Saudi Arabia’s ICT infrastructure market is forecasted to grow at a compound annual growth rate (CAGR) of 9.01% until 2030, remarkably hitting $1.5 billion in 2020.
According to a report published by TechSci Research, growth in this market is driven by increased spending in the telecom and ICT industry by the Saudi government, bring your own device (BYOD) trend, supportive government initiatives for 5G network commercialization, increasing cellular internet penetration, and massive cloud adoption.
By definition, telecom ICT infrastructure includes all the information and communication technology infrastructure and systems that are used in an organization, such as software, hardware, firmware, networks, and company websites.
Furthermore, telecom service providers who upgrade existing telecom infrastructure also boost the market’s growth. In terms of market segmentation, the professional services segment is expected to be dominant since these are the most preferred type of services which form the backbone of the telecom infrastructure.
Additionally, the supportive government policies such as Saudi Vision 2030 and National Digital Transformation are expected to propel the market forward, alongside the contribution of major operating players including ZTE, Ciena, Cisco, CommScope, Huawei Technologies, and others.
These tech companies are continuously developing advanced technologies and launching new services in order to stay competitive in the market.