Saudi Arabia’s share of the global IT market will rise by five million USD between 2021 and 2026. The market is expected to grow at a compound annual growth rate of 7.78%. An influential factor in Saudi Arabia’s IT sector that is anticipated to have a favorable effect over the next few years is the rising need for e-governance. As of 2022, the IT services industry in Saudi Arabia is expected to generate $2.17 billion in revenue. In recent years, the KSA government has negotiated several agreements designed to achieve its technological goals.
According to projections, by 2025, the Saudi government will have spent an unprecedented $24.7 billion on technology. KSA is a country with the largest technology investment in the world. In a similar manner, the Saudi information technology company MIS is anticipated to surpass over $798 billion in contracts by the end of 2022. An increase in performance and profitability is anticipated due to the company’s pursuit and award of contracts totaling more than SR3 billion by year’s end.
Expected Rapid Improvements In MIS’s Performance
The second half of 2022 is predicted to be a time of rapid performance improvement for MIS. Since all of MIS’s current projects are scheduled to wrap up by the end of 2022, the company is anticipating a prosperous financial report at that time. After the year’s first half, the company’s cash balance was SR192 million, demonstrating its strong financial position. Compared to the SR850 million the company won in new projects last year, this year might bring in as much as SR2.2 billion.
MIS Secures An Agreement Worth $45.14mn With SDAIA
The Saudi Data and Artificial Intelligence Authority and MIS have reached an agreement with an estimated value of SAR 169.33 million. During the course of the contract, which lasts for two years, MIS will be responsible for the provisioning, construction, and configuration of infrastructure capabilities for a disaster recovery setting. Beginning in the third quarter of 2022 and continuing through the third quarter of 2024, the financial impact of the agreement will have a favorable effect on MIS.
How Is Saudi Arabia Expanding Its Technological Landscape?
With a value of about $40 billion, the Saudi Arabian market is the biggest in the Middle East and North Africa. Experts agree that training young people to work in technology-based fields must be a top concern. Creating skill-based programs to fill open positions in the tech sector is the most effective way to boost employment prospects. Implementing certificate programs with strong links to the business community might help improve the situation. Getting better at using technology is crucial. For Saudi Arabia to compete, it must equip its workforce with the knowledge and abilities required by the world’s leading technology companies. The young Saudi generation will get the Kingdom where it needs to be because of their skills, knowledge, and flexibility.
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