Report Overview

Saudi Arabia Cybersecurity Market - Industry Trends & Forecast Report, 2030

Saudi Arabia Cybersecurity Market size was estimated to be worth USD 5.60 billion in 2023. During the forecast period between 2024 and 2030, Saudi Arabia Cybersecurity Market size is projected to grow at a CAGR of 16.80%, reaching a value of USD 16.53 billion by 2030. Major growth factors for Saudi Arabia Cybersecurity Market include the increasing adoption of smart devices, cloud computing, and other advanced technologies, such as AI and machine learning, and the rising frequency of cyberattacks. In addition, a stringent regulatory framework to ensure data privacy and protection in the Kingdom is anticipated to drive Saudi Arabia cybersecurity market during the forecast period.

Cybersecurity – Overview

Cybersecurity refers to the practice of preventing unauthorized access or digital or internet-based attacks on networks, systems, and programs. Cybercrime can be tackled in many ways, including but not limited to critical infrastructure security, network security, application security, cloud security, disaster recovery/business continuity planning, storage security, and more. Furthermore, cybersecurity is a top priority for government agencies, businesses, military, financial, and healthcare organizations, which collect, store, and process large amounts of confidential data online. The risks of unauthorized access to such systems can compromise national security, which makes cybersecurity crucial for businesses.

Saudi Arabia Cybersecurity Market

Growth Drivers

Stringent Government Regulations and Policies

The Kingdom of Saudi Arabia's stringent regulations regarding data security, privacy protection, and compliance are driving up demand for enterprise cybersecurity solutions. Saudi Arabia ranks second on the global ranking for commitment to cybersecurity. The National Cybersecurity Authority (NCA) of Saudi Arabia has issued a national policy for Managed Security Operations Centers (MSOC) and the regulatory framework for licensing MSOCs. These initiatives are focused on enhancing the cybersecurity capabilities of the country. The country also released the new Personal Data Protection Law 2023, which is anticipated to drive the cybersecurity market during the forecast period.

Challenges

Risk of Failures in Cybersecurity Measures

As technology advances, cybersecurity measures may not always be 100% successful in countering potential threats. The potential applications of cybersecurity are severely limited by the growing use of IoT across several industries. The dangers of hacking or cyberattacks increase on a particular network as a result of IoT devices being networked across a single network and transporting massive volumes of data in real-time. IoT improves an organization's operational efficiency, but it also raises the possibility of data breaches and cyberattacks. It presents a significant barrier to the growth of Saudi Arabia Cybersecurity Market.

Impact of Escalating Geopolitical Tensions on Saudi Arabia Cybersecurity Market

Escalating geopolitical tensions among countries across the major regions, particularly in the Middle East, could have a significant impact on the growth of Saudi Arabia Cybersecurity Market. Uncertainties and instability in geopolitical landscapes could force the Saudi government to strengthen its cybersecurity infrastructure to safeguard its critical defense segments, influencing overall economic conditions and consumer purchasing power. Also, heightened security concerns could influence consumer confidence and investment decisions. To mitigate these impacts, stakeholders may need to navigate regulatory changes to enhance market resilience against geopolitical risks and ensure sustainable growth of Saudi Arabia Cybersecurity Market in the face of external uncertainties.

Saudi Arabia Cybersecurity Market

Segmental Coverage

Saudi Arabia Cybersecurity Market – By Offering

Based on the offering, Saudi Arabia Cybersecurity Market is segmented into solutions and services. The solutions segment is further classified into IAM, antivirus/antimalware, log management & SIEM, firewall, encryption & tokenization, compliance & policy management, patch management, and other segments. The identity and access management (IAM) segment holds the largest share in Saudi Arabia Cybersecurity Market by solutions. The IAM solutions ensure an organization’s data is accessible to the authorized persons only and help in the prevention of the data from data breaches, malware and phishing attacks, and unlawful access to sensitive information.

Saudi Arabia Cybersecurity Market – By Deployment Mode

On the basis of deployment mode, Saudi Arabia Cybersecurity Market is segmented into on-premises, cloud, and hybrid. The on-premises segment accounts for the highest market share in the market. The growth of the segment is mainly attributed to its high demand from large enterprises. On-premises deployment gives complete ownership of solutions, is therefore less vulnerable to third parties, and prevents unauthorized access to data. Therefore, on-premises deployment has a strong demand in the government and BFSI sectors, which drives its market growth. The cloud deployment is anticipated to register a high growth rate during the forecast period owing to lower capital expenses.

Saudi Arabia Cybersecurity Market – By Vertical

By vertical, Saudi Arabia Cybersecurity Market is segmented into government, BFSI, healthcare & life sciences, aerospace & defense, retail & e-commerce, manufacturing energy & utilities, telecommunication, transportation & logistics, media & entertainment, and others. The BFSI sector accounts for the highest market share owing to the rising number of frauds in the financial sector. Cyberattacks in the BFSI sector result in hindrances to banking operations, pose a threat to valuable customer data and assets, and lead to financial losses. However, the healthcare sector is anticipated to register a high growth rate during the forecast period owing to the rising adoption of connected devices.

Recent Developments

• In March 2024 – Cyberani, a cybersecurity services provider based in Saudi Arabia, and Thales, an IT company based in France, forged a strategic alliance to offer cybersecurity services to private and public sector companies in the Kingdom of Saudi Arabia.

