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IT Market in Saudi Arabia to Grow by USD 5.6 Billion (2025-2029), Driven by National Transformation Program Launch, with AI Driving Market Transformation – Technavio

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NEW YORK, Feb. 10, 2025 /PRNewswire/ — Report with the AI impact on market trends – The IT market in saudi arabia size is estimated to grow by USD 5.6 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of  6.9%  during the forecast period. Launch of national transformation program is driving market growth, with a trend towards increasing adoption of e-governance. However, increasing threat of cyber crimes  poses a challenge. Key market players include Accenture PLC, Al Moammar Information Systems Co., Amazon.com Inc., AT and T Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp., Comprehensive Technology Co., DataFlow Group, Easy World Automation LLC, Ejada Systems Ltd., Google LLC, Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., International Business Machines Corp., IQVIA Holdings Inc., Microsoft Corp., NEC Corp., Oracle Corp., SAP SE, and SAS Institute Inc..

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IT Market In Saudi Arabia Scope

Report Coverage

Details

Base year

2024

Historic period

2019 – 2022

Forecast period

2025-2029

Growth momentum & CAGR

Accelerate at a CAGR of 6.9%

Market growth 2025-2029

USD 5600.3 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.4

Regional analysis

Saudi Arabia

Performing market contribution

Middle East and Africa at 100%

Key countries

Saudi Arabia

Key companies profiled

Accenture PLC, Al Moammar Information Systems Co., Amazon.com Inc., AT and T Inc., Cisco Systems Inc., Cognizant Technology Solutions Corp., Comprehensive Technology Co., DataFlow Group, Easy World Automation LLC, Ejada Systems Ltd., Google LLC, Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., International Business Machines Corp., IQVIA Holdings Inc., Microsoft Corp., NEC Corp., Oracle Corp., SAP SE, and SAS Institute Inc.

Market Driver

The Saudi Arabian IT market is experiencing significant growth due to the government’s focus on digital transformation through the Vision 2030 program. In the 2020 UN E-Government Development Index, Saudi Arabia ranked 9th, reflecting progress in online services. The government offers various e-services, including employment programs, e-learning, online job searches, passports and civic affairs, traffic updates, commercial register issuance, and payment services. The Vision 2030 program aims to expand online services, introducing geographic information systems (GIS), healthcare, and education. The Saudi Arabian government is strengthening online services within the public sector, promoting cloud applications, data-sharing platforms, and HR management systems. Additionally, the increased use of cloud computing in various sectors is anticipated to fuel market growth during the forecast period. 

In Saudi Arabia’s IT market, high-speed internet and smartphone penetration are on the rise. With the rollout of 5G networks, wireless connections are becoming faster and more reliable. Digital innovation is transforming industries such as Pharmacy and Healthcare with IoT technology. Industry 4.0 is gaining traction in sectors like Construction and Consumer Goods. Businesses are embracing digital-savvy solutions like Client Computing, Consulting, Integration Services, Data and Analytics, Edge Computing, IT Management, Mobility, Networking, Security, Servers, Storage, Communication, and Telecommunication. Oil and gas companies are leveraging data processing for real-time communication and e-governance. Hardware and Software providers are meeting the demands of businesses and consumers. The IT sector is also focusing on cybersecurity to protect against data theft. Overall, the IT market in Saudi Arabia is thriving with trends like AI, 5G, and cloud computing shaping the future. 

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Market Challenges

In Saudi Arabia, businesses are experiencing a significant rise in the implementation of advanced technologies due to globalization, privatization, and technological advancements. This digital transformation includes the adoption of cloud services and infrastructure, such as public clouds. However, this shift brings new risks, particularly cyberattacks. The COVID-19 pandemic has led to an increase in remote workforces and the use of mobile phones and IoT devices, making enterprises more vulnerable. First-time adopters of cloud services rely on providers’ security infrastructure, increasing their risk. Data breaches can negatively impact companies’ performance and result in financial losses for their customers. Cybercriminals can gain instant access to sensitive information, leading to potential financial damage. To mitigate these risks, companies and government entities must invest in robust security technologies. Additionally, predictive threat intelligence and analysis platforms can offer advance warnings of fraudulent activities or anomalous transactions, slowing down market growth during the forecast period.In Saudi Arabia’s IT market, businesses face several challenges in the digital age. High-speed internet is essential for fast data processing and real-time communication, but penetration remains low in some areas. The rise of smartphones and 5G networks necessitates wireless connections for industries like Pharmacy and Healthcare, as well as Construction and Consumer Goods. Digital innovation demands integration of IoT and Industry 4.0, but also brings risks such as data theft. Businesses need consulting, integration services, and IT management to navigate these changes. Data and analytics, edge computing, and cybersecurity are key areas of focus. Telecommunication companies are investing in 5G networks and AI for client computing and communication. Oil and gas, e-governance, and telecommunications sectors are adopting cloud computing and data centers for efficient data processing. Security remains a top priority for all businesses, especially in the era of cyber threats.

