Saudi Arabia Cybersecurity Market Size (2024 - 2029)

The market size of cybersecurity in Saudi Arabia is experiencing significant growth due to various factors. The surge in remote working regimes among SMEs and large enterprises has led to a rise in network security threats, prompting increased investment in network security tools and equipment. Government efforts to diversify income sources, digitize public and private institutions, and mitigate cyber-attacks are also driving the cybersecurity market. The demand for cybersecurity is further fueled by the government's investments in IT infrastructure and strict regulations on data security. Technological advancements, the adoption of IoT, artificial intelligence, and 5G technology are also creating growth opportunities for the market. The COVID-19 pandemic has also contributed to the market expansion, with organizations increasing their spending on cybersecurity solutions to ensure data privacy and security in the shift to digital remote platforms.

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Market Size of Saudi Arabia Cybersecurity Industry

Saudi Arabia Cybersecurity Market Overview
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 0.63 Billion
Market Size (2029) USD 1.19 Billion
CAGR (2024 - 2029) 13.78 %
Market Concentration Medium

Major Players

Saudi Arabia Cybersecurity Market Major Companies

*Disclaimer: Major Players sorted in no particular order
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Saudi Arabia Cybersecurity Market Analysis

The Saudi Arabia Cybersecurity Market size is estimated at USD 0.63 billion in 2024, and is expected to reach USD 1.19 billion by 2029, growing at a CAGR of 13.78% during the forecast period (2024-2029).

The widespread adoption of remote working regimes by SMEs and large enterprises has contributed to increased network security threats in Saudi Arabia. Saudi enterprises have been increasingly investing in network security tools and equipment, which is expected to boost Saudi Arabia Cybersecurity Market.

  • The government's increased efforts to diversify income sources and reduce reliance on the oil industry, growing digitization of public and private institutions, and rising concerns about cyber-attacks are the primary factors driving demand for the Saudi Arabian Cybersecurity Market during the forecast period.
  • Demand for cybersecurity is being driven up by the government's high-end investments in developing the country's IT infrastructure and the imposition of strict government regulations emphasizing the need for cybersecurity solutions for secure, confidential public data.
  • Rapid technological advancements, the adoption of advanced technologies such as IoT, artificial intelligence, and the deployment of 5G technology are expected to create a wide range of growth opportunities for the industry.
  • The emergence of COVID-19 contributed significantly to the growth of the Saudi Arabian Cybersecurity Market, as organizations provided their employees with the option of working from home to protect them from infection. Because of the shift to digital remote platforms, organizations have increased their spending on advanced cybersecurity solutions to ensure data privacy and security.

Saudi Arabia Cybersecurity Industry Segmentation

Cybersecurity solutions help organizations monitor, report, and counter cyber threats to maintain data confidentiality. The adoption of cybersecurity solutions is expected to grow in line with the rising internet penetration among developing and developed countries. The need for cybersecurity has increased as every system in today's world is connected to the internet, making data more accessible to cybercriminals.

Saudi Arabia Cybersecurity Market is Segmented by Offering (Security Type, Services ), By Deployment (Cloud, On-premise), By End User ( BFSI, Healthcare, Manufacturing, Government & Defense, IT, and Telecommunication, Other End Users).

By Offering
Security Type
Services
By Deployment
Cloud
On-premise
By End User
BFSI
Healthcare
Manufacturing
Government & Defense
IT and Telecommunication
Other End Users

Saudi Arabia Cybersecurity Market Size Summary

The Saudi Arabia Cybersecurity Market is projected to grow substantially in the coming years, driven by the widespread adoption of remote work by small and large enterprises. This shift has resulted in increased network security threats, prompting businesses to invest in network security tools and equipment. Other factors contributing to the market's growth include the government's efforts to diversify income sources, the digitization of public and private institutions, and rising concerns about cyber-attacks. The market is also being driven by the government's high-end investments in developing the country's IT infrastructure and the imposition of strict regulations emphasizing the need for cybersecurity solutions. Trends shaping the cybersecurity market in Saudi Arabia include the growing usage of cloud services and the digitalization of the healthcare industry. The shift to cloud computing has resulted in new cybersecurity challenges, driving demand for advanced solutions. Similarly, the increased use of digital technologies in healthcare, including the Internet of Medical Things, has led to a rise in cyber threats, necessitating advanced cybersecurity solutions. The market is moderately concentrated, with a few major players such as Palo Alto Networks Private Limited, McAfee Corporation, International Business Machine Corporation (IBM), Cisco Systems, Inc., and NortonLifeLock Inc. dominating the landscape.

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Saudi Arabia Cybersecurity Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Increasing Demand for Digitalization and Scalable IT Infrastructure

      2. 1.1.2 Need to tackle risks from various trends such as third-party vendor risks, the evolution of MSSPs, and adoption of cloud-first strategy

    2. 1.2 Market Restraints

      1. 1.2.1 Lack of Cybersecurity Professionals

      2. 1.2.2 High Reliance on Traditional Authentication Methods and Low Preparedness

    3. 1.3 Trends Analysis

      1. 1.3.1 Exponential growth to be witnessed in cloud security owing to shift toward cloud-based delivery model.

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Offering

      1. 2.1.1 Security Type

      2. 2.1.2 Services

    2. 2.2 By Deployment

      1. 2.2.1 Cloud

      2. 2.2.2 On-premise

    3. 2.3 By End User

      1. 2.3.1 BFSI

      2. 2.3.2 Healthcare

      3. 2.3.3 Manufacturing

      4. 2.3.4 Government & Defense

      5. 2.3.5 IT and Telecommunication

      6. 2.3.6 Other End Users

Saudi Arabia Cybersecurity Market Size FAQs

The Saudi Arabia Cybersecurity Market size is expected to reach USD 0.63 billion in 2024 and grow at a CAGR of 13.78% to reach USD 1.19 billion by 2029.

In 2024, the Saudi Arabia Cybersecurity Market size is expected to reach USD 0.63 billion.

Saudi Arabia Cybersecurity Market Report Snapshots

Saudi Arabia Cybersecurity Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)