According to TechSci Research, Saudi Arabia Cybersecurity Market stood at USD3618.90 million in 2020 and is forecast to grow at a CAGR of over 17.98% until 2026 owning to the shift of oil-based economy to digital economy. Moreover, the objectives of Vision 2030 are expected to open many opportunities for the growth of IT sector and consequently the growth of cybersecurity.
Expansion of the Digital Economy
Growth in the Saudi Arabia Cybersecurity Market is driven by the increasing digital economy. The increasing popularity of 5G technology will create extensive developments on the scale and speed of information technology. The growing adoption of cloud computing services owing to their cost effectiveness, high performance, and accessibility will also enhance the Saudi Arabia Cybersecurity Market. Moreover, supportive government initiatives such as “Make in Saudi Arabia” is anticipated to act as a catalyst in the growth of the Saudi Arabia Cybersecurity Market. All government organizations have implemented the Security Operation Centre (SOC) that allows agencies to take the initiative in ensuring cybersecurity. Highlighting the concept of digital transformation and the many attributes that go together with it, the Kingdom’s progression is towards a brand new and improved method of accelerating the stages of development associated with Digital Transformation. By adopting and implementing state-of-the-art telecommunication systems and ICT technology, which aid within the facilitation of the general mechanisms of Digital Transformation, initiating the launch of a knowledge hungry economy and an immersive e-commerce language, the kingdom is emerging as one of the fastest digitally transforming economy. The digital transformation in the kingdom also has a potential of new and highly sophisticated cybercrimes. To overcome this, the country is expected to invest in more robust and advanced cybersecurity system. The kingdom is taking measures to provide high quality internet with affordable access to all sectors and social classes throughout the kingdom at low price and high reliability. The kingdom is determined to propose a national network to
establish a national business continuity plan, including active respond to the effects of emergencies and disasters. The increasing dependence on Internet in the Kingdom is anticipated to fuel the demand for cybersecurity in different sectors.
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Implementation of the Objectives of Vision 2030
Kingdom of Saudi Arabia is at the forefront of good development in digital transformation, thanks to the implementation of Vision 2030 and the National Transformation Program 2020. Saudi Arabia’s Vision 2030, a strategic framework for economic development in the public, commercial, and non-profit sectors, was adopted in 2016. The National Transformation Program 2020 was established to aid in the achievement of Vision 2030 by identifying potential problems and assisting the government in developing strategies and processes to address these challenges. The Kingdom of Saudi Arabia’s investment in digital infrastructure is critical to the realization of Vision 2030. The growth of digital infrastructure will act as a catalyst for the cyber security market in Saudi Arabia. KSA is maintaining a strong digital infrastructure that drives its digital transformation. This structure has enabled the Kingdom to cope with crises of instability in the public and private sectors, ensuring continuity of activities, educational activities, citizens’ needs and daily life on digital platforms of residents. The country is ranked among the top ten developed countries in the world thanks to its strong digital framework. The Kingdom has already improved the standard of digital services provided to beneficiaries by partnering with the personal sector to produce fiber-optic network coverage to quite 3.5 million homes across the Kingdom. Additionally, by increasing internet traffic throughout the pandemic by 30%, doubling the net traffic through the Saudi Arabian net Exchange (SAIX), increasing the internet speed from 9Mbps in 2017 to 109 Mbps in 2020 and finishing the enlargement of the inner coverage system at the Holy house of God in Makkah, the government has been moving forward with the achievement of its objectives of the vision 2030.
Government Push is Imposing Organization to Adopt Cybersecurity
Organizations in Saudi Arabia are continually being driven to innovate and explore new technologies and delivery models by changing digital transformation plans and altering industry dynamics. As a result, a complex ecosystem with new cybersecurity challenges has emerged. As a result, cybersecurity must now assure business resiliency in addition to protecting digital assets. The Government of Saudi Arabia has launched many initiatives & schemes that has pushed the organization to adopt new & sophisticated models & tools for cybersecurity. In September 2021, the kingdom of Saudi Arabia has published its national data protection law. The law regulates the collection, processing and use of personal data in the Kingdom and will be effective as of on March 23, 2022. This law deals with topics such as residency, extraterritoriality, restrictions on cross-border transfers, registration, consent, local representative, sensitive data, breach notification and criminal penalties. The government has launched the National Strategy for Digital Transformation consisting of 5-year strategy within three action plans i.e., first action plan 2006-2010, second action plan 2012-2016 and third action plan 2020-2024. All three action plans aim at digital transformation of the government of the country at different levels through the years.
Market Segmentation
Based on security type, the market can be segmented into Network Security, Application Security, Cloud Security, Endpoint Security, Content Security & Others. Based on solution type, the market can be divided into Firewall, Antivirus & Anti-Malware, Risk & Compliance Management, Identity & Access Management, Data Loss Prevention, Unified Threat Management, Encryption & Decryption, Intrusion Detection/Prevention System, Infrastructure Security & Others. Based on end-user industry, the market is segmented into Government, BFSI, Corporates/Private Organizations, Retail, Healthcare, Education Technology & Others.
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Company Profiles
International Business Machine Corporation (IBM), McAfee Corp., Cisco Systems, Inc., Palo Alto Networks, Inc., NortonLifeLock Inc., FORTINET, INC., Dell Technologies Inc., Check Point Software Technologies Ltd, Salesforce.com, Inc., Trend Micro, Inc, FireEye, Inc., Al Moammar Information Systems Co. (MIS)., Tenable, Inc., Hewlett Packard Enterprise Development LP, NEC Corporation are the major market players in Saudi Arabia Cyber Security market.
| Attribute | Details |
| Market size value in 2020 | USD 3618.90 Million |
| Revenue Forecast in 2026 | USD 9845.26 Million |
| Growth Rate | 17.98% |
| Base Year | 2020 |
| Historical Years | 2016 – 2019 |
| Estimated Year | 2021 |
| Forecast Period | 2022 – 2026 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2016-2020 and 2021-2026 |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | · Security Type · Solution Type · Deployment Mode · End User Industry |
| Regional Scope | Central; Eastern; Western; Rest of Saudi Arabia |
| Key Companies Profiled | International Business Machine Corporation (IBM), McAfee Corp., Cisco Systems, Inc., Palo Alto Networks, Inc., NortonLifeLock Inc., FORTINET, INC., Dell Technologies Inc., Check Point Software Technologies Ltd, Salesforce.com, Inc., Trend Micro, Inc, FireEye, Inc., Al Moammar Information Systems Co. (MIS)., Tenable, Inc., Hewlett Packard Enterprise Development LP, NEC Corporation |
| 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/pdf format on special request) |
Report Scope:
In this report, the Saudi Arabia Cybersecurity Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
o Others
o Cloud
o On-premises
o Government
o BFSI
o Corporates/Private Organizations
o Retail
o Healthcare
o Education Technology
o Central
o Eastern
o Western
o Rest of Saudi Arabia
Competitive Landscape:
Company Profiles: Detailed analysis of the major companies present in the Saudi Arabia Cybersecurity Market.
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