Saudi Arabia's Internet of Things (IoT) market has shown promising growth in the historical years until 2019 and is expected to continue its performance over the next five years, thanks to the rising urbanisation and industrialisation in the kingdom, according to TechSci Research.
The IoT is operating system that collects the 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 the smart devices.
Moreover, 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.
According to the report, the Saudi government is investing heavily on digital ecosystems that will increase internet of things devices demand and further substantiating the market growth. Furthermore, technological advancements in the IoT sector is further substantiating the growth of the market.
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 internet of things and thereby supporting the growth of the Saudi Arabia internet of things market, it stated.
"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 the extended research to provide faster, efficient, and fluid services to thew consumers and thereby support the growth of the market," stated Karan Chechi, the Research Director.
"The presence of global players in the market might play 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," he noted.
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. With the advancement of the technology, it is appropriate to say that the effective research and development of the technologically advanced devices would support the market growth and benefit the market players as well as the consumers," noted Chechi.
"New market players may focus on the research and development to provide devices that satisfies 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," he added.-TradeArabia News Service