Report Overview

Saudi Arabia Managed Security Services (MSS) Market– Industry Trends & Forecast Report, 2030

Saudi Arabia Managed Security Services (MSS) Market size by value was estimated at USD 57.53 million in 2023. During the forecast period between 2024 and 2030, the Saudi Arabia Managed Security Services (MSS) Market size is expected to expand at a CAGR of 4.01% reaching a value of USD 64.22 million by 2030. The driving factors for the Managed Security Services (MSS) Market in Saudi Arabia encompass the nation's increasing digitization, stringent regulatory requirements, and escalating cyber threats. As businesses expand their digital footprint, demand for robust cybersecurity solutions grows, pushing organizations to outsource security management. Additionally, government initiatives promoting cybersecurity resilience and compliance further propel the MSS market. The rising sophistication of cyber-attacks and the shortage of skilled cybersecurity professionals also contribute to the adoption of MSS. Further, the need for continuous monitoring, threat detection, and incident response amplifies the appeal of MSS among enterprises seeking comprehensive security solutions.

Managed Security Services (MSS) – Overview

Managed Security Services (MSS) encompass outsourced monitoring and management of security devices and systems to protect organizations from cyber threats. MSS providers offer continuous monitoring, threat detection, incident response, and vulnerability management. They employ advanced technologies like SIEM (Security Information and Event Management) and employ expert analysts to interpret data and respond to security incidents promptly. MSS ensures round-the-clock protection, allowing businesses to focus on core objectives while mitigating risks and adhering to compliance requirements. It is a cost-effective solution offering scalability and expertise, vital in today's ever-evolving cybersecurity landscape.

Saudi Arabia Managed Security Services (MSS) Market

Growth Drivers

Rising Cybersecurity Concerns

Amid escalating cyber threats, Saudi Arabia's MSS market experiences a surge driven by heightened demand for robust digital defenses. With the kingdom's rapid digital transformation, businesses face mounting risks, spurring investment in comprehensive security solutions. As organizations prioritize safeguarding sensitive data and critical infrastructure, MSS providers offer tailored strategies, threat intelligence, and proactive monitoring to mitigate vulnerabilities effectively. The uptick in cybersecurity awareness amplifies opportunities for MSS firms, fostering innovation and collaboration to combat evolving threats and ensure resilience in Saudi Arabia's digital ecosystem.

Challenges

Mitigating High Costs

In the landscape of Saudi Arabia's Managed Security Services (MSS) Market, the primary restraint lies in the burden of high implementation and maintenance costs. Despite the increasing demand for robust security solutions, organizations face significant financial hurdles in adopting and sustaining these services. The financial strain limits accessibility for smaller enterprises but also poses challenges for scalability and innovation in larger entities. Addressing the restraint necessitates innovative pricing models, scalable solutions, and strategic partnerships to alleviate the financial burden while ensuring uncompromised security standards across the market.

Impact of Escalating Geopolitical Tensions on Saudi Arabia Managed Security Services (MSS) Market

Escalating geopolitical tensions can significantly impact the Saudi Arabia Managed Security Services (MSS) Market. As tensions rise, governments and organizations may bolster their cybersecurity measures, leading to increased demand for MSS to safeguard critical infrastructure and sensitive data. For instance, amidst heightened regional tensions, Saudi Arabia experienced a surge in cyber threats, including attacks on government networks and oil facilities. This has prompted organizations to invest more in MSS to mitigate risks and ensure operational continuity. Further, geopolitical instability can disrupt supply chains and hamper foreign investments, impacting the overall economy and potentially reducing spending on cybersecurity. Consequently, MSS providers in Saudi Arabia may witness both challenges and opportunities as they navigate the complex landscape of geopolitical tensions and cybersecurity threats.

Saudi Arabia Managed Security Services (MSS) Market

Segmental Coverage

Saudi Arabia Managed Security Services (MSS) Market – By Service Type

Based on service type, Saudi Arabia Managed Security Services (MSS) Market is divided into Managed IAM, Managed Vulnerability Management, Managed Risk & Compliance, Managed Detection & Response, Managed Firewall, and Others (Managed SIEM & Log Management) segments. The managed detection & response segment is the largest in the Saudi Arabia Managed Security Services (MSS) Market. The segment focuses on actively monitoring and responding to security threats in real-time. It encompasses advanced threat detection, incident investigation, and response capabilities, crucial for safeguarding against evolving cyber threats. Managed detection and response services offer proactive security measures, often leveraging advanced technologies and skilled personnel to swiftly address potential breaches. Given the rising sophistication of cyberattacks, the segment plays a pivotal role in enhancing the overall security posture of organizations operating in the Saudi Arabian market.

