Saudi Arabia Cloud Services Market is Expected to Grow at high CAGR through 2028
Investments in technology as Saudi
enterprises shift to a digital-first approach to drive the Saudi Arabia Cloud
services market.
According to
TechSci Research report, “Saudi Arabia Cloud Services
Market - By Region, Competition, Forecast & Opportunities, 2028”, Saudi Arabia cloud
services are increasingly sought-after because they use virtualization to give
organizations all over Saudi Arabia access to on-demand computer power, data
storage, and other services. Growing use of cloud services across a range of
sectors, including healthcare, BFSI, government, IT, and telecom, has been
essential for the market's expansion. A major growth factor has been the
growing need to efficiently store, access, and manage the enormous volume of
data generated by these industries in the cloud.
Moreover, for more than 70%
of firms, the cloud played a significant role in expediting digital
transformation goals. The security and confidence of every firm, including the government,
regarding the cloud might be strengthened by focusing on secrecy, integrity,
and availability. In order to assist businesses in achieving their objectives
for cloud-first digital transformation, Saudi Arabian organizations are now
concentrating on further promoting cloud-first policy, developing a framework
for cloud computing regulations, and adhering to cloud security protocols and
compliance.
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Saudi Arabia's Tourist
Development Fund (TDF) completed a large Oracle Cloud implementation to support
investors and foster the expansion of the travel and tourism sector. Oracle
Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software
as a Service (SaaS) cloud technologies are all included in the implementation.
It primarily supports the automation and integration of TDF's key operations,
including core banking, finance, human resources, and procurement.
The Saudi Arabia Cloud
Services Market is divided into offering, deployment, type, enterprise size, and
vertical. Based on offering, the market is divided into software and solution. On
the basis of deployment, the market is segmented into public cloud, private
cloud, hybrid cloud. Based on type, the market is divided into IaaS, SaaS, and PaaS.
Based on enterprise size, the market is segmented into large enterprise, small
enterprise and medium enterprise. On the basis of vertical, the market is
segmented into BFSI, IT & Telecom, government, retail, manufacturing, oil,
gas, and utilities, healthcare, and others.
In terms of regional analysis, the Saudi
Arabia Cloud Services Market is segmented into Eastern, Northern & Central,
Western, and Southern. The Central Region is dominant as most of the market
players are present in this region.
The
BFSI vertical is expected to be the fastest growing segment during the forecast
period as there are major investments for digital transformation of the banks.
For instance, in April 2022, Red Hat Inc., a provider of
open-source solutions, announced that Riyad Bank, a leading financial institution
in Saudi Arabia (KSA), has deployed a hybrid cloud strategy based on Red Hat's
portfolio of open hybrid cloud technologies, including Red Hat OpenShift. The
bank's efforts to accelerate innovation and time-to-market for digital services
and products are primarily based on Red Hat's open innovation strategy. Riyad
Bank is undergoing a digital transformation to increase its competitiveness in
the growing fintech sector and help the Kingdom realize Vision 2030. The bank
is working to promote financial inclusion and the banking industry's expansion,
growth, and diversity to accomplish the goal. These efforts are partly
motivated by emerging IT advancements. Riyad Bank additionally uses Red Hat
OpenStack Platform as a basis for private cloud, Red Hat OpenShift Data
Foundation, and Red Hat Ceph Storage for its storage requirements to support
cloud architecture, thereby, driving the growth of Saudi Arabia Cloud Services
Market.
Moreover,
Nutanix, a well-known name in hybrid multi-cloud computing, has reinforced its
commitment to helping Saudi Arabian financial services companies leverage
hybrid multi-cloud architecture. This allows the businesses to manage the cost,
complexity, speed, and scalability of processes while boosting revenue. With Nutanix's
adjustable features, businesses can easily build hybrid multi-cloud
environments for testing and development. Businesses can employ the most recent
DevOps methodologies thanks to the automation and provisioning capabilities of
the application services layer. Their development times can be shortened by
more than 25% thanks to these automated processes. Thus, during the projection
period, these factors considerably boosted the usage of cloud services in
various organizations and consequently influenced the market growth rate.
Key market
players in the Saudi Arabia Cloud services Market include:
- Google LLC
(Alphabet Inc.)
- Amazon Web Services
Inc. (AMAZON.COM, Inc.)
- Alibaba Cloud
(Alibaba Group Holding Limited
- Microsoft
Corporation
- Oracle Corporation
- CloudSigma AG
- VMware, Inc.
- Salesforce Inc
- Saudi Telecom
Company
- IBM Corporation.
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“The Saudi Arabia
Cloud Services Market is expected to expand during the forecast period. The
Kingdom of Saudi Arabia has the largest investments made by the government in
the world, accounting for 21.7% of the country’s expenditures and is expected
to reach USD 24.8 billion by 2025, according to the Governor of the Digital
Government Authority (DGA). According to the government, 6442 open data sets
have been published by 141 federal agencies. Information technology services
will be able to satisfy 74% of the government's overall demand for cloud
computing services, software, and big data in the ensuing years.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Saudi Arabia Cloud Services Market–By
Offering (Software, Solution), By Deployment (Public Cloud, Private Cloud,
Hybrid Cloud), By Type (IaaS, SaaS, PaaS), By Enterprise Size (Large
Enterprise, Small Enterprise and Medium Enterprise), By Vertical (BFSI, IT
& Telecom, Government, Retail, Manufacturing, Oil, Gas, and Utilities,
Healthcare, Others), By Region, Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028”, has
evaluated the future growth potential of Saudi Arabia Cloud Services Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Saudi Arabia Cloud
Services Market.
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