Saudi Arabia has a rapidly growing telecom and ICT industry that represents around 6% of GDP. Mobile phone penetration is over 167.5% and the number of internet users is around 21.6 million, or 68.5% of the population. Social media use is also widespread, with over 18 million Saudis using platforms like Facebook, Twitter, and YouTube. The government is investing in initiatives to transition the economy to knowledge-based and promote digital technologies like IoT, which is seen as a $750 million opportunity in 2016 growing to over $1 billion by 2018.