Exploring the Leading Emerging Digital Technologies in Saudi Arabia
Last Updated on November 9, 2023 by Ameer Hamza
Saudi Arabia is in the midst of a monumental transformation, setting its sights on a bold vision for 2030. As the country restructures its regulatory framework in order to attract a diverse range of investors and enterprises, the Kingdom is rebuilding its traditional oil-centric model for a future of unparalleled growth and innovation. Discover the top cutting-edge digital technologies that innovative KSA companies have actively embraced in this transformative year.
Digital Technology Frontiers: Innovations Shaping KSA’s Future
During the COVID-19 pandemic, the Saudi Arabian Monetary Authority (SAMA) demonstrated its commitment to embracing emerging technologies, particularly within the financial sector. The Saudi government and the Ministry of Communications and Information Technology (MCIT) recognized that blockchain technology is one of the key growth drivers because of how important it is to their digital transformation plan. The ambitious goal of the MCIT is to double the size of the IT industry in the following five years. In this context, digital ledger technology took a central role at LEAP, a major technology exhibition and conference that took place in February 2022.
Artificial Intelligence and Machine Learning
Reports say that King Abdullah University and the Saudi Authority for Data and Artificial Intelligence have agreed to open an AI and data science center of excellence in KSA. KSA will also look into machine learning as part of its digital technology change because of its ability to examine data sets and use pattern recognition, which improves productivity, precision, and decision-making.
KSA made a groundbreaking announcement regarding WiFi spectrum compatibility, declaring itself to have the broadest range in the world, and it’s now in the process of rolling out WiFi 6E. Due to cutting-edge technology and a unique spectrum allocation, KSA will soon have the fastest WiFi links in the world, with speeds of up to 2.4 Gbps. As a result of this improvement in communication, the country’s GDP is expected to grow from $4.7 billion in 2020 to a huge $18 billion by 2030.
Robotic Process Automation
Robotic process automation (RPA), an intriguing advance in Saudi Arabian digital technology, uses software robots to speed up and automate processes previously handled by skilled workers. IDC projects that KSA’s RPA investment will reach $27.4 million in 2023, growing at a (CAGR) of 56% from 2019. For one, it can totally automate many procedures. For instance, this automation has the potential to transform banking operations, resulting in increased productivity. Deploying systematic software robots capable of performing rule-based operations and handling complex activities can strengthen the Saudi banking system.
KSA’s journey toward digital transformation is reshaping key sectors and ushering in a new era of growth and innovation. At the forefront of this shift are new digital technologies like blockchain, artificial intelligence, WiFi 6E, and robotic process automation. KSA is actively embracing these cutting-edge advancements with ambitious aims and strategic investments, laying the groundwork for a vibrant and technologically driven future.