IT Consulting & Implementation - Saudi Arabia

Saudi Arabia

Revenue in the IT Consulting & Implementation market is projected to reach €111.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.83%, resulting in a market volume of €134.10m by 2029.
The average Spend per Employee in the IT Consulting & Implementation market is projected to reach €6.72 in 2024.
In global comparison, most revenue will be generated in the United States (€25,240.00m in 2024).

Key regions: Brazil, Netherlands, Spain, Italy, Japan

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The IT Consulting & Implementation market in Saudi Arabia has experienced significant growth in recent years.

Customer preferences: Saudi Arabia's IT Consulting & Implementation market is driven by the increasing demand for digital transformation and the adoption of cloud technology. Companies are seeking to optimize their business processes and operations by leveraging technology to improve efficiency, reduce costs, and enhance customer experience. Additionally, there is a growing need for cybersecurity services to protect against cyber threats and data breaches.

Trends in the market: The IT Consulting & Implementation market in Saudi Arabia is expected to continue its growth trajectory, driven by the government's efforts to diversify the economy and reduce its reliance on oil revenues. The government's Vision 2030 initiative aims to transform the country into a digital hub, with a focus on developing the IT sector and promoting innovation. As a result, there has been an increase in investment in technology infrastructure and the development of digital platforms.Another trend in the market is the rise of artificial intelligence (AI) and machine learning (ML) technologies. Companies are increasingly adopting these technologies to automate business processes and improve decision-making. The demand for data analytics and business intelligence services is also growing, as companies seek to gain insights from their data to drive business growth.

Local special circumstances: Saudi Arabia has a large and growing population of young, tech-savvy individuals who are driving the adoption of digital technologies. The government has also implemented policies to encourage entrepreneurship and innovation, which has led to the emergence of a vibrant startup ecosystem. Additionally, the country's strategic location and strong economic ties with other countries in the region make it an attractive destination for international companies looking to expand their operations in the Middle East.

Underlying macroeconomic factors: Saudi Arabia's economy is heavily dependent on oil revenues, which have been impacted by fluctuations in global oil prices. However, the government's efforts to diversify the economy and promote non-oil sectors, including the IT sector, have helped to mitigate the impact of these fluctuations. The country's strong fiscal position and stable political environment also make it an attractive destination for foreign investment.

Methodology

Data coverage:

The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.