RIYADH, January 31 (CIC) – This week’s Saudi International Exhibition and Conference for Internet of Things (IoT) provided attendees a glimpse of what the Kingdom could look like in the near future, when every service and entity becomes seamlessly interconnected.
The three-day exhibition in Riyadh, which came to a close on Tuesday, represents support for Saudi Vision 2030, which puts a major emphasis on information technology as a driver of innovation and modernisation.
The Kingdom’s IoT and M2M (Machine to Machine) communication market is estimated to grow to $16.01 billion by 2019 from $4.88 billion in 2014, according to experts.
The advent of IoT technologies – and the more general move to digital tools that support operations, communication, analysis and decision making in every part of the modern organisation – will transform the way organisations are built and run, offering significant improvements across critical domains such as connectivity, speed and accessibility. At the same time, it will spur creative and innovative thinking among young Saudis.
The IoT conference also focused on case studies of smart solutions for every sector, from telecoms and health care to education and transportation.
According to Fahad Algarni, manager of the Riyadh International Convention and Exhibition Center, which hosted the show, the Kingdom has taken the lead regionally in IoT with this event to increase the infrastructure capacity for the internet, in line with Vision 2030. “This is the first step in digitising the nation,” he said.
Algarni said that the event was in line with the government’s commitment to extend broadband internet services to every citizen, ultimately transforming the Kingdom into a digital nation.
The conference and exhibition, which is to be an annual event, introduced the latest IoT innovations and technologies and explored what lay ahead for the IoT sector in Saudi Arabia.
According to a new McKinsey Global Institute report, The Internet of Things: Mapping the value beyond the hype, IoT’s potential benefits are immense. To provide a broader view of its economic benefit, it analysed more than 150 user cases, ranging from individuals whose devices monitor health and wellness to manufacturers that utilise sensors to optimise the maintenance of equipment and protect the safety of workers. It estimated that the IoT has a total potential economic impact of $3.9 trillion to $11.1 trillion a year by 2025. At the top end, that level of value — including the consumer surplus — would be equivalent to about 11 per cent of the global economy.