Revenue in the E-commerce market in Saudi Arabia is poised to reach US$14.78 billion by 2024. The E-commerce revenue is expected to record a Compound Annual Growth Rate (CAGR) of 11.08 percent to US$25 billion by 2029, according to Statista.com, a global market intelligence provider;
According to the US Department of Commerce, Saudi Arabia’s e-commerce channel is primed for continued growth.
By 2024, the number of Saudi internet users for e-commerce (selling and buying) is expected to reach 33.6 million, an increase of 42 percent from 2019.
Saudi Arabia boasts one of the highest smartphone penetration rates (97 percent) in the world, its mobile broadband internet subscriptions are higher than the majority of advanced markets, it ranks tenth in the world for the fastest internet speed, and a relatively high share (72 percent) of its population that is over the age of 15 possesses a bank account.
