Saudi Arabia Cloud Services Market
Saudi Arabia Cloud Services Market Size More Than Doubles to Touch USD 8.5 Billion by 2029
Published | 09 March 2023
Saudi Arabia cloud services market is flourishing because of growing economic benefits leading to cloud adoption, rapid digitization, and increasing government policies and initiatives
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Saudi Arabia cloud services market size at USD 2,969.8 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Saudi Arabia cloud services market size to grow at a significant CAGR of 16.2% reaching a value of USD 8,469.48 million by 2029. Major growth factors of Saudi Arabia cloud services market include growing demands for reduced capital expenditure, growing recognition of digital business strategies, growing preference for the Internet of Things (IoT), and quicker and easier cloud service implementation. The growing number of internet users contributes significantly to the country's cloud services sector. Data generation is increasing in tandem with internet penetration. It is difficult to secure such a big volume of data. Many businesses continue to keep client and corporate data in physical data centers. Cloud server vendors anticipate supplying additional cloud-based data centers at lower costs as more enterprises adopt cloud computing. Enterprises will benefit from competitive pricing due to the availability of multiple cloud service providers. This advancement will allow data to be stored in less physical area. However, high dependence on external sources to balance the skill deficit is anticipated to restrain the overall market growth.
Saudi Arabia Cloud Services Market – Overview
Cloud computing refers to the method of storing, processing, and managing data on a network of remote computers hosted on the Internet rather than on a local server or a personal computer. It is a shared storage space which enables all network gadgets to retrieve data at the same time. Not only can cloud computing save money, but it also makes apps available to all network devices at any time and from any location. It also compares cloud computing to traditional computing and shows how cloud computing outperforms traditional computing. Cloud computing technology consists of both hardware and software that enables the delivery of services. Because of features, such as access to a bigger network, on-demand service, pay-as-you-go benefits, resource pooling, business agility, fast flexibility, and cost-cutting, the cloud computing services industry has a lot of potential. The global use of cloud computing services in various industries such as medical and healthcare, banking, financial services, and insurance, as well as the educational sector, determines the scope of future growth in the cloud services market.
Impact of COVID -19 on Saudi Arabia Cloud Services Market
COVID-19 crisis has transformed the way corporations operate. Due to increased demand caused by the pandemic, local firms are embracing cloud services to improve efficiency and scalability. Cloud computing can boost competitiveness by cutting costs, boosting flexibility and elasticity, and making better use of resources. Cloud services and features that can help businesses prosper include big data analytics, hybrid and multi-cloud clouds, storage, disaster recovery, and data backup.
Saudi Arabia Cloud Services Market – By Industry Vertical
By industry vertical, Saudi Arabia cloud services market is segmented BFSI, IT & Telecommunications, Government, Media & Entertainment, and Healthcare. The healthcare segment is expected to hold the highest market share during the forecast period. The government's initiatives to digitize the healthcare sector are significantly driving the increase in cloud service use in the country. During COVID-19 pandemic, Saudi Arabia's Ministry of Health (MoH) expedited the transformation of its IT systems, putting additional burden on healthcare systems and increasing the need for diverse applications such as vaccine booking platforms and remote access to patient records. After the pandemic, the deployment of cloud services in the healthcare sector has surged. Using cloud services in the healthcare sector allows providers to transition away from labor-intensive, energy-intensive servers and instead manage their IT operations securely from the cloud. The demand for cloud services in the country's healthcare institutions increased as a result. Several cloud service companies, including VMware and STC Cloud, are collaborating with the Ministry of Health and commercial healthcare providers to deliver the benefits of innovative technology to all patients in the Kingdom. Cloud technologies reduce paperwork and provide new doctors with easy access to patients' medical information, increasing their use in the healthcare sector.
Major players operating in Saudi Arabia cloud services market include Google LLC, Amazon Web Services Inc., Alibaba Cloud, Microsoft Corporation, Oracle Corporation, VMware, Inc., Salesforce Inc, Saudi Telecom Company, IBM Corporation, and SAP SE. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Saudi Arabia Cloud Services Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia Cloud Services Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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