Saudi IT market grows at rapid pace

Shahid Bhatti

Saudi IT market grows at rapid pace of 17% and by 2013 the market is expected to grow almost to the tune of US$ 10 billion. Economy is spurred with the sustained adoption of technology as well as by increased government spending.

Shahid Bhatti, Project Manager of GITEX KSA at Riyadh Exhibitions Company, said: “The next few years will be crucial as the Saudi market ushers in a period of sustained growth and strong demand for IT products and services. Local and international industry players are now jockeying for position and are taking advantage of every opportunity to strengthen their marketing initiatives and grab a significant share of the IT market.

The kingdom’s IT market is expected to achieve a compound annual growth rate (CAGR) of 13.4 per cent over the next three years, according to the Communication and Information Technology Commission (CITC) annual report. Sustained government expenditure, the growing number of mega-infrastructure developments, enhanced business landscape, and continued adoption of technology-based services such as IT outsourcing have been identified as the catalysts for the increase in demand for various IT products and services.