Hyderabad, Aug. 18, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Saudi Telecom Market Report (2023-2028),” the market is estimated at USD 45.50 billion in 2023. It is expected to register a CAGR of 3.40% during the forecast period.
Saudi Arabia is one of the largest ICT markets in the Middle East region. The country's telecommunications and IT industries represent more than 55% and 51% of the Middle East market. The market studied is supported by the increasing demand from the young population, which is linked to rising technology use and expanding telecommunication services. The telecom business in Saudi Arabia is directed by the rising use of open-access models and 5G home broadband services.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 45.50 billion |
| Market Size (2028) | USD 53.78 billion |
| CAGR (2023-2028) | 3.40% |
| Study Period | 2018-2028 |
| Forecast Units | Value (billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Widespread rollout of 5G services. |
| The growth in mobile penetration. |
Who are the Top Companies in the Saudi Telecom Market?
The Saudi telecom market is consolidated. The noteworthy players holding the Saudi telecom market are:
- Saudi Telecom Company (STC)
- Integrated Telecom Company (SALAM)
- Etihad Atheeb Telecommunications Company (GO)
- Zain KSA
- Etihad Etisalat (Mobily)
- Virgin Mobile Saudi Consortium LLC
- The Arab Satellite Communications Organization (Arabsat)
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Key Highlights from the Saudi Telecom Market Report:
Successful Liberalization of the Saudi Telecom Sector and Launch of MVNOs
- Soon after liberalization in 2003, the telecom market in the Kingdom of Saudi Arabia (KSA) began to grow. Since then, Saudi has developed a highly competitive telecom sector with the help of foreign investment and government backing.
- Three companies with unified licenses presently control most of the market: Mobile Telecommunication Company Saudi Arabia, Etihad Etisalat Company, and Saudi Telecom Company (STC). The establishment of a transparent, competitive market that keeps up with cutting-edge infrastructure and technologies has been made possible by the government.
Mobile Segment to Witness Significant Growth
- The mobile segment of the market is expected to witness significant growth in the coming years due to the increasing internet and smartphone penetration coupled with the momentum towards the digital economy in line with Saudi Vision 2030.
- Furthermore, the widespread rollout of 5G services due to the continuous efforts from the Communications and Information Technology Commission (CITC) and MNOs have resulted in better call quality and internet speeds, in turn creating a high demand for mobile data services and mobile voice services.
What are the Latest Developments in the Saudi Telecom Market?
- In October 2022, Saudi Telecom Company announced creating Center3 with an investment of USD 1 billion to support the development of Saudi Arabia's digital economy. The Center3 launch aims to improve the digital system, solidifying Saudi's status as a regional digital hub.
- In April 2022, Arabsat signed a contract with Thales Alenia Space in order to supply a software-defined satellite. Via this agreement, Arabsat joined an exclusive club of geostationary satellite operators who have chosen to leverage this ground-breaking technology to grow their companies and switch from conventional bent-pipe GEO satellites to highly adaptable ones and agile SDSs.
Mordor Intelligence has Segmented the Saudi Telecom Market Based on Type:
- By Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Mobile
- Fixed-Line
- Broadband
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Saudi Telecom Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
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