CST Commission Reveals Information Technology Market Figures

During the Digital Technology Forum 2023, the Saudi Communications, Space and Technology Commission(CST) revealed figures for the information technology and emerging technologies market, which reached 81 billion riyals in 2022.

It is expected to reach 103 billion riyals in 2025.

Information technology market figures

The number of technology companies listed on the financial market rose up to 18 companies.

The number of companies registered on the Tech platform increased up to more than 1,000, exceeding 150 local technology products.

The software market is one of the promising markets globally. Its compound annual growth rate reaches up to 11%, according to what the authority revealed.

The authority noted that its efforts have resulted in raising the efficiency of local technical products, leading to the inclusion of 20 local technology products in global reports such as the Gartner platform and the IDC report. This reflects the advancement of the technology sector in the Kingdom.

The launch of the Digital Technology Forum was sponsored by the Minister of CST and Chairman of the Board of Directors of the Communications, Space and Technology Commission (CST) Abdullah bin Amer Al-Sawaha in the presence of the Governor of the Commission Dr. Mohammed bin Saud Al-Tamimi. The launching slogan was “Pioneering software for a thriving digital economy”.

The goal of the Digital Technology Forum

The forum aims to highlight the most prominent opportunities in the software market, as well as their positive impact on promoting digital transformation in sectors. It further aims to enable digital economy business models and review the most prominent figures in the technology sector.

During the forum, the information technology fusion company “Fusion” was launched; it specializes in providing innovative solutions to government bodies. It was born out of an alliance between service providers STC, Mobily, and Zain.