Saudi Arabia's E-commerce Market Surges: Growth Projections and Digital Evolution Insights

Saudi Arabia's E-commerce Market Surges: Growth Projections and Digital Evolution Insights

By Staff Writer, 13 May 2024

In a report by, the E-commerce market in Saudi Arabia is projected to hit $14.78 billion this year, with estimations indicating a substantial rise to $25 billion by 2029.

These figures represent a Compound Annual Growth Rate (CAGR) of 11.08%, showcasing the kingdom's robust digital commerce landscape.

WebCastle Technologies, a prominent E-commerce leader based in Dubai, highlighted these forecasts at a recent event where they were honored with the prestigious Best E-Commerce Agency Award - KSA 2024.

Senior officials emphasized the critical role of digitization in propelling Saudi Arabia's economic evolution, urging the deployment of top-tier developers, coders, and E-commerce platform experts to facilitate exponential growth over the next decade.

The United States Department of Commerce echoes this sentiment, affirming Saudi Arabia's e-commerce sector as ripe for sustained expansion.

With an anticipated surge in the number of internet users engaging in online commerce, projected to reach 33.6 million by 2024, representing a 42% increase from 2019, the kingdom stands poised for significant digital transformation.

A recent report by the International Trade Administration, part of the US Department of Commerce, underscores Saudi Arabia's digital readiness.

Boasting a staggering 97% smartphone penetration rate, robust mobile broadband subscriptions, and ranking tenth globally for internet speed, the kingdom presents a fertile ground for digital commerce innovation.

Moreover, with 72% of its population over 15 years possessing bank accounts, Saudi Arabia demonstrates a solid foundation for financial inclusion in the digital realm.

Source: Trade Arabia

Related Report

Riyadh Startup Ecosystem

The Evolution of Saudi Arabia Startup Ecosystem 2010-2022

The first comprehensive overview of Saudi's startup ecosystem, its history, and its future.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems