KSA Vision 2030: IoT Transforming Economies

Every success story begins with a vision, and successful visions are built on solid foundations. Among the endless possibilities for growth lies Saudi Arabia’s plan for a more promising future, achieved by creating an IoT infrastructure. The Kingdom has dedicated significant funding to the IT industry and complete support for creative and innovative thinking to motivate Saudi youth. IoT is gaining traction, and Saudi is leading the way in the region with plans to expand Internet infrastructure capacity in line with the KSA Vision 2030.

National Transformation Plan

KSA’s National Transformation Plan (NTP), which includes Vision 2030, was recently revealed by Saudi Crown Prince, His Highness Prince Mohammed bin Salman bin Abdulaziz, with a plan to improve government efficiency and diversify the Kingdom’s economy by increasing private-sector job creation and growing non-oil industries. Its blueprint unites the country’s distinctive assets and skills into a long-term strategic plan to handle the main issues drifting it from a single-product economy.

A Joint Venture to Achieve IoT

STC has announced a $131 million partnership with its biggest shareholder, the Public Investment Fund (PIF), to establish a new company specializing in IoT, enabling internet-connected devices. The company shares will be divided equally between PIF and STC and will be headquartered in Riyadh.

The new venture’s initial capital can be increased to $2.4 million three years after it is established. With more than 15,000 communication towers and an urban coverage rate of more than 85 percent, STC has invested in expanding its 5G and NB-IoT connection infrastructure. The deal is expected to have a beneficial impact on STC’s financial statements since it corresponds with the company’s growth plan and the Kingdom-wide vision for a connected nation.

IoT Infrastructure Changing the Future

The joint venture between STC and PIF will equip the selected industry with autonomous technologies, AI, sensors, digital twins, and other domain-specific advanced technologies to bring forth the “Fourth Industrial Revolution.”

The new company, which will be born out of this collaboration, hopes to expand and become a “one-stop-shop” for IoT solutions by using the experience and technology of existing IoT partners. With smart industrial manufacturing, logistics transportation, and city solutions, the firm is projected to be a technology-agnostic service provider, and support creative finance mechanisms to help businesses in their IoT adoption.

The Power of Joint Efforts

Ericsson has started working with partners in the KSA through several social investments to support the Kingdom’s goal to build a vibrant society preserving its heritage while ensuring the quality of life backed by its belief in championing talent from the ground up. Ericsson has launched the Center of Excellence, designed to educate, and prepare Saudi youth for telecommunications careers, expanding the University Program to include two KSA universities aimed at diverse local talent throughout the region and support entrepreneurship and ICT.

For the development of a vibrant economy, Ericsson has established partnerships with local carriers to deliver 5G, the next significant advancement in mobile communication technology. Ericsson aspires to accelerate KSA’s transformation to a completely connected society, utilizing 5G’s vast potential. This entails assisting the digital transformation of sectors through 5G and IoT, enabling the development of innovative business models to help operators in Saudi Arabia to succeed in the future. Operators can use their existing LTE infrastructure to deploy innovative IoT solutions throughout industries, bolstering their place on the global economic stage.

Ericsson is working with its local partners to create and grow the Kingdom’s ICT infrastructure to support the government’s aim of developing an ambitious nation. It has taken steps to build and integrate 5G to achieve unlimited access to information and data exchange for everyone, everywhere, and at any time. 5G will open new applications and use cases in sectors like cloud-enabled robots and intelligent transportation, benefiting individuals, government, industry, and society through the characterization of technology.

IoT Infrastructure to Affect the Public Sector

The ability to connect “things” to the Internet has ushered in a revolution in business, which comes hand-in-hand with the KSA Vision 2030. Machines have become more intelligent due to the IoT, producing more outstanding value. Many sectors have begun incorporating IoT technology into their operations and products for a bright future in business.

Energy

IoT is revolutionizing most elements of the energy industry, from generation to transmission to distribution, and has influenced how energy firms and customers interact. Energy firms may use IoT to track asset performance, increase productivity, and improve customer experiences.

Finance

Many advantages may be gained by implementing IoT in banking, such as assisting users in developing excellent financial habits, and dealing with any excessive expenditure, with the help of connected devices. IoT can improve the quality of the banking experience and automate business procedures.

Healthcare

Tracking systems and real-time health systems are examples of IoT technology in healthcare. They are responsible for enhancing patient treatment, diagnostics, medical and diagnostic equipment maintenance, and remote procedures.

Connected Healthcare is necessary for correct decisions, actions, smart treatment, and thus patient satisfaction. Using wearable fitness bands, heart rate monitoring cuffs, and glucometers, healthcare companies may monitor patients’ health remotely, help spend less, shorten hospital visits, and provide tailored attention.

Manufacturing

The Industrial Internet of Things (IIoT) will monitor the production flow, leading to flow optimization, waste reduction, and elimination of redundant labor in-process. Remote equipment management enables the monitoring and maintenance of equipment and cost savings. Plus, machine availability is improved through condition-based maintenance alerts. And finally, supply chains, where IoT solutions aid in tracking vehicles and assets, improve manufacturing and supply chain operations.

Transportation

Transportation and logistics face speed and timeliness challenges. Through automation and business process optimization, IoT devices are set to make transportation firms more innovative and efficient. IoT provides actionable insights into the data collected, assisting the industry in improving operational performance, optimizing safety, reducing energy use and congestion, ensuring real-time visibility, ensuring vehicle health maintenance, and more.

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