Last Updated on November 9, 2023 by newseditor
Recently, technology has been rapidly evolving, leading to a surge in its impact on businesses and the world. Advances in technology can be witnessed today in social media, cloud computing, and other areas radically changing our everyday lives. Different sectors in businesses, companies, and even countries adopt new variations of technological innovations for future growth, development, and customer satisfaction.
New Technologies and Digital Transformation Peaks in Saudi Arabia
In particular, the Kingdom of Saudi Arabia has surpassed its global peers in experimenting and deploying new technologies such as the Internet of Things, Cloud Technology, Artificial Intelligence, Data Transformation, Blockchain, Machine Learning, Robotics, and 5G across public and private sector organizations. According to the ‘Tech Survey Saudi Arabia’ by KPMG, companies in Saudi Arabia are actively investing in digital transformation.
They are keen on adopting and exploring emerging technology to transform their businesses. Saudi Arabia companies show a dynamic and progressive approach to leveraging technology to its full potential, enabling them to move faster and beyond their global counterparts.
Inspired by Vision 2030 and Digital Transformation Initiatives laid out by their government, Saudi companies utilize the enormous potential of technology to transform their economy and society. Companies in the Kingdom are less risk-averse towards embracing and indulging in new cutting-edge technologies and technology strategies to achieve their vision of Digital Transformation.
According to the KPMG Survey, two-thirds of Saudi companies use technology to improve their business strategies. About 80% of organizations in the Kingdom are at an advanced stage of digital transformation. Both public and private organizations show an optimistic and confident approach to the impact of technologies in Digital Transformation.
According to a PwC report, the Middle East is estimated to accrue up to 2% of the overall global benefits of AI in 2030, equivalent to US$320 billion, with Saudi Arabia expected to have the most significant gains with AI contributing over US $135.2 billion to its economy in 2030. The adoption of AI in Saudi Arabia is set to help the growth of organizations by replacing humans with technical solutions that use AI. In addition, using AI is projected to reduce expenses, improve performance, and increase productivity.
Even with adopting new technologies, there are risks and challenges. The biggest challenge Saudi companies face is security and compliance requirements, as reported by the KPMG survey. Upon realizing the need for security to protect their ecosystem, most Saudi organizations have deployed cybersecurity teams to tackle the threats and problems hindering security efforts. Research shows that 63% of Saudi organizations plan to invest 20% more than the global average in application security.
“Every business is a technology business” is a core realization executives in Saudi Arabia and worldwide have had over the last year. According to Accenture, 74% of executives in Saudi Arabia realize that their organizations’ business and technology strategies are becoming inseparable and indistinguishable. In line with Saudi Arabia’s 2030 vision, startups, and established companies are enthusiastic about adopting new technologies to outperform their global competitors. They experience benefits like improved decision-making processes, improved quality, solutions to administrative problems, lesser costs, and increased productivity