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Segment Overview 

This it market in Saudi Arabia report extensively covers market segmentation by  

ComponentHardwareServicesSoftwareEnd-userGovernmentTelecommunicationBFSIOil And GasOthersGeographyMiddle East And Africa

1.1 Hardware-  The IT market in Saudi Arabia is thriving, with numerous businesses adopting digital solutions to enhance their operations. The kingdom’s Vision 2030 initiative prioritizes digital transformation, creating ample opportunities for IT companies. The market size is expected to grow significantly due to increasing demand for cloud services, cybersecurity, and artificial intelligence. Saudi Arabian Monetary Authority’s (SAMA) Fintech Program further boosts the sector, attracting international players. Businesses and government entities invest in IT infrastructure upgrades, ensuring a robust and expanding IT market.

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Research Analysis

The IT market in Saudi Arabia is thriving, driven by the growing demand for advanced technology solutions in various sectors. Hardware and computers are popular, with a focus on high-performance systems for businesses and fast, efficient devices for consumers. Software, including productivity suites and specialized applications, is in high demand, particularly in industries like healthcare and finance. The internet and mobile phones are essential for connectivity, with a push for fast internet and wireless connections. Telecommunications companies are expanding their networks, while data centers and cloud computing provide businesses with secure, reliable storage and processing solutions. Real-time communication and collaboration tools are crucial for remote work and virtual meetings. Cybersecurity is a major concern, with a growing focus on protecting sensitive data from theft. Industry 4.0 and the Internet of Things (IoT) are transforming industries, while 5G networks promise faster speeds and lower latency. Artificial Intelligence (AI) and edge computing are also gaining traction, offering new possibilities for data processing and analysis. Consulting and integration services help businesses navigate the complex IT landscape and make the most of these technologies. Data and analytics are essential for informed decision-making and improving operational efficiency. Servers and serversless computing provide the foundation for these solutions, ensuring seamless performance and scalability.

Market Research Overview

The IT market in Saudi Arabia is witnessing significant growth, driven by the demand for advanced technology solutions in various sectors. Hardware and software are key components of this market, with a focus on high-performance computers, mobile phones, and telecommunication infrastructure. The oil and gas industry is a major consumer of IT services, with a growing need for real-time communication, data processing, and cybersecurity. E-Governance is another significant area, with the Saudi Arabian government investing heavily in digital innovation to improve efficiency and citizen services. The healthcare and pharmacy sectors are also adopting digital technologies, including telemedicine, electronic health records, and IoT devices. The construction industry is embracing Industry 4.0 technologies, while consumer goods companies are leveraging mobility, data analytics, and edge computing for supply chain optimization. With the rollout of 5G networks, the market for high-speed internet, wireless connections, and cloud computing is expected to grow rapidly. Cybersecurity remains a top priority, as data theft and digital threats continue to pose challenges for businesses and individuals alike. AI and IT management services are also gaining popularity, as organizations seek to optimize their operations and enhance customer experiences.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ComponentHardwareServicesSoftwareEnd-userGovernmentTelecommunicationBFSIOil And GasOthersGeographyMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Miami Startup BOB Raises $5.5M To Build An AI-Powered Banking Platform

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The Miami-based company is building the most useful small business finance agent and banking platform in the world, with participation from Codie Sanchez, Mark Pincus,  and others.

MIAMI, Oct. 23, 2026 /PRNewswire/ — BOB AI Holdings Corp. (“BOB”), the AI finance employee for small business, today announced it has raised $5.5 million in seed funding. The round was led by Mischief (founder of Plaid, Zak Perret), with funding from Peter Thiel and participation from Codie Sanchez, Mark Pincus, Karman Ventures, and a group of additional investors and operators. BOB will use the capital to expand its product, grow its team in Miami, and bring a free AI finance agent to more of the small business owners who keep the American economy running.

The seed round brings together investors who share a conviction that small businesses deserve the same caliber finance department g that large companies take for granted. Mischief led the round, and Peter Thiel joined as a backer alongside Codie Sanchez, the investor and operator known for championing Main Street business ownership.

The funding follows BOB’s private beta launch in September 2026 and will support three priorities: deepening the product’s financial capabilities, scaling customer onboarding, and growing BOB’s team in Miami.

