The Internet of Things (IoT) market of Saudi Arabia has made a promising growth in the historical years until 2019 and is projected to continue its performance in the next five years, driven by the increasing urbanization and industrialization in the kingdom, according to TechSci Research.
The IoT is an operating system that collects information from a device of electronic through various segments like sensors, software, etc. and delivers it to other devices with the help of the internet. The support extends toward data collection, automation of the data, data operations, through smart devices.
According to the report, the rising number of smart cities and smart electronics abundance is further driving the growth of the Saudi Arabia IoT market in the next five years.
The Kingdom’s government is investing heavily in digital ecosystems that will boost the demand for IoT devices and further supporting the market growth. Furthermore, technological advancements in the IoT sector are also helping.
TechSci Research pointed out that the lifestyle has influenced the consumers to be more inclined toward smarter technologies and devices. The smart infrastructure, health services and educational sectors among other industries are being supported enough with the IoT and thereby supporting the growth of the market.
“The Saudi IoT market is expecting to grow in the upcoming five years with the aids of technological advancements. The market players entering the future market may focus on extended research to provide faster, efficient, and fluid services to the consumers and thereby support the growth of the market. The presence of global players in the market might play a major role in the growth but new market players would have to bring up cut-throat technologies to further stabilize their brands in the market.”
The big names in the Saudi IoT sector include IBM Middle East, Intel Corporation, ZTE (HK), Honeywell Turki Arabia, Huawei Tech Investment Saudi, Oracle Systems, Cisco, Siemens Al Khobar, SAP and Microsoft.
“These market players hold larger shares of the market than the new market players. Newmarket players may focus on the research and development to provide devices that satisfy the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments,” noted Mr. Chechi.