Saudi Arabia Cybersecurity
market stood at USD3749.40 million in 2021 and is forecast to grow at a CAGR of
18.73% by 2027. High adoption of the remote working regimes by the SMEs and
large enterprises contributed to increased network security threats in Saudi
Arabia, as well as the enterprises of Saudi Arabia have been increasingly
investing in network security tools and equipment, which is likely to boost the
Saudi Arabia Cybersecurity Market.
Cybersecurity or
information technology (IT) security is aimed at protecting networks, systems,
mobile devices, programs, and data from cyber-attacks. It is the application of
technologies, processes, and controls to protect critical systems and sensitive
information from digital attacks. Its methods are designed to prevent threats
against networked systems and applications. Cybersecurity
can provide good security against malicious attacks such as malware, phishing,
man-in-the-middle attack, SQL injection, denial-of-service attack, etc.,
designed to alter, access, destroy, delete, or extort a user's or
organization's systems and sensitive data.
Growing usage of the Internet
of Things (IoT) and Cloud Services
The Saudi Arabia
Cybersecurity Market continues to grow and evolve with the increasing reliance
of businesses on information technology as organizations move to the cloud to
improve their performance and adopt a cloud-first policy for all new projects.
Additionally, IT environments are becoming hybrid in nature during the COVID-19
pandemic, resulting in more use of cloud computing
models by various firms or organizations that give rise to the cloud
service-related challenges such as misconfigured storage, insufficient identity
and access management controls, unsecured application programming interfaces
(APIs), data loss, breaches, and leaks which is likely to drive growth in the
cybersecurity market. For instance, Riyadh has been planning to attract huge
foreign investments with the establishment of Special Economic Zones in the
upcoming years. Riyadh has also been the launchpad of 5G in the country with
the largest expansion of the 5G services in the city, thus making Riyadh a
major demand generating Emirate for the Saudi Arabia cybersecurity market.
Growth of the Digital
Economy
The Saudi Arabia Cybersecurity Market will benefit from the
growing acceptance of cloud computing services due to their cost effectiveness,
high performance, and accessibility. Moreover, supportive government
initiatives such as “Make in Saudi Arabia” is anticipated to act as a catalyst
in the growth of the Saudi Arabia Cybersecurity Market. The Security Operation
Centre (SOC) has been introduced across the government, allowing agencies to
take the lead in guaranteeing cybersecurity. Highlighting the concept of
digital transformation and the many attributes that go together with it, the
Kingdom’s progression is towards a brand new and improved method of
accelerating the stages of development associated with Digital Transformation.
Therefore, the increasing dependence on Internet in the Kingdom is anticipated
to fuel the demand for cybersecurity in different sectors.
Growing Healthcare Industry
The use of Internet of Medical Things devices for better
patient care raises potential threats in the healthcare sector, driving up
demand for advanced healthcare cyber security solutions. Healthcare cyber
security firms in Saudi Arabia provide healthcare institutions with cyber
security services and solutions to secure their hospitals and patient
information from data breaches and cyber-attacks. The practice of preserving
the confidentiality, integrity, and availability of data is known as cyber
security or information security. Cyber security is a risk management method,
software, and technology aimed at preventing digital attacks, data theft, and
unauthorized access to networks, devices, healthcare data, and programs. The
market has a large number of advanced healthcare cyber security solutions. Healthcare
is an attractive target for cybercriminals as medical data is between ten and
twenty times more lucrative than credit card or banking details. Also, the
digital transformation of healthcare over recent years has increased the
incidence of cyber-attacks. These above-mentioned factors are accelerating the
growth of the Saudi Arabia Cyber Security market.
Implementation of Saudi
Vision 2030
The Kingdom of Saudi Arabia is at the forefront of good
development in digital transformation, thanks to the implementation of Vision
2030 and the National Transformation Program 2020. Saudi Arabia's Vision 2030,
a strategic framework for economic development in the public, commercial, and
non-profit sectors, was adopted in 2016. The National Transformation Program
2020 was developed to help the government accomplish Vision 2030 by identifying
potential difficulties and assisting in the development of policies and
processes to overcome them. The Kingdom of Saudi Arabia's investment in digital
infrastructure is critical to the realization of Vision 2030. In Saudi Arabia,
the rise of digital infrastructure will spur the cyber security business. A
strong digital infrastructure supports Saudi Arabia's digital transformation.
This system has allowed the Kingdom to deal with instabilities in the public
and private sectors, guaranteeing that activities, educational activities, citizens'
requirements, and daily living on residents' digital platforms are all
maintained.
Increasing Demand for Big
Data
In the period of Big Data
and the Internet of Things, data generated by the web, email, and social media
applications, creates a challenge to Security Information and Event Management
(SIEM) and, as a result, it is likely to propel the growth in the cybersecurity
market. Additionally, Saudi Arabia is a hub of various multinationals and
commercial setups which have moved towards technologies such as Big Data
technology which is powerful tool as it allow examining huge amounts of data
that may be vulnerable to cyber threats. Moreover, the government of Saudi
Arabia has been imposing strict regulations emphasizing the necessity for
cybersecurity solutions to safeguard confidential public data owing to the
increasing penetration of networked devices in the country.
