Market Trends of Saudi Arabia Cybersecurity Industry
This section covers the major market trends shaping the Saudi Arabia Cybersecurity Market according to our research experts:
Growing usage of the Cloud Services across the region
- The Saudi Arabia Cybersecurity Market continues to grow and evolve with businesses' increasing reliance on information technology as organizations migrate to the cloud to improve performance and implement a cloud-first policy for all new projects.
- Furthermore, during the COVID-19 pandemic, IT environments are becoming hybrid, resulting in increased use of cloud computing models by various firms or organizations, giving rise to 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 expected to drive growth in the cybersecurity market.
- The growing acceptance of cloud computing has increased due to its cost-effectiveness, high performance, and accessibility. Moreover, supportive Saudi government supporting initiatives such as "Make in Saudi Arabia" has anticipated acting as a major factor in the growth of the Saudi Arabia Cybersecurity Market.
- In KSA, Riyadh intends to attract significant foreign investment in the coming years by establishing Special Economic Zones. Riyadh has also been the country's 5G launchpad, with the city experiencing the greatest expansion of 5G services, making Riyadh a major demand generator for the Saudi Arabia cybersecurity market.
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Growing digitalization in healthcare industry
- Due to the pandemic, healthcare organizations in Saudi Arabia are forced to spread across remote work settings, making them vulnerable to varied threats from unsuitable hardware and non-firewalled systems.
- Using Internet of Medical Things devices to improve patient care raises potential threats in the healthcare sector, which has led to increasing demand for advanced healthcare cyber security solutions. Healthcare cyber security firms in Saudi Arabia offer cyber security services and solutions to healthcare institutions to protect their hospitals and patient information from data breaches and cyber-attacks.
- Medical data is ten to twenty times more valuable than credit card or banking information, making healthcare an appealing target for cybercriminals, the digital transformation of healthcare over recent years has increased the incidence of cyber-attacks.
- The Saudi Arabian government takes measures such as ensuring that, as part of a digital project investment, a baseline risk assessment is conducted that captures clinical, organizational, financial, and reputational damage risks and that investments are made in people, processes, and technology based on this to maintain the security posture of a digital transformation initiative.
