Addressing industry experts and stakeholders about the importance of an interconnected economy, Mohammed Al-Tamimi, governor of the Communications and Information Technology Commission (CITC) said that Saudi Arabia will see significant growth in all major areas of digital technology from Internet of Things (IoT) to cloud computing, taking the entire size of the information and communication technology (ICT) sector to $27 billion by 2025.
“The Kingdom will witness, over the next five years, the growth of the IT and emerging technologies markets at a compound annual rate of nearly 10 percent. Its size will exceed $27 billion by 2025,”said Mohammed Al-Tamimi, during the Digital Tech Form in Riyadh.
Similarly, the IoT market size is expected to grow at a compound annual rate of 26 percent, while cloud services are expected to make up to 30 percent of the total ICT spend in the Kingdom by 2030.
“Saudi Arabia’s digital achievements are a result of the Kingdom’s strategic focus three key objectives: Enhancing and protecting the core of digital infrastructure, enabling the expansion of IT services, software, and hardware and, most importantly, supporting the exploration of new emerging markets that will form the backbone of the digital economy,” Al-Tamimi said.
The annual forum organized by CITC aims to provide insights on the developments in the information technology (IT) and emerging technologies (ET) sectors, in partnership with the relevant stakeholders. The theme of this year's edition is on ‘Promising investment opportunities for a digital future’.
The discussion topics included tech enablement – Infrastructure, Cloud Computing, Cybersecurity and Data; MCIT, CITC and ministry of investment’s role in enabling investment in IT & ET; Tech Market Environment, investment in future technologies, and tech investment success stories.