Saudi Arabia Cybersecurity Market

Introduction to the Saudi Arabia Cybersecurity Market Report

Cybersecurity solutions helps to protect networks, servers, mobile device, systems, electronic systems and data from cyber-attacks. These solutions are designed to protect sensitive information and to prevent cyber threats against network systems and applications. The need of cyber security has been increased to protect data confidentiality from cyber-attacks.

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Major Saudi Arabia Cybersecurity Market Drivers

Saudi Arabia cybersecurity market is primarily driven by increasing adoption of remote working by small and medium sized and large sized enterprises, growing investments in network security tools and incidents of cyber-attacks. Saudi Arabia is one of the most targeted in country in the GCC region when it comes to cyber-attacks due to geopolitical tensions in the Middle, as per recent estimates, approximately 33.3% of the users in Saudi Arabia faced cyber threats in 2022, such trends are boosting the adoption of cybersecurity solutions amongst individuals and companies. Additionally, growing adoption of cloud computing environment and advanced technologies like Internet of Things (IoT) and Artificial Intelligence (AI), steps taken by government to diversify the economy and increasing digitalization, are some of the factors augmenting the Saudi Arabia cybersecurity market growth.

Increase in the volumes of data generated such as intellectual property, financial data, personal information, or other types of data on computers and other devices among government, military, corporate, financial, and medical organizations is further propelling Saudi Arabia cybersecurity market. Moreover, according to the Saudi Arabian Business Council, the cybersecurity market in Saudi Arabia is expected to witness high growth in the coming years and $27.2 billion was allocated in Saudi Arabia’s 2020 budget for security and regional administration including cybersecurity. National Cybersecurity Authority (NCA) in Saudi Arabia is aimed at centralizing cybersecurity and controls and the National Cyber Security Center (NCSC) monitors supervisory control and data acquisition (SCADA) systems across government entities, energy and industrial sector. This is further expected to augment the growth of the cybersecurity market share in Saudi Arabia.

However, the growing availability and use of pirated and open source cybersecurity solutions and the lack of skilled security professionals are some of the factors restricting the growth of Saudi Arabia cybersecurity market growth. In addition high cost of network security, application security, and data base security may hamper the adoption of cyber security solutions among small and medium sized enterprises in Saudi Arabia.

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Security Type – Segment Analysis

Based on the security type, the network security segment is anticipated to account for a large share in the market owing to the increasing implementing hardware and software mechanisms for preventing the network, infrastructure, organizational assets from unauthorized access, disruptions, and misuse.

Deployment Mode – Segment Analysis

Based on the deployment mode, the cloud segment is projected to witness a high CAGR over the forecast period. This can be attributed to the increasing technological integration and mass data storage via cloud sharing in business. Moreover, according to the Saudi Arabian Business Council, the cloud security spending is expected to grow by a CAGR of 55.2% by 2023 in the private sector, which is further expected to propel the market growth.

Organization Size – Segment Analysis

Based on the organization size, the small and medium-sized enterprises is expected to increase at the fastest rate over the forecast period owing to the rising number of SMEs along with the increasing investment in IT security by small and medium enterprises. For instance, the Saudi Arabian Business Council stated that 43% of data breaches target SMEs in Saudi Arabia, will further propel the market growth.

Vertical – Segment Analysis

Based on the application, the energy and utilities segment is expected to account for a significant market share owing to the rising decentralization of the energy system, increasing adoption of connected devices in oil, gas, and power sectors, and rising attack on power grid and IoT devices including smart meters. According to the Energy Information Administration, Saudi Arabia has 16% of the oil reserves in the world, this is further expected to contribute to the growth in the energy sector, thereby, supporting the development of the cybersecurity market in the energy and utility vertical.

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Key Developments: 

• • In February 2020, UL LLC, a global safety science company based announced that it has signed a memorandum of Understanding (MoU) with National Cybersecurity Authority of Saudi Arabia (NCA) for developing secure cybersecurity system in Saudi Arabia.
  • In April 2020, Trend Micro Incorporated, a Japanese IT security company partnered with CyberX, which is an initiative supported by government to spread awareness about cybersecurity.

Segments covered in the Report:

The Saudi Arabia Cybersecurity Market has been segmented on the basis of security type, deployment mode, organization size, and vertical. Based on security type, the market is segmented into endpoint security, cloud security, network security, internet security, and others. Based on organization size, the market is segmented into small and medium-sized enterprises and large enterprises. Based on the vertical, the market is segmented into BFSI, government & defence, energy & utilities, healthcare, IT & telecommunication, retail, manufacturing, and others. Based on the deployment mode, the market is segmented into cloud and on-premises.

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Key questions answered in this research report:

• • At what pace is Saudi Arabia Cybersecurity Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Saudi Arabia Cybersecurity Market? What will be the impact of drivers and restraints in the future?
  • Which security type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various verticals of Saudi Arabia Cybersecurity Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Security Type, By Deployment Mode, By Organization Size, By Vertical
Regional Coverage	Saudi Arabia
Companies Profiled	Profiles of Top 10 Major Companies Operating in “Saudi Arabia Cybersecurity Market”
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Saudi Arabia Cybersecurity Market by Security Type

• • Network Security
  • Endpoint Security
  • Cloud Security
  • Internet Security
  • Others

Saudi Arabia Cybersecurity Market by Deployment Mode

• • On-Premises
  • Cloud

Saudi Arabia Cybersecurity Market by Organization Size

• • SMEs
  • Large Enterprises

Saudi Arabia Cybersecurity Market by Vertical

• • BFSI
  • Government and Defence
  • Energy and Utilities
  • Healthcare
  • IT and Telecommunication
  • Retail
  • Manufacturing
  • Others