Saudi Arabia Managed Security Services (MSS) Market – By Type

Based on type, Saudi Arabia Managed Security Services (MSS) Market is divided into Fully Managed and Co-Managed segments. The fully managed segment is a larger type in the market. The segment involves outsourcing the entirety of security operations to a third-party provider, offering comprehensive protection and support. Fully managed services cater to organizations seeking a hands-off approach to security management, allowing them to focus on core business activities while ensuring robust protection against cyber threats. As such, it dominates the MSS market in Saudi Arabia, reflecting the growing importance of outsourcing cybersecurity functions.

Saudi Arabia Managed Security Services (MSS) Market – By Security Type

Based on security type, Saudi Arabia Managed Security Services (MSS) Market is divided into Network Security, Cloud Security, Endpoint Security, and Application Security segments. The network security segment is the largest security type in the Saudi Arabia Managed Security Services (MSS) Market. The segment encompasses solutions designed to protect the network infrastructure from unauthorized access, breaches, and other cyber threats. With the increasing reliance on digital networks and the growing sophistication of cyberattacks, organizations prioritize investing in robust network security measures to safeguard their sensitive data and ensure uninterrupted operations. Consequently, the network security segment holds significant importance and constitutes a substantial portion of the MSS market in Saudi Arabia.

Saudi Arabia Managed Security Services (MSS) Market – By Vertical

Based on vertical, Saudi Arabia Managed Security Services (MSS) Market is divided into BFSI, Government, Healthcare & Life Sciences, Telecommunications, IT & ITeS, Retail & eCommerce, and Others (Manufacturing, Energy & Utilities) segments. The BFSI segment is the largest vertical in the Saudi Arabia Managed Security Services (MSS) Market. The segment encompasses a wide range of financial institutions, including banks, insurance companies, and investment firms, which prioritize robust security measures to safeguard sensitive financial data and transactions. With the increasing digitization of financial services and the growing threat landscape, the BFSI sector invests significantly in managed security services to mitigate risks and ensure regulatory compliance. Its substantial market share underscores the critical importance of cybersecurity in preserving the integrity and trust in the financial ecosystem.

Competitive Landscape

Major players in the Saudi Arabia Managed Security Services (MSS) Market include IT Security Training & Solutions – I(TS)2, Saudi Information Technology Company (SITE), Innovative Solutions Co, Kaspersky Lab, International Business Machines Corporation (IBM), Fortinet, Inc, Palo Alto Networks, Inc., Security Matterz Ltd, Atos SE, DXC Technology, and Hewlett Packard Enterprise (HPE). To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In September 2022 - Check Point Software Technologies Ltd, launched Check Point Horizon, a prevention-focused suite to prevent cyberattacks and improve defense across the network and cloud endpoints.

Scope of the Report

By Service Type

• Managed IAM

• Managed Vulnerability Management

• Managed Risk & Compliance

• Managed Detection & Response

• Managed Firewall

• Others (Managed SIEM & Log Management)

By Type

• Fully Managed

• Co-Managed

By Organization Size

• Large Enterprises

• SMEs

By Security Type

• Network Security

• Cloud Security

• Endpoint Security

• Application Security

By Vertical

• BFSI

• Government

• Healthcare & Life Sciences

• Telecommunications

• IT & ITeS

• Retail & eCommerce

• Others (Manufacturing, Energy & Utilities)

