Riyadh, April 24, 2024, The Communications, Space, and Technology Commission (CST) recently wrapped up the 10th edition of the Information and Communications Technology (ICT) Indicators Forum 2024, unveiling significant insights into the ICT sector's performance in Saudi Arabia. The forum, attended by notable ICT experts and leaders, featured comprehensive presentations and discussions on key indicators and future trends shaping the kingdom's ICT landscape.
Mufarreh Nahari, CST's General Manager of Studies, kicked off the forum with a presentation on ICT Sector Performance Indicators. Notably, the ICT sector's market size surged to SAR166 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8% from 2018 to 2023. Saudi Arabia also secured the 2nd position among G20 nations in the ICT Development Index 2023. Noteworthy indicators included a mobile services penetration rate of 198%, IoT M2M subscriptions reaching 12.6 million, and a robust mobile internet speed of 215 Mbit in 2023 alongside a 99% internet penetration rate. The CST listed 31 local and global cloud computing service providers, underlining the sector's diverse ecosystem.
The second presentation, titled "Navigating the Innovation Frontier: Technology Market Outlook for Saudi Arabia," was delivered by Hamza Naqshbandi from IDC and Jyoti Lalchandani, highlighting the kingdom's burgeoning tech market. Projections indicated that by the year's end, technology spending will soar to $18.4 billion, with government investments exceeding $752 billion in AI, IoT, Cybersecurity, and Big Data Analytics.
A panel discussion on "The Future of the Tech Landscape in Saudi Arabia" featured insights from industry leaders such as Salman Faqeeh from Cisco, Fahad AlTurief from Oracle, and Othman Alhokail from Merak Capital, offering perspectives on the ICT market's evolution.
Jassem AlJobran, Head of Research at Aljazira Capital, delved into "ICT Sector Financial Performance in Argaam" during the third presentation, highlighting that listed ICT companies' assets reached SAR250 billion, with the kingdom contributing 37% of the total ICT assets in the GCC. The forum also showcased the SAR119 billion revenue generated by ICT-listed companies, with Saudi Arabia commanding a 41% share in GCC revenue, and a market value of SAR379 billion, representing 57% of the GCC countries' total.
Lastly, Sami Aldaham, director of Internet Services Development at CST, unveiled the "Saudi Internet 2023" report, offering comprehensive insights into internet usage, user behavior, trending apps, and data consumption trends in the kingdom, providing a holistic view of the digital landscape's evolution.
