Latest (2023) Development of Saudi Arabia Cyber Security Market

Saudi Arabia Cyber Security Market has seen various new development over the years. For instance, the government of Saudi Arabia is increasing its investment budget in cyber security in order to protect critical national infrastructure and improve the security of online transactions. This has further created new opportunities for cybersecurity companies. The increasing focus on smart city development resulted in increasing demand for cyber security solutions due to the need to secure the large amounts of data generated by these cities and to protect the digital infrastructure. 

The adoption of cloud security solutions is growing in Saudi Arabia, as companies are looking to protect their sensitive data and applications from cyber threats. The growing demand for Artificial Intelligence (AI) and Machine Learning (ML) Technologies in cyber security is increasing as these technologies help to improve the accuracy and efficiency of security operations. Furthermore, the public and private sectors in Saudi Arabia are partnering to improve the country's cyber security posture, by sharing intelligence and collaborating on cyber security initiatives. This collaboration is helping to create new opportunities for cybersecurity companies in the region. Overall, the cyber security market in Saudi Arabia is growing rapidly by increased investment and a growing demand for advanced cybersecurity solutions in the region. 

Saudi Arabia Cyber Security Systems Market Synopsis

Saudi Arabia cyber security market is anticipated to witness strong growth over the coming years owing to a rapid increase in cyber-attacks and threats and the growing adoption of cloud computing, and IoT across various industries. Furthermore, growing awareness about cyber security products and government regulations mandating cyber security governance such as Cyber Security Framework by SAMA (Saudi Arabian Monetary Authority) would also supplement the growth of the market in the coming years.

Efforts to diversify the economy under Vision 2030 are likely to play a key role in increasing digitalization and thereby supporting the growing demand for cybersecurity solutions. The government and defence sectors are anticipated to dominate the cybersecurity market in the coming years. However, owing to diversification, healthcare and telecom domains are anticipated to grow at a fast pace as well.

According to 6Wresearch, Saudi Arabia Cyber Security Systems Market size is projected to grow at CAGR of 12.4% during 2020-2026. Saudi Arabia’s natural resources and the geopolitical tensions in the middle eastern region have made Saudi Arabia one of the prime targets for hackers. These developments have necessitated private and public sector enterprises to boost their cyber infrastructure in order to protect their data. This has also led to massive government investment in the IT sector to boost cyber security across various domains. Additionally. Saudi Arabia has identified cyber security as one of the key goals of its National Transformation Program 2020.

Market Analysis by Verticals

On the basis of verticals, government and Defence verticals dominated the market revenue share in the overall cybersecurity industry in Saudi Arabia in 2019. The presence of vast natural resources and ongoing geopolitical tensions have made Saudi Arabia one of the most common targets of hackers which have necessitated the growing investment in strengthening cybersecurity infrastructure across government institutions and organizations. Furthermore, efforts to diversify the economy would open up new avenues for the market of cybersecurity in domains such as healthcare and hospitality.”

COVID-19 Impact on Saudi Arabia Cyber Security Market

The ongoing global pandemic COVID-19 is expected to hamper the overall economic growth of Saudi Arabia, thus, restraining the growth of the cyber security market in Saudi Arabia as well. The market has seen a halt owing to the massive outbreak of COVID-19 which resulted in nationwide lockdowns to combat the spread of the virus and has led to a decline in overall market growth.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2016 to 2020.
• Base Year: 2019
• Forecast Data until 2026.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key players in the market

Some of the key players in Saudi Arabia Cyber Security 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
• Trellix
• Trend Micro Incorporated
• Al Moammar Information Systems Co.
• NEC Saudi Arabia Ltd.
• Tenable, Inc. 

Key Highlights of the Report

• Saudi Arabia Cyber Security Market Overview
• Saudi Arabia Cyber Security Market Outlook
• Saudi Arabia Cyber Security Market Forecast
• Saudi Arabia Cyber Security Market Size and Saudi Arabia Cyber Security Market Forecast, Until 2026
• Historical Data and Forecast of Saudi Arabia Cyber Security Market Revenues, By Types, for the period 2016-2026
• Historical Data and Forecast of Saudi Arabia Cyber Security Market Revenues, By Deployment, for the period 2016-2026
• Historical Data and Forecast of Saudi Arabia Cyber Security Market Revenues, By Verticals, for the period 2016-2026
• Historical Data and Forecast of Saudi Arabia Cyber Security Market Revenues, By Regions, for the period 2016-2026
• Market Drivers and Restraints
• Porter’s Five Force Analysis
• Saudi Arabia Cyber Security Market Trends and Industry Life Cycle
• Market Opportunity Assessment
• Saudi Arabia Cyber Security Market Share and Player’s Revenue Shares
• Saudi Arabia Cyber Security Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Type

• Identity Access Management (IAM)
• Data Loss Prevention (DLP)
• Endpoint Protection
• Firewall
• Intrusion Prevention System (IPS)
• Secure Email Gateway (SEG)
• Secure Web Gateway (SWG)
• Security information and event management (SIEM)
• Testing
• Other Software (DDoS, Risk, Compliance, etc.)
• Managed Security Services
• Outsourcing, Implementation, and Hardware Support
• Consulting Services
• Consumer Software
• Enterprise Cyber Security Products
• Enterprise Cyber Security Service

By Deployment

• Cloud
• On-Premises

By Verticals

• Government and Defence
• BFSI
• Retail
• Hospitality and Healthcare
• IT and Telecom
• Energy Utilities
• Manufacturing
• Others (Water Treatment Plants, Chemical Industry, etc.)

By Regions

• Central
• Western
• Eastern
• Southern

 Frequently Asked Questions About the Market Study:

1. Does the report consider COVID-19's impact?

The report not only considered the COVID-19 impact but also current market dynamics, trends, and KPIs into consideration.

2. How much growth is expected in the Saudi Arabia Cyber Security Systems Market over the coming years?

The Saudi Arabia Cyber Security Systems Market revenue is anticipated to record a CAGR of 12.4% during 2020-2026.

3. Which segment has captured a key share of the market?

On-premise is the leading market segment in the overall market revenues in the year 2019.

4. Which segment is exhibited to gain traction over the forecast period?

The government and Defense vertical is expected to record key growth throughout the forecast period 2020-2026.

5. Who are key the key players in the market?

The key players in the market include- Cisco Systems Inc., Fortinet Inc., Palo Alto Networks Inc., Broadcom Inc., Trend Micro Inc., Kaspersky Lab, IBM Corporation, Kaspersky Lab, IBM Corporation, and FireEye Inc.

6. Is customization available in the market study?

Yes, we can do customization as per your requirements. Please feel free to write to us at sales@6wresearch.com for any customized or any other requirements

7. We also want to have market reports for other countries/regions.

6Wresearch has a database of more than 60 countries globally, which can make us your first choice for all your research needs.