Saudi communications, tech market hits SAR 166B in 2023: CST

Logo of The Communications, Space and Technology Commission (CST) 

Saudi Arabia’s communications and technology market reached SAR 166 billion in 2023, making an 8% compounded annual growth rate over the past six years, the Communications, Space, and Technology Commission (CST) revealed at the 10th ICT Indicators Forum.

Saudi Arabia ranks second among G20 countries in the 2023 ICT Development Index, with mobile communications service subscriptions reaching 198% of the population and Internet of Things (IoT) subscriptions totaling 12.6 million, according to a statement.

Indicators presented at the forum showed that mobile internet speed in the Kingdom is 215 megabits per second, with an internet usage penetration rate of 99%. The commission currently has 31 registered cloud service providers.

Companies operating in the communications and technology sector have assets totaling SAR 250 billion, accounting for 37% of total assets in the Gulf.

The total revenue of these companies is SAR 119 billion, representing 41% of the sector’s revenue in the Gulf. The market value of these companies is SAR 379 billion, the largest share in the Gulf at 57%.

Technology spending is projected to reach $18.4 billion in 2024, with government expenditure on artificial intelligence, IoT, cybersecurity, and big data analytics expected to surpass $752 million by year-end 2024.