Saudi Arabia’s IT and emerging technologies market has witnessed rapid growth, bringing its value to about SAR 81 billion ($21.6 billion) last year, with expectations that it would reach SAR 103 billion ($27.4 billion) by 2025.
This announcement came during the Digital Technology Forum 2023, which was organized on Wednesday in Riyadh, under the patronage of the Saudi Minister of Communications and Information Technology and Chairman of the Board of Directors of the Communications, Space and Technology Commission (CST), Eng. Abdullah Al-Sawaha.
Held under the theme, “Pioneering Software for a Thriving Digital Economy”, the third edition of the forum highlighted the main topics in the technology sector, which include the development of promising software, market opportunities and their positive impact in promoting digital transformation in sectors and enabling digital economy business models.
According to the CST, 18 IT companies are currently listed in the financial market, as software is considered one of the most promising global markets with a compound annual growth rate of up to 11 percent.
The forum saw the launch of the IT graphic integration company, Fusion, which specializes in providing innovative solutions to government agencies, and which was established in an alliance between service providers stc, Mobily and Zain.
Managing Director of Fusion Abdulaziz Al-Shamsi presented the company’s vision to become the primary center for all communication data in the Kingdom.
He stated that Fusion seeks to provide comprehensive insights to government agencies by collecting and analyzing information from major service providers and presenting it as customized data.
Fusion will provide multiple products, including demographic analyses, population statistics, and information on population size, as well as traffic indicators, and information on public road routes, public transportation, and parking, Al-Shamsi underlined.
On the sidelines of the forum, Fusion signed three memorandums of understanding with the Ministry of Hajj and Umrah, the Ministry of Tourism, and the Ministry of Municipal and Rural Affairs and Housing, to discuss ways to improve performance efficiency, increase productivity, and enhance economic development and sustainability.
The Digital Technology Forum is an annual event, which is held by the CST, in partnership with the Ministry of Communications and Information Technology, to keep pace with the latest developments and changes in the sector.
In its current edition, the forum discussed, through five dialogue sessions and three presentations, the most important opportunities and possible tools for the software market in the Kingdom, market empowerment and its impact on economic development, and the future of the sector locally and globally, with the participation of an elite group of local and international specialists and experts.
