is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets.
