Bahrain Cybersecurity Market Size (2024 - 2029)

Bahrain Cybersecurity Market Analysis

The Bahrain Cybersecurity Market size is estimated at USD 402.16 million in 2024, and is expected to reach USD 529.89 million by 2029, growing at a CAGR of 5.67% during the forecast period (2024-2029).

Companies are embracing digital transformation, incorporating technologies like artificial intelligence (AI), cloud computing, the Internet of Things (IoT), and big data analytics. Therefore, the cybersecurity landscape in Bahrain is expanding.

• The increasing prevalence of cyber threats, notably ransomware and data breaches, is propelling the Bahraini cybersecurity market. Government efforts, like the National Cybersecurity Strategy, underscore the push for bolstered infrastructure and increased awareness. The banking and finance sectors, among others, are undergoing rapid digital transformations, heightening the demand for advanced security solutions to safeguard sensitive data.
• Moreover, the rising adoption of cloud services, IoT devices, and remote work, coupled with stringent regulatory demands, is fuelling the need for robust cybersecurity measures. This, in turn, is driving organizations to bolster their cybersecurity practices, thereby boosting market growth.
• Major players in the market are actively engaging in mergers, acquisitions, and strategic investments. These moves are designed to bolster their market presence, better cater to customer needs, and tap into diverse applications. For instance, in October 2023, SANS Institute, in a strategic collaboration with the labor fund, Tamkeen, concluded its Cyber Reskilling Program in Bahrain. This initiative was tailored to address the escalating demands of Bahrain's organizations. Its primary goal is to identify, educate, and reskill individuals for cybersecurity roles. For the past 18 months, SANS and Tamkeen have collaborated, overseeing three cohorts of students engaged in the Cyber Reskilling program.
• In November 2023, Resecurity Inc., a cybersecurity and intelligence firm headquartered in Los Angeles, catering to Fortune 500 clients worldwide, unveiled its newest branch in Manama, Bahrain. This expansion was made possible with the backing of the Bahrain Economic Development Board (Bahrain EDB). The cybersecurity firm would additionally establish a dedicated technology hub in its inaugural year. This hub will cater to regional and global clients, offering specialized graduate training programs in cybersecurity.
• However, challenges such as a shortage of skilled professionals, high implementation costs, and the complexity of integrating advanced solutions into existing systems are hindering the growth of the Bahraini cybersecurity market. Additionally, a lack of awareness of cybersecurity among smaller enterprises, along with insufficient regulatory frameworks, is exacerbating the market's challenges.

Bahrain Cybersecurity Industry Segmentation

The cybersecurity market's scope includes revenues from solutions and services used across end-user industries. The analysis combines secondary research with primary sources, offering a thorough view of the market. The market analysis also highlights the primary factors driving or hindering its growth.

The Bahraini cybersecurity market is segmented by offering (solutions, [application security, cloud security, consumer security software, data security, identity and access management, infrastructure protection, integrated risk management, network security equipment, and other solutions] and services [professional services and managed services]), deployment (cloud and on-premise), and end-user industry (IT and telecom, BFSI, retail and e-commerce, oil gas and energy, manufacturing, government and defense, and other end-user industries).

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.