Saudi Arabia's ICT market hits SAR 180B in 2024: CST

Communications, Space, and Technology Commission (CST) headquarter

Saudi Arabia’s information and communication technology (ICT) market reached SAR 180 billion in 2024, achieving a compound annual growth rate (CAGR) of 7.5% over the past five years, the Communications, Space, and Technology Commission (CST) stated in the ICT Indicators Forum 2025.

The median mobile internet speed in the Kingdom hit 129 Mbps, ranking it fourth among G20 countries in 2024, said Thamer Al-Khwaiter, Director General of Regulations at CST.

He added that the number of mobile telecom subscriptions has reached 68.2 million, growing at an annual rate of 7%, while the space sector's market size reached approximately SAR 7.1 billion in 2024.

Meanwhile, Jassim Al-Jubran, Head of Research at AlJazira Capital, said that the total assets of listed companies in the Kingdom’s telecom and technology sectors amounted to SAR 255 billion, with total revenues reaching SAR 128 billion. He also noted that the market capitalization of listed telecom and technology companies is estimated at around SAR 427 billion.