Saudi’s Computing and Data Analytics Landscape, Stats, And Facts:
The Saudi Arabian Big Data and AI Market were estimated to be worth USD 164.98 million in 2020; it is anticipated to grow to USD 891.74 million by 2026, averaging a CAGR of 32.6% from 2021 to 2026. During the period of the forecast, the Kingdom’s computing and data analytics market is projected to grow because cloud computing and data analytics in strategic initiatives are making it easier to connect to data. Considering that the concept of computing and data analytics were practically unknown in the Kingdom just a couple of years ago, this is a stunning figure.
Computing and Data Analytics Landscape, Stats, And Facts In Saudi Arabia
In the past ten years, Saudi Arabia has made much progress in improving its computing and data analytics ecosystem. The country has invested funds in infrastructure and taken steps to improve digital literacy to keep up with the ever-changing field of data science.
One of the main areas of focus has been on building up the digital infrastructure of the Kingdom. The Red Sea high-tech city of NEOM, in which the Saudi government announced intentions to invest $500 billion in 2018, seeks to be a center for innovation and technology on a worldwide scale. All of which promotes the use of data analytics tools and smart city projects like NEOM while also creating environments open to AI. Saudi Arabia also launched its National Strategy for Data and AI in 2020. The goal of this plan is to make the country a world leader in data and AI. According to a survey by PriceWaterhouseCoopers, artificial intelligence is expected to make up 12.4% of Saudi Arabia’s GDP, which is expected to reach US$135.2 billion in 2030.
The Kingdom has put a lot of funds into its people’s education and training. Recently, the country began many programs to help young generations learn the skills they need to succeed in the digital economy. For example, the Saudi Federation for Cybersecurity, Programming, and Drones (SAFCSP) has started programs like the “National Cybersecurity Talent Search (NCTS).” The NCTS aims to discover and train the next generation of information security professionals.
As a result of these initiatives, Saudi Arabia has become a major player in the computing and data analytics global market. Quant Data & Analytics and ExaServe are just a few of the top data science and analytics companies with offices in the country. A lot of international companies have also set up offices in the Kingdom because its economy is doing well and it has a high level of technological expertise.
The future appears even more promising as Saudi Arabia focuses on expanding its computing and data analytics landscape. The country has already seen some excellent results. The ambitious NEOM project and the Saudi government’s decision to invest in digital infrastructure have put the country in a strong position to lead the world in data science. As Saudi Arabia continues to take advantage of the opportunities offered by computing and data analytics, it will generate additional revenue and draw more people from all over the world. This will strengthen its position as a major player in this fast-growing industry.