Riyadh, The Communications, Space and Technology Commission (CST) presented, at the Digital Technology Forum 2023, held on October 18, the impressive numbers attained by IT and ET in Saudi Arabia market, which reached SAR81 billion in 2022 and is expected to reach SAR103 billion by 2025.
The main achievements in the technology sector were also announced at the forum, including the 18 companies tech companies listed on the stock market, and over 1,000 tech companies registered on the “Manassa Tech” platform, with over 150 local tech products.
The Digital Technology Forum 2023, held under the patronage of Minister of Communications and Information Technology and CST Board Chairman Eng. Abdullah bin Amer Alswaha and carrying the theme “Pioneering Software for a Thriving Digital Economy”, presented the main opportunities in software market and its positive impact on the digital transformation drive of various sectors, the enablement of business models in digital economy and the most prominent numbers in the technology sector.
The forum highlighted the promising future of the software market, with a compound annual growth rate (CAGR) up to 11%, which has been the result of CST efforts to raise the efficiency of the local tech products and contribute to them being included in global reports such as Gartner platform and the IDC report; the 20 local tech products mentioned reflect the maturity of the technology sector in the Kingdom.
The third edition of the forum witnessed the launch of several initiatives and programs, and the announcement of tech companies that have been granted the “Saudi Tech” membership, which promotes local tech products and boosts their reach locally and globally.
Moreover, the forum announced the Low Code Programming Challenge to address technical challenges by utilizing low-code development platforms and tools to create software solutions, applications and websites without any programming experience. The winners of Co. Innovation Award were also announced; the award is presented to the best local tech products developed in collaboration with end users.
The Digital Technology Forum is an annual event organized by CST in collaboration with the Communications and Information Technology Ministry to keep up with the latest trends and changes in the technology sector.
This year’s forum, also attended by CST Governor Dr. Mohammad bin Saud Altamimi, featured prominent experts in technology, five panel discussions and three presentations about opportunities in software market in the Kingdom, its impact on the development of the digital economy, and the future of software locally and globally.
Source: Saudi Press Agency