Saudi Arabia’s information technology (IT) and emerging technology (ET) market is expected to reach SAR 103 billion by 2025 from SAR 81 billion in 2022, according to the country’s Communications, Space and Technology Commission (CST).

The software market is forecast to see a compound annual growth rate (CAGR) of up to 11%, state-run Saudi Press Agency authority, citing the communications authority statement released at the Digital Technology Forum 2023 in Riyadh.

A total of 18 tech companies have been listed on the local stock market, and over 1,000 tech companies registered on the “Manassa Tech” platform, with over 150 local products.

(Editing by Seban Scaria seban.scaria@lseg.com)