Saudi tech market expected to hit SAR 103 bln by 2025: CST

18/10/2023 Argaam
Logo of The Communications, Space, and Technology Commission (CST)

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

The Communications, Space, and Technology Commission (CST) presented today, Oct. 18, statistics for Saudi Arabia's IT and emerging technologies during the Digital Technology Forum 2023. 

 

The commission said in a statement that the size of the IT and emerging tech market reached SAR 81 billion in 2023, which is expected to increase to SAR 103 billion by 2025. 

 

The number of tech companies on the stock market reached 18, with a market value of over SAR 118 billion. The tech platform hosts more than 1,000 tech firms, with over 150 local tech products. 

 

The software market is one of the most promising markets globally, with a compound annual growth rate of up to 11%, the CST said. 

 

Twenty local technical products were showcased and acknowledged in global reports like Gartner and IDC, underscoring the maturation of the Kingdom's thriving tech sector. 

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