IT, ET markets likely to grow at CAGR of 10% to over $27 bln by 2025: official

Digital Technology Forum

The Kingdom's information and communications technology (ICT) sector would witness the growth of information technology (IT) and emerging technology (ET) markets at a compound annual growth rate (CAGR) of nearly 10% to over $27 billion (SAR 101 billion) during the next five years, according to Mohammed Al-Tamimi, Governor of the Communications and Information Technology Commission (CITC).

During his speech to the Digital Technology Forum, Al-Tamimi said the local Internet of Things market is expected to grow at a CAGR of up to 26% by 2025.

He added that that spending on cloud computing will represent 30% of the total spending on the ICT sector by 2030.

The Kingdom secured advanced positions in global digital indicators, leading the G20 in digital growth. It also came second in the allocation of frequency spectrum, and ninth globally in literacy with digital skills.

The governor concluded that Saudi Arabia is one of the fastest growing cloud services markets in the Middle East and North Africa (MENA) region.