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Saudi Arabia Managed Security Services (MSS) Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing cybersecurity threats
         2. Stringent data protection regulations and compliance standards
         3. Digital transformation initiatives
         4. Shortage of in-house security expertise
      2. Restraints
         1. High implementation and maintenance costs
         2. Data privacy concerns
         3. Shortage of cybersecurity professionals
      3. Opportunities
         1. Emerging technologies integration
         2. Industry-specific security solutions
         3. Rise in cloud security demand
         4. Government initiatives for cybersecurity
      4. Challenges
         1. Evolution of cyber threats
         2. Complex regulatory landscape
         3. Customization for diverse industries
   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 Managed Security Services (MSS) Market: Marketing Strategies
5. Saudi Arabia Managed Security Services (MSS) Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Service Type
         1. Managed IAM
         2. Managed Vulnerability Management
         3. Managed Risk and Compliance
         4. Managed Detection and Response
         5. Managed Firewall
         6. Others (Managed SIEM and Log Management, etc.)
      2. By Type
         1. Fully Managed
         2. Co-Managed
      3. By Organization Size
         1. Large Enterprises
         2. SMEs
      4. By Security Type
         1. Network Security
         2. Cloud Security
         3. Endpoint Security
         4. Application Security
      5. By Vertical
         1. BFSI
         2. Government
         3. Healthcare & Life Sciences
         4. Telecommunications
         5. IT & ITeS
         6. Retail & eCommerce
         7. Others (Manufacturing, Energy & Utilities)
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Saudi Arabia Managed Security Services (MSS) Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
7. Impact of Escalating Geopolitical Tensions on Saudi Arabia Managed Security Services (MSS) Market
8. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. IT Security Training & Solutions – I(TS)2
   2. Saudi Information Technology Company (SITE)
   3. Innovative Solutions Co
   4. Kaspersky Lab
   5. International Business Machines Corporation (IBM)
   6. Fortinet, Inc
   7. Palo Alto Networks, Inc.,
   8. Security Matterz Ltd
   9. Atos SE
   10. DXC Technology
   11. Hewlett Packard Enterprise (HPE)
   12. Other Prominent Players
9. Key Strategic Recommendations
10. 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, By Region
    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 Managed Security Services (MSS) Segmentation

Figure 2       Saudi Arabia Managed Security Services (MSS) Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       Saudi Arabia Managed Security Services (MSS) Market Size, By Value (USD Million), 2019–2030

Figure 5       Saudi Arabia Managed Security Services (MSS) Market Share, By Service Type, By Value (USD Million), 2019–2030

Figure 6       Saudi Arabia Managed Security Services (MSS) Market Share, By Type, By Value (USD Million), 2019–2030

Figure 7       Saudi Arabia Managed Security Services (MSS) Market Share, By Organization Size, By Value (USD Million), 2019–2030

Figure 8       Saudi Arabia Managed Security Services (MSS) Market Share, By Security Type, By Value (USD Million), 2019–2030

Figure 9       Saudi Arabia Managed Security Services (MSS) Market Share, By Vertical, By Value (USD Million), 2019–2030

List of Tables

Table 1        Saudi Arabia Managed Security Services (MSS) Market Size, By Value (USD Million), 2019–2030

Table 2        Saudi Arabia Managed Security Services (MSS) Market Share, By Service Type, By Value (USD Million), 2019–2030

Table 3        Saudi Arabia Managed Security Services (MSS) Market Share, By Type, By Value (USD Million), 2019–2030

Table 4        Saudi Arabia Managed Security Services (MSS) Market Share, By Organization Size, By Value (USD Million), 2019–2030

Table 5        Saudi Arabia Managed Security Services (MSS) Market Share, By Security Type, By Value (USD Million), 2019–2030

Table 6        Saudi Arabia Managed Security Services (MSS) Market Share, By Vertical, By Value (USD Million), 2019–2030

Table 7 IT Security Training & Solutions – I(TS)2 Company Overview

Table 8 IT Security Training & Solutions – I(TS)2 Financial Overview

Table 9 Saudi Information Technology Company (SITE) Company Overview

Table 10      Saudi Information Technology Company (SITE) Financial Overview

Table 11      Innovative Solutions Co Company Overview

Table 12      Innovative Solutions Co Financial Overview

Table 13      Kaspersky Lab Company Overview

Table 14      Kaspersky Lab Financial Overview

Table 15      International Business Machines Corporation (IBM) Company Overview

Table 16      International Business Machines Corporation (IBM) Financial Overview

Table 17      Fortinet, Inc Company Overview

Table 18      Fortinet, Inc Financial Overview

Table 19      Palo Alto Networks, Inc., Company Overview

Table 20      Palo Alto Networks, Inc., Financial Overview

Table 21      Security Matterz Ltd Company Overview

Table 22      Security Matterz Ltd Financial Overview

Table 23      Atos SE Company Overview

Table 24      Atos SE Financial Overview

Table 25      DXC Technology Company Overview

Table 26      DXC Technology Financial Overview

Table 27      Hewlett Packard Enterprise (HPE) Company Overview

Table 28      Hewlett Packard Enterprise (HPE) Financial Overview