Increasing government initiatives such as Vision 2030 and the National Transformation program 2020 for digital infrastructure in the country and increasing investment in cybersecurity are expected to drive the Saudi Arabia Cybersecurity Market through forecast period.
According to TechSci Research report, “Saudi Arabia Cybersecurity Market- Industry Size, Share, Trends, Competition, Forecast & Opportunities, 2017- 2027F”, the Saudi Arabia cybersecurity market stood at USD3749.40 million in 2021 and is expected to register a CAGR of 18.73% to reach USD10645.13 million by 2027. The market is primarily driven by the rise in the usage of cloud services and the internet of things among enterprises and the expansion of 5G technology. The government is taking significant steps to raise awareness about cyber-risks and their expected effect on the system. The launch of the Indicative Center for Cybersecurity by the government to issue alerts for cyber-security-based concerns is expected to fuel the sales of cybersecurity solutions across various end-user industries.
However, lack of awareness about cyber security risks and the high cost of software up-gradation may restrain the Saudi Arabia cybersecurity market growth in the forecast period.
Browse over 33 market data Figures spread through 115 Pages and an in-depth TOC on "Saudi Arabia Cybersecurity Market"
The Saudi Arabia cybersecurity market is segmented into security type, solution type, deployment mode, end-user industry, regional distribution, and competitive landscape.
Based on solution type, the Saudi Arabia cybersecurity market is divided into firewall, antivirus & antimalware, risk & compliance management, identity & access management, data loss prevention, unified threat management, encryption & decryption, intrusion detection/prevention system, infrastructure security & others. The firewall solution type led the market in 2021 and captured 16.95% of the overall market share. Firewalls provide the first line of security against cyber-attacks, viruses, and hackers accessing critical data. The construction of smart cities under the plan ‘National Digital Transformation’ and the surge in investments by the government for the development of digital infrastructure is expected to fuel the segment demand.
Based on deployment mode, the Saudi Arabia cybersecurity market is bifurcated into cloud and on-premises. The cloud segment dominated the market in 2021 and held a share of 75.20% of the overall market share. The rise in awareness about the benefits of adopting cloud-based solutions in enterprises is driving the demand for cloud-based models. Cloud offers several benefits, such as higher affordability and flexibility, and is more secure than the on-premises model. The shift in the inclination of public and private market players towards cloud-based platforms is significantly contributing to the market growth.
Based on the end-user industry, the market is divided into government, BFSI, corporates/private organizations, retail, healthcare, education technology & others. The government sector dominated the market with a market share of 29.35% in 2021. The government maintains and updates the record of all its citizens. The sensitive data is highly vulnerable and prone to cyber-attacks as unauthorized access could lead to massive financial loss for the government. Therefore, the government is making high-end investments in the adoption of cybersecurity solutions which is expected to bolster the growth of the Saudi Arabia cybersecurity market over the forecast period.
Major market players operating in Saudi Arabia cybersecurity market are:
- IBM Middle East FZ-L.L.C
- Dell Technologies Inc.
- Palo Alto Networks Saudi Arabian Limited Company
- Cisco (Saudi Arabia) Support Limited
- Fortinet, Inc.
- Lockheed Martin Corporation
- Trend Micro Incorporated
- Al Moammar Information Systems Co.
- NEC Saudi Arabia Ltd.
- Tenable, Inc.
- Hewlett Packard Enterprise Development LP
- Check Point Software Technologies Ltd.
- NortonLifeLock Inc.
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“The central region dominated the Saudi Arabia cybersecurity market in 2021 and held 39.63% of the overall market share. Riyadh, the capital and financial hub, is present in the central region of Saudi Arabia. The government is planning to establish economic zones in the region, which is expected to boost the number of enterprises and foreign direct investments in the region. Also, the deployment of 5G technology and the ongoing digitalization trend in enterprises are expected to propel the Saudi Arabia cybersecurity market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Cybersecurity Market By Security Type (Network Security, Application Security, Cloud Security, Endpoint Security, Content Security & Others (operational security, e-mail security, etc.)), By Solution Type (Firewall, Antivirus & Antimalware, Risk & Compliance Management, Identity & Access Management, Data Loss Prevention, Unified Threat Management, Encryption & Decryption, Intrusion Detection/Prevention System, Infrastructure Security & Others (Denial-of-service attack, malware, man-in-the-middle-attack, drive-by-download)), By Deployment Mode (Cloud & On-premises), By End-User Industry (Government, BFSI, Corporates/Private Organizations, Retail, Healthcare, Education Technology & Others), By Region, Competition, Forecast & Opportunities, 2017-2027”, has evaluated the future growth potential of Saudi Arabia cybersecurity market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia cybersecurity market.
Mr. Ken Mathews
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