Scope of the Report

By Offering

• Solutions

1. IAM
2. Antivirus/Antimalware
3. Log Management & SIEM
4. Firewall
5. Encryption & Tokenization
6. Compliance & Policy Management
7. Patch Management
8. Others

• Services

By Deployment Mode

• On-premises
• Cloud
• Hybrid

By Security Type

• Network Security
• Endpoint & IoT Security
• Cloud Security
• Application Security

By Verticals

• Government
• BFSI
• Healthcare & Lifesciences
• Aerospace & Defense
• Retail & eCommerce
• Manufacturing
• Energy & Utilities
• Telecommunications
• Transportation & Logistics
• Media & Entertainment
• Others

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Saudi Arabia Cybersecurity Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing Digitalization in Saudi Arabia
         2. Growing Frequency of Cyberattacks
         3. Data Protection Regulations
      2. Restraints
         1. Lack of Skilled Workforce
         2. Increasing Cybersecurity Awareness
         3. Cost of Solutions
      3. Opportunities
         1. Growing Demand for Cloud Security Solutions
         2. Advancements in Emerging Technologies, such as Artificial Intelligence (AI), Machine Learning (ML), Big Data Analytics
         3. Increasing Use of IoT Devices Source
      4. Challenges
         1. Regulatory Environment for Cybersecurity in Saudi Arabia
         2. Increasing Cybersecurity Threat in Saudi Arabia
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Saudi Arabia Cybersecurity Market: Marketing Strategies
5. Saudi Arabia Cybersecurity Market: Pricing Analysis
6. Saudi Arabia Cybersecurity Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Offering
         1. Solutions
            1. IAM
            2. Antivirus/Antimalware
            3. Log Management & SIEM
            4. Firewall
            5. Encryption & Tokenization
            6. Compliance & Policy Management
            7. Patch Management
            8. Others
         2. Services
      2. By Deployment Mode
         1. On-premises
         2. Cloud
         3. Hybrid
      3. By Security Type
         1. Network Security
         2. Endpoint & IoT Security
         3. Cloud Security
         4. Application Security
      4. By Verticals
         1. Government
         2. BFSI
         3. Healthcare & Lifesciences
         4. Aerospace & Defense
         5. Retail & eCommerce
         6. Manufacturing
         7. Energy & Utilities
         8. Telecommunications
         9. Transportation & Logistics
         10. Media & Entertainment
         11. Others
7. Competitive Landscape
   1. List of Key Players and Their Products
   2. Saudi Arabia Cybersecurity Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
8. Impact of Escalating Geopolitical Tensions on Saudi Arabia Cybersecurity Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, and SWOT Analysis)
   1. IBM Corporation
   2. Cisco Systems Inc
   3. Microsoft Corporation
   4. Broadcom Inc
   5. Dell Technologies Inc.
   6. Palo Alto Networks Inc.
   7. AO Kaspersky Lab
   8. McAfee Corporation
   9. Other Prominent Players
10. Key Strategic Recommendations
11. Research Methodology
    1. Qualitative Research
       1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.    Breakdown of Primary Research Respondents
    5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       Saudi Arabia Cybersecurity Market Segmentation

Figure 2       Saudi Arabia Cybersecurity Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       Saudi Arabia Cybersecurity Market Size, By Value (USD Billion), 2019–2030

Figure 5       Saudi Arabia Cybersecurity Market Share, By Offering, By Value (USD Billion) 2019–2030

Figure 6       Saudi Arabia Cybersecurity Market Share, By Deployment Type, By Value (USD Billion) 2019–2030

Figure 7       Saudi Arabia Cybersecurity Market Share, By Security Type, By Value (USD Billion) 2019–2030

Figure 7       Saudi Arabia Cybersecurity Market Share, By Verticals, By Value (USD Billion) 2019–2030

List of Tables      

Table 1        Saudi Arabia Cybersecurity Market Size, By Value (USD Billion), 2019–2030

Table 2        Saudi Arabia Cybersecurity Market Share, By Offering, By Value (USD Billion) 2019–2030

Table 3        Saudi Arabia Cybersecurity Market Share, By Deployment Type, By Value (USD Billion) 2019–2030

Table 4        Saudi Arabia Cybersecurity Market Share, By Security Type, By Value (USD Billion) 2019–2030

Table 5        Saudi Arabia Cybersecurity Market Share, By Verticals, By Value (USD Billion), 2019–2030

Table 6        IBM Corporation Company Overview

Table 7        IBM Corporation Financial Overview

Table 8        Cisco Systems Inc Company Overview

Table 9        Cisco Systems Inc Financial Overview

Table 10      Microsoft Corporation Company Overview

Table 11      Microsoft Corporation Financial Overview

Table 12      Broadcom Inc Company Overview

Table 13      Broadcom Inc Financial Overview

Table 14      Dell Technologies Inc. Company Overview

Table 15      Dell Technologies Inc. Financial Overview

Table 16      Palo Alto Networks Inc. Company Overview

Table 17      Palo Alto Networks Inc. Financial Overview

Table 18      AO Kaspersky Lab Company Overview

Table 19      AO Kaspersky Lab Financial Overview

Table 20      McAfee Corporation Company Overview

Table 21      McAfee Corporation Financial Overview