Total spending on information and communication technology (ICT) in Saudi Arabia is set to reach $37 billion this year, up 2.4 percent on 2019.
That’s according to the latest forecasts by International Data Corporation (IDC) as it hosted the kingdom’s most influential ICT industry figures in Riyadh for IDC Directions 2020.
Delivering the event’s keynote address, the firm’s country manager for Saudi Arabia and Bahrain, Hamza Naqshbandi, announced that spending on IT services will reach $3.9 billion in 2020, while software spending will top $1.4 billion.
He said the government, finance, and communications sector will spend in excess of $3.8 billion on IT in 2020, accounting for almost 53 percent of total IT spending across all industries in the kingdom.
“The Saudi ICT market is grappling with a wave of new digital transformation realities,” said Naqshbandi. “The growth we are seeing in ICT spending is primarily being driven by an increased focus on giga projects and smart governance.
“These initiatives are spurring the adoption of artificial intelligence, robotics, the Internet of Things, cloud, blockchain, and a host of other emerging technologies as both the public and private sectors look to create synergies, cut costs, increase safety, and optimize processes across verticals in a whole new way.”
IDC Directions hosted dedicated sessions explored the emerging opportunities that exist in key technology domains, such as cybersecurity, cloud, artificial intelligence, and the Internet of Things, while IDC thought leaders shared their latest forecasts and predictions for the kingdom’s technology markets.
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