Saudi Arabia ICT Market Size to Surpass USD 71.58 Billion by 2033, at a CAGR of 5.25%

Saudi Arabia ICT Market Overview

Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Growth Rate: 5.25% (2025-2033)

The Saudi Arabia ICT (Information and Communication Technology) market is rapidly evolving, driven by government initiatives, digital transformation, and increasing demand for advanced technologies across various sectors. According to the latest report by IMARC Group, the Saudi Arabia ICT market size was valued at USD 43.46 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 71.58 Billion by 2033, exhibiting a CAGR of 5.25% during 2025-2033.

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Saudi Arabia ICT Industry Trends and Drivers:

The Kingdom of Saudi Arabia's Information and Communication Technology (ICT) sector is undergoing rapid transformation, due to multiple factors which relate to both the power of government policy and its dual management of state-led projects and expansive digitalization. The government's Vision 2030 plan, provides a clear path on how Saudi Arabia plans to undergo digitalization and economía diversification rather than infrastructural development. The ongoing government support of Smart City projects such as NEOM, and the fact that the government has been the one pushing the 5G push has allowed for continued demand friction for advanced digital infrastructure off of State project financing. Additionally, the global economy has changed in such a way, that Saudi Arabia is no longer able to support the old demand for continuous building of traditional infrastructure for economic support. Businesses are learning that in order to be successful they need to become more productive and engage more with customers through new methods such as cloud computing, strong cybersecurity, and increased artificial intelligence practices. Also, it seems that e-commerce and digital payment systems have some indefinite lasting power towards their traction growth with digital services through continued local and foreign investment from technology companies. The movement to a knowledge-based economy is creating more public service partnership opportunities to create local innovation ecosystems to facilitate more investments into new technologies.

In conjunction with this rapid growth, the Kingdom is also supported by a young population that has adapted to digitized life. A newly invigorated educational structure aimed at workforce re-skilling in emerging skills such as coding, data analytics, and the Internet of Things (IoT) is emerging with the sense of optimism in Saudi Arabia to establish itself as a key global player in technology. Digital government services such as the Absher platform have been emblematic of higher government commitment to using technology to provide greater convenience in the public's interaction with the government. Meanwhile, investment in data centers that utilize renewable energy power though sustainability is expected to be a continued trend. Overall, Saudi Arabia continues its economic diversification and modernization of its ICT infrastructure, while the sector seems to be on a sustained growth trajectory and expanding stakeholder interest, encouraging better global investment alternatives from international 'banner' style companies, and nurturing competitive market conditions that encourage new sophisticated solutions and digital inclusion.

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Saudi Arabia ICT Industry Segmentation:

The report has segmented the market into the following categories:

Analysis by Type:

● Hardware
● Software
● IT Services
● Telecommunication Services

Analysis by Size of Enterprise:

● Small and Medium Enterprises
● Large Enterprises

Analysis by Industry Vertical:

● BFSI
● IT and Telecom
● Government
● Retail and E-commerce
● Manufacturing
● Energy and Utilities
● Others

Regional Analysis:

● Northern and Central Region
● Western Region
● Eastern Region
● Southern Region

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key highlights of the Report:

● Market Performance (2019-2024)
● Market Outlook (2025-2033)
● COVID-19 Impact on the Market
● Porter's Five Forces Analysis
● Strategic Recommendations
● Historical, Current and Future Market Trends
● Market Drivers and Success Factors
● SWOT Analysis
● Structure of the Market
● Value Chain Analysis
● Comprehensive Mapping of the Competitive Landscape

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IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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This release was published on openPR.