IoT market size is expected to grow at a compound annual rate of 26% RIYADH: Saudi Arabia will see significant growth in all major areas of digital technology from Internet of Things (IoT) to cloud computing, increasing thereby the entire size of the information and communication technology (ICT) sector to $27 billion by 2025, the head of the Kingdom’s technology regulator said. “The Kingdom will witness, over the next five years, the growth of the IT and emerging technologies markets at a compound annual rate of nearly 10 percent. Its size will exceed $27 billion by 2025,” Mohammed Al-Tamimi, governor of the Communications and Information Technology Commission (CITC) told a forum in Riyadh. Similarly, the IoT market size is expected to grow at a compound annual rate of 26 percent, while cloud services are expected to make up to 30 percent of the total ICT spend in the Kingdom by 2030. “Saudi Arabia’s digital achievements are a result of the Kingdom’s strategic focus three key objectives: Enhancing and protecting the core of digital infrastructure, enabling the expansion of IT services, software, and hardware and, most importantly, supporting the exploration of new emerging markets that will form the backbone of the digital economy,” Al-Tamimi said.