Saudi Arabia takes giant strides towards seizing the data analytics market
Riyadh, 26th February 2024: While fulfilling escalating demands from numerous industries such as financial services, IT, healthcare, smart city, and others, the Kingdom is racing to get the best business insights from data. In that light, Infinium Global Research has forecasted the country’s data analytics market to reach $8.8 billion by 2030, estimated to soar at a CAGR of 30.04% between 2022 to 2030.
While 52% of organisations in the country are switching from traditional business models to agile digital ones, its Ministry of Economy & Planning has signed a MoU with the Saudi Data & AI Authority (SDAIA) to incorporate data analytics & AI for enhanced business efficiency and economic growth.
Even as Vision 2030 continues to diversify the economy away from hydrocarbons and open new digital avenues in the post-oil era, data has been a constant all throughout. The country has now evolved as a hotbed for digital entrepreneurship and continues to attract enormous venture capital investments.
A while ago Harvard Business Review, depicted a 72 percent increase in VC funding between 2021 & 2022 pertaining to the Kingdom’s startup ecosystem, which accounted for $987 million across 144 deals. Last year, at one of Riyadh’s most popular trade centres, nine funds adding up to $2.4 billion were announced to expedite startup growth.
Get the latest from Saudi Arabia’s data analytics market and shake hands with the industry’s top experts at Smart Data & AI Summit on 27 – 28 May 2024 in JW Marriott Riyadh. Visit website: http://13.201.34.97/