|
Forecast Period
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2024-2028
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Market Size (2022)
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USD 46.76 Million
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CAGR (2023-2028)
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2.41%
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Fastest Growing
Segment
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Manufacturing
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Largest Market
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Northern
& Central Region
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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.
Increase in adoption of Industrial Internet of
Things (IIoT) solutions
The increase in adoption of Industrial
Internet of Things (IIoT) solutions is another major driver of the market
growth of managed security services in Saudi Arabia. IIoT solutions are generally
used to connect, monitor devices and machines in industrial environments, leading
to improved efficiency, productivity, and cost savings. However, with the
increased connectivity of IIoT solutions in industrial systems are
proliferating the new security risk as these industrial machines are vulnerable
to cyberattacks. IIoT devices and sensors 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. As
a result, there is a growing need for managed security solutions in Saudi
Arabia to protect these critical industrial systems from such threats. Managed
security services and OT security solutions such as firewalls, intrusion detection
systems, and network segmentation are becoming more widely adopted by
organizations to protect their IIoT devices and sensors from cyber-attacks.
Moreover, Industrial Internet of things devices exhibit enormous data which are
significant for the enterprise to analyze and predict the upcoming event. As
these data are highly important to the organization and government, the Saudi
Arabia government has implemented several regulations such as Saudi Arabia
Personal Data Protection Law (PDPL) to regulate the collection, use, and
disclosure of personal data. The adoption of managed security services is
enabling third party customers to comply with the PDPL when processing personal
data of customers. This includes obtaining valid consent
for data processing, ensuring data security measures are in place, providing
data breach notifications, and fulfilling other GDPR obligations. Such
initiatives have further increased the adoption of internet of things devices
in the industrial setting. Therefore, the increase in Industrial internet of
things solution is proliferating the demand for managed security services in
the Saudi Arabia Market.
Bring Your Own Device
Concept Drive the Market of Managed Security Services
Bring Your Own
Device (BYOD) can drive the market of managed security services (MSS). The
practice of allowing employees to use their personal devices, such as
smartphones, tablets, and laptops, for work purposes is referred to as
"bring your own device" (BYOD). To safeguard confidential corporate
data and networks, robust security measures are required as the use of bring
your own device (BYOD) grows in organizations. The adoption of BYOD introduces
additional security challenges, as personal devices may not have the same level
of security controls as corporate devices. This can increase the risk of data
breaches, malware infections, and other security incidents. Managed security
services (MSS) are outsourced security solutions provided by specialized
companies to manage and monitor an organization's security infrastructure.
In
addition, these services enable enterprises to implement security policies,
enforce access controls, conduct security assessments, and provide ongoing
monitoring and management of BYOD devices to ensure that they are secure and
compliant with the organization's security policies. Furthermore, MSS have the
ability to include services such as threat detection and response, security
monitoring, vulnerability management, and incident response, among others. These
services help organizations to protect their BYOD devices and comply with
cybersecurity regulations. To overcome the threat, enterprises may require
specialized MSS to implement security controls and monitors specifically
tailored for BYOD environments. Therefore, MSS providers have the expertise and
tools to implement and manage security measures to protect an organization's IT
assets and data from potential cyber threats. Thus, implementation of bring
your own device (BYOD) are attributing the demand of managed security services
in the Saudi Arabia Market.
Market Segmentation
The Saudi Arabia managed security services market
is segmented based on service type, deployment type, end user, and region.
Based on service type, the market is categorized into managed intrusion
detection system (IDS)/managed intrusion prevention system (IPS), security
information & event management, managed firewall, unified threat
management, others. Based on deployment type, the market is bifurcated into
on-premise, and cloud. Based on organization size, the market is divided into
SMEs and large enterprise. The end user segment is further divided into
government, BFSI, IT & telecom, manufacturing & natural resources, and
others. The market analysis also studies the regional segmentation to devise
regional market segmentation, divided among Northern & Central Region,
Eastern Region, Southern Region, and Western Region.
Company Profiles
Some of the
major players in the managed security services market include Cisco Saudi
Arabia Limited Company, Kaspersky Lab, International Business Machines
Corporation (IBM) Saudi Arabia, Fortinet, Inc., Palo Alto Networks, Inc.,
Security Matterz Ltd. (Saudi Arabia), Atos SE (Saudi Arabia) and many more.
|
Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historic Data
|
2018 –
2021
|
|
Estimated Year
|
2023
|
|
Forecast Period
|
2024
– 2028
|
|
Quantitative Units
|
Revenue in USD Million and CAGR for 2018-2022 and 2024-2028
|
|
Report coverage
|
Revenue
forecast, company share, growth factors, and trends
|
|
Segments covered
|
Service
type
Deployment
type
Organization
Size
End
User
Region
|
|
Country scope
|
Saudi
Arabia
|
|
Regional scope
|
Northern & Central Region, Eastern Region, Southern Region,
Western Region
|
|
Key companies profiled
|
Cisco Saudi Arabia Limited
Company, Kaspersky Lab, International Business Machines Corporation (IBM)
Saudi Arabia, Fortinet, Inc., Palo Alto Networks, Inc., Security Matterz Ltd.
(Saudi Arabia), Atos SE (Saudi Arabia)
|
|
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/Word format on special request)
|
Report Scope:
In this report, the Saudi Arabia managed security services
market has been segmented into the following categories, in addition to the
industry trends which have also been detailed below:
- Saudi Arabia Managed
Security Services Market, By Service Type:
o Managed Intrusion Detection System (IDS)/Managed
Intrusion Prevention System (IPS)
o Security Information & Event Management
o Managed Firewall
o Unified Threat Management
o Others
- Saudi Arabia Managed
Security Services Market, By Deployment Type:
o On-Premises
o Cloud
- Saudi Arabia Managed Security
Services Market, By Organization Size:
o Small & Medium-sized Enterprises (SMEs)
o Large Enterprises
- Saudi Arabia Managed
Security Services Market, By End User:
o Government
o BFSI
o IT & Telecom
o Manufacturing & Natural Resources
o Others
- Saudi Arabia Managed
Security Services Market, By Region:
o Northern & Central Region
o Eastern Region
o Southern Region
o Western Region
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the Saudi Arabia managed security services 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).
The Saudi Arabia managed security services market is an upcoming report to be released soon. If
you wish an early delivery of this report or want to confirm the date of
release, please contact us at [email protected]