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Written by Jack » Updated on: November 19th, 2024
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. The 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 the 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 the 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 the Saudi Arabia Cloud Services Market.
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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:
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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.
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