Saudi Arabia IT market size surpasses $50.6bn in 2024

user icon
NOHA.GAD
calender icon
Jan 29, 2025
article image

Riyadh - Sharikat Mubasher: The information technology (IT) sector in Saudi Arabia is experiencing significant growth, driven by Vision 2030’s digital transformation goal. With substantial investments in areas like cloud computing, artificial intelligence (AI), and cybersecurity, the Kingdom positioned itself as a regional tech hub.

As of 2024, the ICT sector in Saudi Arabia was valued at over $50.6 billion, contributing 4.1% of the national gross domestic product (GDP), according to a recent report by AstroLabs, the leading business expansion platform in the GCC region.

The report, titled ‘Saudi Arabia Insider: Open Tenders and Requirements to Bid’, expected the sector to continue its ascending trend through 2029, with a projected market size of $76 billion, reinforcing its position as the largest and fastest-growing in the region. The cybersecurity market size is also anticipated to reach $13.4 in 2029.

The size of the local digital economy is projected to significantly contribute to the GDP by 2030, with AI alone estimated to add $135 billion, backed by the Kingdom’s continuous efforts to upgrade its IT infrastructure. Additionally, spending in the AI sector is expected to touch $1.9 billion by 2027.

It should be noted that remarkable investments worth $15 billion are being channeled into data centers, with plans to build 1,300 MW of data center capacity by 2030.


Share

Related News

Savvy Group, Alfaisal University to launch new Game Design program
News
Calendar Icon
February 5, 2026
Savvy Group, Alfaisal University to launch new Game Design program
Read More
Riyadh Air partners with Mastercard to reshape global travel experience
News
Calendar Icon
February 5, 2026
Riyadh Air partners with Mastercard to reshape global travel experience
Read More
Microsoft nears completion of cloud infrastructure in Saudi Arabia
News
Calendar Icon
February 5, 2026
Microsoft nears completion of cloud infrastructure in Saudi Arabia
Read More
Saudi Arabia tops regional gaming markets with $1bn spend, highest ARPU
News
Calendar Icon
February 5, 2026
Saudi Arabia tops regional gaming markets with $1bn spend, highest ARPU
Read More
SC Ventures, Sanabil Studio partner to scale SME-focused fintech ventures
News
Calendar Icon
February 5, 2026
SC Ventures, Sanabil Studio partner to scale SME-focused fintech ventures
Read More
Nemetschek, Ingram Micro partner to expand AEC software reach in MENA
News
Calendar Icon
February 5, 2026
Nemetschek, Ingram Micro partner to expand AEC software reach in MENA
Read More
Saudi Water Authority, IBM launch AI-powered digital H2O platform
News
Calendar Icon
February 4, 2026
Saudi Water Authority, IBM launch AI-powered digital H2O platform
Read More
Kingdom inaugurates its Heavy Equipment Connect Forum at Dhahran Expo
News
Calendar Icon
February 3, 2026
Kingdom inaugurates its Heavy Equipment Connect Forum at Dhahran Expo
Read More
Horizon partners with Northgate to support Swedish firms entering Saudi market
News
Calendar Icon
February 3, 2026
Horizon partners with Northgate to support Swedish firms entering Saudi market
Read More
Global event agency Catapult expands into Saudi Arabia backed by AstroLabs
News
Calendar Icon
February 3, 2026
Global event agency Catapult expands into Saudi Arabia backed by AstroLabs
Read More