Yvolv eyes $7.5billion market potential in KSA
Yvolv has signed a strategic partnership agreement with DOITC, IT integrator in the Kingdom of Saudi Arabia and multidimensional IT service provider.
Yvolv, a JV company by Alibaba Cloud and Meraas, will service its Saudi customers through its collaboration with DOITC, in order to support the country’s digital transformation journey and digital commerce evolution.
“Saudi Arabia will lead the way in IT spending in 2017, investing an annual budget of $7.5billion in transformative technologies such as cloud, big data, social and mobility according to the latest IDC report. We believe this is the best time to support the Saudi market and seize the opportunity of growing demand through our new partnership with DOITC,” said Fahad Al Hajeri, the CEO of Yvolv.
As Middle East and North Africa public cloud spend is projected to hit $2 billion by 2020, according to the latest Gartner report, KSA represents one of the most strategic markets for Yvolv, encouraged by the latest developments in Saudi Arabia’s Draft Cloud Computing Regulations.
“This agreement greatly expands our flexibility to offer end to end data, security, and cloud based solutions with the most technologically advanced facilities based in GCC. We see a great potential for Alibaba cloud computing solutions in this market and are highly optimistic about the future of our collaboration,” commented Fahad Almajed, CEO of DOITC.
While governments in the Middle East and North Africa are estimated to spend $11.6 billion on IT products and services in 2017 according to Gartner, Inc., the private sector represents one of the biggest drivers of digital transformation trends.
“SMBs are usually the early adopters and we see them proactively migrating from their existing IT infrastructures towards cloud computing solutions. One of the key reasons for them to embrace the digital transformation is to reduce unnecessary costs while improving their bottom line and increasing their business efficiency,” added Al Hajeri.
The growth in Platform as a Service (PaaS) and Software as a Service (SaaS) are indicators that migration of applications and workloads from on premises data centres to the cloud, as well as development of cloud ready and cloud native applications, are fuelling growth in the cloud space in the KSA.
Yvolv’s cloud computing services powered by Alibaba Cloud solutions are already available via DOITC and are expected to see a very rapid customer base growth in the upcoming year.