Saudi Arabia ICT Market Size and Forecast (by IT Solution Area, Size Band and Vertical) to 2027
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Saudi Arabia ICT Market Overview
The Saudi Arabia ICT market was valued at US$ 24.62 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 12.14% to reach a value of US$ 43.66 billion by 2027. The cumulative revenue generation for ICT providers in Saudi Arabia is estimated at US$ 197.15 billion for 2022-2027.
Saudi Arabia ICT Market Outlook, 2022-2027 (in US$ Billion)
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The ‘Saudi Arabia ICT Market’ opportunity forecast report provides the total addressable market for ICT products/services in Saudi Arabia from 2019 to 2027.
Market Size (2022) | US$ 24.62 billion |
Market Size (2027) | US$ 43.66 billion |
CAGR (2022-2027) | 12.14% |
Key IT Solutions | • Application Development and Management (3 Products/Services)
• Artificial Intelligence (4 Products/Services) • Business Process Applications (9 Products/Services) • Business Process Outsourcing (6 Products/Services) • Client Computing (10 Products/Services) • Cloud Computing (7 Products/Services) • Communications and Collaboration (10 Products/Services) • Consulting & Integration Services (3 Products/Services) • Data and Analytics (6 Products/Services) • Data Center and Hosting (2 Products/Services) • Edge Computing (11 Products/Services) • Internet of Things (IoT) (3 Products/Services) • IT Management (11 Products/Services) • Mobility (5 Products/Services) • Networking (18 Products/Services) • Security (17 Products/Services) • Servers (4 Products/Services) · Storage (7 Products/Services) |
Key Verticals | · Communication
· Construction · Consumer Goods · Education · Energy · Financial Markets · Foodservice · Government · Healthcare · Information Technology · Insurance · Manufacturing · Media · Medical Devices · Mining · Others · Pharmaceuticals · Retail · Retail Banking · Transport and Logistics · Travel and Leisure · Utilities |
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Saudi Arabia ICT Market Segmentation by Vertical
In terms of vertical end-use segments, the energy sector held the highest market share of 17.3% in 2022, followed by the manufacturing sector. The financial markets sector is expected to be the fastest-growing segment, at an estimated CAGR of 14.90%, during the forecast period.
Saudi Arabia ICT Market Share by Verticals, 2022 (%)
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Scope
This product provides revenue opportunity forecasts for ICT products/services in Saudi Arabia from 2019 to 2027, spanning 18 IT Solutions and 133 products/services. The details of the IT solutions and the corresponding products/services have been provided. The forecast data has been provided for 5 employee size bands.
Key Highlights
- The ICT market in Saudi Arabia is expected to grow at a CAGR of 14% over the forecast period.
- The country’s top three product/service categories – SaaS, IoT Software, and Systems Design and Integration.
- SaaS is expected to be the leading ICT product/service segment in Saudi Arabia during the forecast period.
Reasons to Buy
- Assess the historical data (past 4 years), current state, and expected growth (next 5 years) of the ICT market in Saudi Arabia.
- Identify the fastest-growing products/services within the Saudi Arabia ICT market.
- Determine the most lucrative vertical for ICT in Saudi Arabia, considering their current contribution to the overall Saudi Arabia ICT market and their expected input toward the growth of the market over the next 5 years.
- Identify products/services that would contribute toward the growth of the ICT market in Saudi Arabia over the next 5 years.
- Get a thorough, forward-looking analysis of Saudi Arabia ICT trends and key opportunities in a concise format to build proactive and profitable growth strategies.
Frequently asked questions
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What was the Saudi Arabia ICT market size in 2022?
The Saudi Arabia ICT market size was estimated at US$ 24.62 billion in 2022 and is expected to reach US$ 22.49 billion in 2023.
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What will the Saudi Arabia ICT market growth be by 2027?
The Saudi Arabia ICT market is expected to grow at a compound annual growth rate of 12.14% over the forecast period, to reach US$ 43.66 billion by 2027.
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Which industry vertical led the Saudi Arabia ICT market in 2022?
The energy sector was the largest Saudi Arabia ICT vertical with 17.3% market share in 2022.
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Which type of products/service led the ICT market in Saudi Arabia in 2022?
The SaaS segment dominated the Saudi Arabia ICT market in 2022 with a revenue share of more than 5.5%.
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