BOB is an AI finance employee that works alongside small business owners to handle the annoying but necessary financial work that usually eats their nights and weekends. Owners talk to BOB the way they would talk to a trusted bookkeeper or CFO, over WhatsApp, text message, Slack, Microsoft Teams, email, or the BOB app. BOB keeps the books, sends invoices, accepts payments, holds funds in a deposit account, and helps owners see where their cash is headed so they can make decisions with confidence.

BOB’s long-term goal is to be the most useful banking product in the world, and a banking product specifically built for this new world of AI agents, robots, and drones. But they are getting started by building the most useful and safe financial agent for small business owners. And instead of handing owners another dashboard to learn, BOB just does the work for them and communicates in plain language.

BOB’s wedge has been particularly effective because the company is laser-focused on small business owners who have largely been underserved by the wave of financial technology built over the last five to ten years. Many of those products were designed for the general market or for enterprise finance teams, and they assume the owner has time, training, or staff to run them. BOB starts from the opposite assumption. The owner of a roofing company, a restaurant, or a local services firm should be able to get real financial help without hiring a department to get it.

“Small business owners have been an afterthought for most of the financial technology built over the last decade,” said Adam Wininger, CEO of BOB. “They are running the business, doing the work, and then staying up late trying to make sense of their books. We built BOB to take that work off their plate entirely. Our goal is simple: to be the most useful banking platform in the world, and this funding lets us put our free CFO agent, BOB, in the hands of many more owners.”

“We invest in infrastructure that becomes indispensable, and a financial layer for autonomous agents is one of the clearest examples we’ve seen,” said Dustin Moring, General Partner at Mischief. “BOB is attacking an immense market at the exact moment AI is moving from advising on transactions to executing them. We’re proud to lead this round and back Adam and the team as they build the foundation agent banking will run on.”

About BOB

BOB AI Holdings Corp. is a Miami-based company building BOB, the AI finance employee and banking platform for small business. BOB handles bookkeeping, invoicing, payments, and cash flow for small business owners through the channels they already use, including WhatsApp, text message, Slack, and Microsoft Teams. BOB’s mission is to build the world’s most useful banking product in the world. Learn more at joinbob.ai. Disclaimer: BOB AI Holdings Corp is a financial technology company, not a bank.

Media contact

Joel Strauss – joel@strausscomms.com 

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SOURCE BOB AI Holdings Corp

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Union Home Mortgage unveils AI and automation advancements during 2026 Annual Partner Celebration

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The mortgage lender continues to make major technology investments going into 2027

STRONGSVILLE, Ohio, Oct. 23, 2026 /PRNewswire/ — Union Home Mortgage (UHM), a high-growth independent mortgage banking company with a world-class culture, recently unveiled an array of AI and automation-driven technological achievements during the company’s 2026 Annual Partner Celebration held Oct. 16-17 in Cleveland, Ohio. This world-class event brought over 850 UHM employees, known internally as Partners, together to highlight the lender’s year-to-date business results, set goals to multiply business success, and foster connection between colleagues. Most notably, technology took center stage, highlighting advancements made in 2026 and a sneak peek at what is coming next.

Attendees were given an inside look at the next phase of technology shaping the business, with demonstrations of both newly implemented tools and future-focused prototypes. These innovations, ranging from conversational voice agents for enhanced customer support to the elimination of tedious manual document review, showcased the transformative potential of technology and underscored the lender’s ongoing investment in smarter, more efficient workflows.

“What makes this event so meaningful is the chance to celebrate our Partners and the impact they have on our business and culture,” said Bill Cosgrove, CEO of Union Home Mortgage. “By creating opportunities for open dialogue and idea-sharing, we’re able to strengthen our culture and identify new ways to move our business forward. As we look ahead to 2027, we remain focused on our 3X initiative, empowering our Partners with the resources, technology, and support they need to achieve more while continuing to deliver a world-class experience for our borrowers. Technology will be the key to UHM’s future, and I can’t wait to see what new solutions are developed in time for our next Annual Partner Celebration.”

While this year’s Annual Partner Celebration was heavily focused on technology, the event also featured senior leadership across all departments and business channels taking the stage to share updates on critical areas such as sales performance, servicing, benefits, employee recognition, and more. UHM Partners also took part in a panel discussion and Q&A with CEO Bill Cosgrove and Sr. Vice President of Business Development Al Blank. In addition to those attending in-person, the rest of the mortgage lender’s 2,300 Partners streamed the event virtually across the country. Following the event, attendees were invited to attend a celebratory carnival featuring casino-style games, a golf simulator, Family Feud, a custom t-shirt press, and more – earning raffle tickets to win high-value prizes. The lender also raffled off tickets to the MLB American League Championship Series being played at Progressive Field, as Union Home Mortgage is the Official Mortgage Partner of both teams that played in the series – the Tampa Bay Rays and the Cleveland Guardians.

