Friday, September 17
01:11 AM

Oman’s ICT market seen reaching RO2.2bn by 2024

14 Jun 2021

Growth in ICT spending will be driven by e-governance and related supporting framework policies, as well as a rise in e-commerce and ongoing developments in cloud services

Oman Vision 2040’s digital transformation will boost the sultanate’s information and communication technology (ICT) market to RO2.2bn by 2024 and drive new levels of citizen engagement, according to the global technology giant SAP. 

SAP, in collaboration with Oman’s integrated energy group OQ, on Monday launched a new whitepaper ‘Navigating Oman’s Vision 2040 Through SAP’s Lens.’ 

Thanks to nationwide digital transformation, Oman’s ICT market will nearly double to RO2.2bn by 2024, up from RO1.2bn in 2019, according to a recent report by leading market research firm GlobalData. It said ICT spending in Oman is estimated to grow at a compound annual growth rate of 11.3 per cent in next four years.

The growth will be driven by e-governance and related supporting framework policies, as well as a rise in e-commerce and ongoing developments in cloud services.

SAP’s whitepaper highlights the digital transformation opportunity for the sultanate across five areas: a society of creative individuals, a competitive economy, a sustainable environment, responsible state agencies, and building Smart Cities. 

“Oman’s government agencies can achieve Oman Vision 2040 goals by digitally transforming into intelligent enterprises that can integrate back-end operations and center the citizen experience,” said Waheed al Hamaid, managing director of SAP Oman. “Citizen engagement platforms can enhance happiness and trust, reduce costs and security risks, and rapidly deploy and future-proof e-services,” he added. 

According to SAP, new ways to source, procure, and pay for goods and services can take government services to the next level. 

It said Oman’s public and private sectors are ideally-positioned to leverage the recently-launched world’s largest business network, the SAP Business Network, which will bring together Ariba Network, SAP Logistics Business Network and SAP Asset Intelligence Network.

 ‘The government could enhance sourcing decisions with spend analysis insights, optimize costs and compliance, and strengthen the financial supply chain by transforming payables into strategic assets,’ SAP said.

 According to GlobalData report, in terms of IT solutions, client computing will account for the largest share (20.3 per cent) of Oman’s overall ICT spending in 2024.

The revenue from cloud computing is expected to reach around US$1bn (approximately RO385mn) by 2024, accounting for 17.9 per cent of the overall ICT spending. Oman’s energy sector is also expected to witness a significant uptake in ICT investment. 

Aligned with Oman Vision 2040’s economic growth and job creation goals, OQ, the globally integrated energy company, is seeing strong success on its long-term growth plan. OQ offers a wide range of end-to-end products, services, and solutions in the upstream and downstream. 

Central to OQ’s growth plan is the digital transformation of its operations in 17 countries around the world under the ‘One ERP’ roadmap, according to a press statement issued by SAP. 

Currently, OQ is running on the SAP Enterprise Resource Planning (ERP) solution, the SAP SuccessFactors human experience management suite, and the SAP Cloud for Customer (C4C) and Commerce Cloud solutions for e-commerce, it said. 

“As global energy demand rises, OQ needs full visibility on our operations and employee experiences,” said Ghalib al Maamari, leader of information and digital solutions at OQ. 

“Thanks to our digital transformation with SAP, we have real-time insights to grow our upstream and downstream markets, elevate talent, and drive innovation. OQ’s change management strategy and SAP’s industry expertise are ensuring that our digital roadmap has strong

© 2021 Apex Press and Publishing. All Rights Reserved.