Posted On: 2020-05-06
Saudi Arabia Cyber Security Market Remained Dominated by Government and Defense Vertical in 2019– 6Wresearch
Saudi Arabia cybersecurity market is anticipated to grow at a steady pace owing to increasing cyber-attacks and growing usage of cloud computing across various verticals. However, the market is likely to witness a period of slow growth owing to the global recession triggered by the coronavirus pandemic. post-crisis, the industry is likely to benefit from the changing working dynamics during the pandemic as companies are beginning to deploy cybersecurity measures to protect their data while its employees are working remotely.
According to 6Wresearch, Saudi Arabia cybersecurity market size is projected to grow at a CAGR of 12.4% during 2020-26. A growing number of cyber-attacks and increasing investment in cloud computing and IoT would drive the growth of the cybersecurity industry in the forecast period. The government of Saudi Arabia has set up various targets under its Vision 2030 program to increase digitalization across various sectors such as healthcare and hospitality. These developments would open new avenues for the application of cybersecurity products in the country.
According to Kanika Arora, Senior Research Analyst, Research and Consulting, 6Wresearch, “Numerous government initiatives and increasing government investment to digitalize the economy would open up new avenues for the applications of cybersecurity products in Saudi Arabia. Furthermore, Saudi Arabia remains one of the worst-hit countries by cyber-attacks in the middle eastern region. This has also resulted in increasing the inclination of organizations across public and private domains towards the deployment of cybersecurity solutions. Additionally, efforts to diversify the economy such as the introduction of next-generation care and automation in the healthcare and industrial sector respectively would propel the growth of the cybersecurity industry”.
According to Sahil Sharma, Research Associate, Research and Consulting, 6Wresearch, “Government and Defense vertical dominated the market revenue share in the overall cybersecurity industry in Saudi Arabia during 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.”
Some of the major companies Saudi Arabia Cyber Security Market are Cisco, Fortinet, Symantec, and Palo Alto.
"Saudi Arabia Cyber Security Market (2020-2026)" provides an in-depth analysis with 32 figures covered in 90 pages. The report estimates and forecasts the overall Saudi Arabia cybersecurity market by type, deployment, vertical, and region. The report provides an unbiased and detailed analysis of the Saudi Arabia cybersecurity market on-going trends, outlook, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.