Throughout the week, Partners also attended individualized leadership summits specific to their department or role within the company, as well as a Hard Stops Summit aimed at examining existing hard stops in the loan process to streamline operational efficiency.

Internal loan officer coaching program Partners Coaching Partners (PCP), which pairs each participating loan officer with a high-performing mentor and an accountability partner at their production level, also held their Fall PCP Impact event on October 14-15. The group aims to equip members with the skills and knowledge to increase productivity, generate leads, finetune the origination process, improve teambuilding, and increase profit margins. Next year, the PCP program will celebrate its twentieth consecutive PCP Impact event, cementing its status as a pillar of Partner development at UHM.

About Union Home Mortgage
Union Home Mortgage Corp. (UHM) is a high-growth, full-service retail, wholesale, and consumer direct independent mortgage banking company with branches across the U.S. in 49 states + D.C. UHM is an in-house loan servicer offering world-class customer service through high touch communication & technology. A privately held family business, with a collaborative culture that stands out in the mortgage industry, UHM Partners (employees) are guided by a Code of Conduct that emphasizes respect, open communication, and accountability. All these principles translate to industry-leading customer retention and satisfaction. Some honors include being a Six-Year USA TODAY Top Workplace and a Twelve-Year Northeast Ohio Top Workplace. Learn more at www.uhm.com.

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SOURCE Union Home Mortgage

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Pew Funds 4 Biomedical Research Partnerships in Latin America

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Scientists will team up on interdisciplinary explorations

WASHINGTON, Oct. 23, 2026 /PRNewswire/ — The Pew Charitable Trusts announced today that four pairs of researchers from Latin America will receive funding to pursue collaborative biomedical research projects.

These eight esteemed scientists, all independent investigators in Latin America, will team up on interdisciplinary explorations that span plant biology, genetics, immunology, and more. Recipients will receive a combined $180,000 per pair—$90,000 annually over two years.

The Partnership Award was created to help advance scientific collaboration and networking among the biomedical research community in Latin America. Recipients include four alumni of Pew’s Latin American Fellows Program in the Biomedical Sciences, which has funded nearly 350 scientists from across the region since 1991. The Partnership awards were made possible by a grant from Biohub.

“Pew is proud to support these exceptional scientists from Argentina, Brazil, and Chile,” said Donna Frisby-Greenwood, Pew’s senior vice president for Philadelphia and scientific advancement. “Their creative ideas and pioneering approaches will undoubtedly lead to important discoveries that advance biomedical research across Latin America and the world.”

Recipients of this year’s Partnership Award are:

Luis F. Larrondo, Ph.D., Pontificia Universidad Católica de Chile, 2004 Pew Latin American Fellow

Gerardo Cárcamo-Oyarce, Ph.D., Pontificia Universidad Católica de Chile

Larrondo and Cárcamo-Oyarce will establish a new, light-based platform for studying the formation of biofilms by the bacterium Pseudomonas aeruginosa.

Priscilla Olsen, Ph.D., Universidade Federal do Rio de Janeiro (UFRJ), 2016 Pew Latin American Fellow

Beatriz Patricio, Ph.D., Universidade Federal do Estado do Rio de Janeiro (UNIRIO)

Olsen and Patricio will develop and test a new strategy to overcome antimicrobial drug resistance.

Paulo José P. L. Teixeira, Ph.D., Universidade de São Paulo, Escola Superior de Agricultura Luiz de Queiroz, 2013 Pew Latin American Fellow

Antonio Camargo, Ph.D., Universidade de São Paulo

Teixeira and Camargo will examine plant immune receptor specificity.

Marcelo Yanovsky, Ph.D., Fundación Instituto Leloir – CONICET, 2000 Pew Latin American Fellow

Esteban Beckwith, Ph.D., Instituto de Investigación en Biomedicina de Buenos Aires – CONICET – Partner Institute of the Max Plank Society

Yanovsky and Beckwith will study how organisms regulate gene expression in response to environmental stress.

Founded in 1948, The Pew Charitable Trusts uses data to make a difference. Pew addresses the challenges of a changing world by illuminating issues, creating common ground, and advancing ambitious projects that lead to tangible progress. Learn more at pew.org.

Press contact: Liz Lowe, 215-575-4812, elowe@pewtrusts.org

https://www.pew.org/en/about/news-room/press-releases-and-statements/2026/10/22/pew-funds-4-biomedical-research-partnerships-in-latin-america

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SOURCE The Pew Charitable Trusts

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