The Ministry of Communications and Information Technology of the Economic Commission(CITC) for Saudi Arabia received two application licenses to provide services to Saudi Arabian IoT operators and stated that they are in the process of research.
The Authority explained that after the applicant meets the requirements and requirements, it is expected that the first permit will be issued within one month to obtain licensing and regulatory requirements.
The Internet of Things helps to automate communication between machines and devices, collect information and benefit from it
Develop public service sectors, promote decision-making, and anticipate and manage emergencies and crises,
Stay up-to-date with the latest global technologies and motivate new companies to invest in the Information or Communication Technology industry.
The Authority stated that the conditions for obtaining the license will be published on its website, but the number of licensees providing the service is not indicated.
The Internet of Things market in Saudi Arabia is about 3 billion rials, with an annual growth rate of 26%.
The past three years. The Internet of Things accounts for 75% of global technology revenue, especially because it is one of the latest, evolving and emerging technologies.
Tarig Enaya, senior vice president of corporate business at Saudi Arabian Telecommunications Corporation (STC), said that Saudi Arabia's IoT market has huge investment opportunities and is expected to reach 30 billion rials by 2030.