IT Managed Services Sector Valued at US$1.3 Billion in Saudi Arabia

IT Managed Services Sector Valued at US$1.3 Billion in Saudi Arabia

Findings from a global study commissioned by Cisco (NASDAQ: CSCO) and conducted by Canalys, reveal that IT channel partners focusing on managed services are expected to see significant growth in 2023. In Saudi Arabia, managed service revenue delivered in 2022, by 1,724 channel partners, grew by 9.2% year-on-year to $1.3 billion. Despite global economic uncertainty, the projected outlook for managed services indicates a worldwide growth of 12.7 percent, reaching a total value of US$472 billion. This growth surpasses the estimated 3.5 percent growth in overall IT spending. “Customers across Saudi Arabia are progressively incorporating advanced technology into their operations and, in response to these changing dynamics, have instigated an almost six percent (5.8%) year-on-year increase in the total number of partners delivering managed services in the Kingdom,” said Salman Faqeeh, Managing Director, Cisco Saudi Arabia.  “In the Middle East, expectations for managed services growth remain high in 2023, and with the sector valued at $1.3 Billion in Saudi Arabia, we are confident that the Kingdom will maintain an impressive growth trajectory in the upcoming years. We are proud to be able to meet our customers’ needs as we work to address their expanding and intricate technological requirements,” Salman added. Key Drivers: Cybersecurity, Expertise, Demand for Flexible