Saudi Arabia has witnessed a surge in the size of its communication and technology sector, with key statistics being revealed this week.
The Communications, Space and Technology Commission (CST) revealed that the size of the communications and technology market reached SR180bn ($48bn) in 2024, with a compound annual growth rate of 7.5 per cent over the past five years.
Saudi tech sector
The event, attended by leading experts and sector leaders, featured five key presentations along with a panel discussion reviewing the financial performance of the Kingdom’s communications and technology sector.
CST General Manager of Regulations Eng. Thamer AlKhwaiter revealed that the median mobile internet speed in the Kingdom has reached 129mbps, ranking the fourth among G20 countries in 2024.
Mobile telecommunications subscriptions have grown to 68.2m, with an annual growth rate of 7 per cent. He also disclosed that the space market volume reached approximately SR7.1bn ($1.9bn) in 2024.
In a further presentation, Al Jazira Capital’s Head of Research Jassim AlJubran delivered a comprehensive financial analysis of the sector. He reported that the total assets of ICT-listed companies in the Kingdom have reached SR255bn ($68bn), with total revenues amounting to SR128bn ($34.1bn) and a market cap of SR427bn ($113.8bn).
The CST issued the Saudi Internet Report 2024, presenting key verified figures on the internet ecosystem and usage in the Kingdom and progress in internet service quality based on the latest statistics.
The report highlights several indicators and data points related to user behaviour and preferences in browsing the internet in the Kingdom during 2024.
It revealed that:
- Internet penetration in Saudi Arabia has reached 99 per cent
- Peak daily usage hours were recorded between 9pm and 11pm, with Saturday identified as one of the highest internet usage days of the week
- The percentage of internet use via mobile phones reached 99.4 per cent, surpassing all other device types
- 93.1 per cent of online purchases were made through local websites
- 21.5 per cent of internet users in the Kingdom utilise various artificial intelligence tools and applications.
The report revealed detailed insights into Saudi Arabia’s performance in internet-related indicators globally.
The average monthly mobile data consumption per user reached 48GB, three times the global average.
The annual growth in Saudi domain names reached 25 per cent, eight times the global average.
Additionally, the Kingdom ranked among the top five G20 countries in mobile internet speeds, reflecting the advancement and development of its digital infrastructure and contributing to broader internet penetration and service accessibility.
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