On Tuesday, Riyadh — CITC, Saudi Arabia’s Communications and Information Technology Commission, organized the event with the Communication and Information Ministry and the Ministry of Investment.
The Digital Technology forum featured the latest trends and best practices on smart cities, investment success stories, and investment opportunities in IT and ET in Saudi Arabia.
The sessions presented discussions with some of the most innovative and visionary IT and ET experts and investors from Ericsson, Huawei, Amazon, Abdullatif Jameel, Machinestalk, and Fawaz Alhokair Group.
Experts discussed vital issues such as “Tech Enablement: Infrastructure, Cloud Computing, Cybersecurity and Data,” “Tech Investment: Success Stories,” and “Tech Trends: Investing in Future Technologies, and Tech Market: A Healthy Environment.”
Additionally, investment opportunities worth billions of dollars were highlighted across different adjacent markets, including cloud, IoT, Fintech, and more.
Dr. Mohammed Altamimi, governor of CITC, explained, “Saudi Arabia’s digital achievements are a result of the Kingdom’s strategic focus three key objectives: enhancing and protecting the core of the 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.”
The IT and ET market segment is predicted to grow at 10% CAGR, surpassing $27 billion by 2025. Similarly, the IoT market size is expected to grow at 26% CAGR by 2025. Saudi Arabia has the most extensive Narrowband IoT role out in MENA, reaching 90% coverage.
Cloud services are to make up to 30% of the total ICT spend in the Kingdom by 2030.