Saudi Arabia’s Tech Market Poised to Surpass $27.5 Billion by 2025:
Last Updated on November 13, 2023 by newseditor
At KSA’s Digital Technology Forum 2023, which took place in October, the Communications, Space, and Technology Commission (CST) presented impressive data about the IT and ET sectors in Saudi Arabia. As of last year, these markets had already grown to reach an astounding SR81 billion ($21.6 billion). Now, looking ahead, the numbers show a projected growth of SR103bn ($27.5bn) by 2025.
In addition, the conference served as a venue for recognizing several Saudi tech industry accomplishments. It was highlighted that eighteen tech companies had gone public on the stock market, showing the strength of the industry. Furthermore, more than 1,000 tech companies had been successfully registered on the “Manassa Tech” platform, and more than 150 local tech products were in development.
Saudi’s Tech Industry: Key Takeaways from the Digital Technology Forum 2023
The Minister of Communications and Information Technology and Chairman of the CST Board, Abdullah bin Amer Alswaha, personally backed the Digital Technology Forum 2023.
The theme of the forum was “Pioneering Software for a Thriving Digital Economy.” It discussed opportunities in the software market and how it can help different industries go digital.
As a result of CST’s work to make local tech products more efficient and get them included in global reports like the Gartner platform and the IDC report, the forum discussed the software market’s promising future, with a CAGR of up to 11%. The 20 local tech products that were mentioned show how mature the tech sector is in the Kingdom.
In addition to announcing the tech companies that have been awarded the “Saudi Tech” membership, which supports local tech products and expands their reach both locally and internationally, the third edition of the forum also involved the introduction of a number of initiatives and programs.
Also, the forum launched the Low Code Programming Challenge, which aims to solve technical difficulties by employing low-code development tools and platforms to create websites, apps, and software solutions without the need for programming knowledge.
The Co. Innovation Award, which recognizes the top locally developed tech products created in partnership with end users, also revealed its winners.
The Digital Technology Forum is an annual event organized by CST in collaboration with the Communications and Information Technology Ministry to keep up with the latest changes and trends in the technology sector.
This year’s forum included notable technology experts, five-panel discussions, and three presentations about the opportunities in the Kingdom’s software market, its influence on the growth of the digital economy, and the future of software both locally and globally. CST Governor Dr. Mohammad bin Saud Altamimi was also present at the event.
Saudi Arabia’s tech industry is forging ahead with remarkable growth, as highlighted at the Digital Technology Forum 2023. As the market is expected to surpass $27.5 billion by 2025, these remarkable figures highlight the country’s technological advancements. With its global presence and potential demonstrated by these developments, no doubt Saudi’s tech industry has a promising future.