Increasing Saudi Arabia
Framework for Higher Education in Cyber Security
The government of Saudi Arabia has founded the National
Cybersecurity Authority (NCA), in charge of cybersecurity in the country, which
includes professional standards and frameworks, preparing its own educational
and training programs, building and implementing relevant professional
standards and tests, and the development of high-quality national academic
programs in the field of cybersecurity. Moreover, the National Cybersecurity
Authority (NCA) has both operational and regulatory functions related to cybersecurity,
and it works with both private and public entities to improve the cybersecurity
posture of the country to maintain its vital interests, critical
infrastructures, national security, high-priority sectors, and government
services and activities in alignment with Vision 2030. The framework aims to
set the minimum requirements for study plans for higher education programs in
cybersecurity to ensure the academic quality and the ability to graduate highly
qualified cadres in cybersecurity.
Click here to download the sample
Market Segmentation
Saudi Arabia Cybersecurity
market can be segmented into Security Type,
Solution Type, Deployment
Mode, End-User Industry,
Region and competitive
landscape. Based on
Security Type, the market is segmented into Network Security,
Application Security, Cloud Security, Endpoint
Security, Content Security & Others (operational security, e-mail security, etc.).
Based on Solution Type, the market is divided
into Firewall, Antivirus & Antimalware, Risk &
Compliance Management, Identity & Access Management, Data Loss Prevention,
Unified Threat Management, Encryption & Decryption, Intrusion
Detection/Prevention System, Infrastructure Security & Others (Denial-of-service attack, malware,
man-in-the-middle-attack, drive-by-downloads, etc.).
Based on Deployment Mode, the Saudi Arabia Cybersecurity
market is segmented into Cloud and On-premises. Based on End-User Industry, the market is segmented into Government, BFSI, Corporates/Private Organizations, Retail,
Healthcare, Education Technology & Others. Based on Region, the market is
divided into Central, Eastern, Western & Rest
of Saudi Arabia.
Company Profiles
IBM Middle East FZ-L.L.C, Dell Technologies Inc., Palo Alto Networks Saudi Arabian
Limited Company, Cisco (Saudi Arabia) Support Limited,
Fortinet, Inc., Lockheed
Martin Corporation, Trellix, Trend Micro Incorporated, Al Moammar Information Systems Co., NEC Saudi Arabia Ltd., Tenable, Inc., Hewlett Packard Enterprise Development LP, Check Point Software Technologies Ltd., NortonLifeLock Inc. are
among the major market players in Saudi Arabia that lead the market growth of
the Saudi Arabia Cybersecurity market.
|
Attribute
|
Details
|
|
Market Size Value in 2021
|
USD3749.40 million
|
|
Revenue Forecast in 2027
|
USD10645.13 million
|
|
Growth Rate
|
18.73%
|
|
Base Year
|
2021
|
|
Historical Years
|
2017–2020
|
|
Estimated Year
|
2022
|
|
Forecast Period
|
2023–2027
|
|
Quantitative Units
|
Revenue in (USD million) and CAGR for
2017-2021 and 2022E-2027F
|
|
Report Coverage
|
·
Revenue forecast,
company share, competitive landscape, growth factors, and trends
|
|
Segments Covered
|
·
Security Type
·
Solution Type
·
Deployment Mode
·
End-User Industry
·
Region
|
|
Regional Scope
|
Central, Eastern, Western, Rest of Saudi Arabia
|
|
Key Companies Profiled
|
IBM Middle East FZ-L.L.C, Dell
Technologies Inc., Palo Alto Networks Saudi Arabian Limited Company, Cisco
(Saudi Arabia) Support Limited, Fortinet, Inc., Lockheed Martin Corporation,
Trellix, Trend Micro Incorporated, Al Moammar Information Systems Co., NEC
Saudi Arabia Ltd., Tenable, Inc., Hewlett Packard Enterprise Development LP,
Check Point Software Technologies Ltd., NortonLifeLock Inc.
|
|
Customization Scope
|
10% free report customization with
purchase. Addition or alteration to country, regional & segment scope.
|
|
Pricing and Purchase Options
|
Avail customized purchase options to
meet your exact research needs. Explore purchase options
|
|
Delivery Format
|
PDF and Excel through Email (We can
also provide the editable version of the report in PPT/pdf format on special
request)
|
Report Scope:
In this report, Saudi Arabia Cybersecurity Market has been segmented into the following
categories in addition to the industry trends which have also been listed below:
- Saudi
Arabia Cybersecurity Market, By Security Type:
- Network Security
- Cloud Security
- Application Security
- Endpoint Security
- Content Security
- Others (operational
security, e-mail security, etc.)
- Saudi
Arabia Cybersecurity Market, By Solution Type:
- Firewall
- Antivirus
& Antimalware
- Risk
& Compliance Management
- Identity
& Access Management
- Data
Loss Prevention
- Unified
Threat Management
- Intrusion
Detection/Prevention System
- Infrastructure
Security
- Encryption
& Decryption
- Others (Denial-of-service
attack, malware, man-in-the-middle-attack, drive-by-downloads, etc.)
- Saudi
Arabia Cybersecurity Market, By Deployment Mode:
- Saudi
Arabia Cybersecurity Market, By End-User Industry:
- Government
- BFSI
- Corporates/Private Organizations
- Retail
- Healthcare
- Education Technology
- Others (Manufacturing,
automobile, etc.)
·
Saudi Arabia Cybersecurity
Market, By Region:
- Central
- Western
- Eastern
- Rest of Saudi Arabia
Competitive Landscape
Company Profiles: Detailed analysis of the major
companies present in Saudi Arabia Cybersecurity Market.
Available Customizations:
With the given market data,
TechSci Research offers customizations according to a company’s specific needs.
The following customization options are available for the report:
Company Information
- Detailed
analysis and profiling of additional market players (up to five).