Report Description

 

Forecast Period

2024-2028

Market Size (2022)

USD 46.76 Million

CAGR (2023-2028)

2.41%

Fastest Growing Segment

Manufacturing

Largest Market

Northern & Central Region

 

The market for managed security services in Saudi Arabia is expected to grow in the coming years. Managed security services (MSS) are a concept that refers to the online protection administrations for devices and whole organizations that are used in industrial and infrastructure sectors such as oil and gas, power and water utilities, transportation, and manufacturing. These systems are critical to the functioning of various industries and are increasingly being connected to the internet, making them vulnerable to cyber-attacks. MSSPs can assist financial institutions in maximizing efficiency and security operations. Managed security can boost business productivity, performance, and innovation by providing a secure environment.

In addition, Saudi Arabia is one of the largest producers of oil and gas in the world and has a significant presence in other industries such as power and water utilities, transportation, and manufacturing. As these industries continue to modernize and digitize their operations, the need for managed security services solutions has become increasingly important. The Middle East and Africa region, which includes Saudi Arabia, is expected to be one of the fastest-growing markets for managed security services during this period. Moreover, several factors are driving the demand for managed security service solutions in Saudi Arabia, including the increasing adoption of internet-connected devices and systems, rising awareness about the risks of cyber-attacks, and the growing need to comply with regulatory requirements. The Saudi Arabian government has also recognized the importance of infrastructure security and has taken several measures to enhance the cybersecurity posture of critical infrastructure sectors. Overall, the market for managed security services in Saudi Arabia is expected to grow in the coming years, driven by increasing demand from various industries and government initiatives to improve cybersecurity.

The Increased Use of Digital Technologies in Industrial Systems Is Driving the Market Growth

The increased use of digital technologies in industrial systems is another major driver of managed security services in Saudi Arabia. Digital technologies such as cloud computing, big data analytics, and Internet of Things (IoT) are transforming the way industries operate and manage their assets, leading to improved efficiency, productivity, and cost savings. However, with the increased adoption of digital technologies in industrial systems, the risk of cyber-attacks has also increased significantly. Industrial Control Systems (ICS) and Supervisory Control and Data Acquisition (SCADA) systems that are used in critical infrastructure sectors such as oil and gas, power and water utilities, transportation, and manufacturing are often vulnerable to cyber-attacks, which can result in operational downtime, physical damage, and even loss of life.

For instance, according to the Trend Micro Annual Cybersecurity Report for 2022, a total of 110 million threats were detected and blocked in the Saudi Arabia by the company cybersecurity solutions. As more and more businesses embrace digital transformation, various security solutions will further be going to be implemented in the enterprise operating systems. As a result, there is a growing need for managed security services solutions in Saudi Arabia to protect these critical industrial systems from cyber threats. Managed security services solutions such as firewalls, intrusion detection systems, and many more are becoming more widely adopted by organizations to protect their operating systems like ICS and SCADA from cyber-attacks.

The Saudi Arabian government has also recognized the importance of managed security services and has taken several measures to enhance the cybersecurity posture of critical infrastructure sectors. For instance, the National Cybersecurity Authority (NCA) has launched various initiatives to raise awareness about the importance of cybersecurity in critical infrastructure sectors and has provided guidelines and frameworks for organizations to improve their managed security services measures. Furthermore, the COVID-19 pandemic has accelerated the pace of digitalization across businesses, as remote work and online transactions have become the new normal. This has further boosted the demand for managed security services, as companies need to ensure the security and efficiency of their digital infrastructure. Overall, the increased use of digital technologies in industrial systems is a key driver of the market growth of managed security services in Saudi Arabia. as organizations seek to protect their critical infrastructure from cyber threats and comply with regulatory requirements.

Rising digitalization among enterprises is indeed driving the market growth of managed security services in Saudi Arabia. As more and more businesses embrace digital transformation, the demand for managed security services such as software development, cybersecurity, cloud computing, and data analytics has increased significantly. Overall, the market for managed security services in Saudi Arabia is expected to continue its growth trajectory, driven by the increasing adoption of digital technologies and the growing demand for innovative solutions. Overall, the rising digitalization among enterprises is driving the growth of the Managed Security Services market, and this trend is expected to continue in the coming years.