Oman Cybersecurity Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 125.25 Million |
| Market Size (2029) | USD 184.49 Million |
| CAGR (2024 - 2029) | 8.05 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oman Cybersecurity Market Analysis
The Oman Cybersecurity Market size is estimated at USD 125.25 million in 2024, and is expected to reach USD 184.49 million by 2029, growing at a CAGR of 8.05% during the forecast period (2024-2029).
The cybersecurity landscape is expanding as companies embrace digital transformation, incorporating technologies like artificial intelligence (AI), cloud computing, the Internet of Things (IoT), and big data analytics. This shift exposes businesses to the potential of facing new and rapidly evolving cybersecurity threats.
- The cybersecurity market in Oman is expanding in response to escalating cyber threats, such as malware and ransomware, necessitating bolstered defenses. The growth in the cybersecurity sector is further propelled by government initiatives like the National Cybersecurity Strategy, which prioritizes cybersecurity in national development plans. Moreover, the swift uptake of digital transformation, cloud services, and IoT devices is enhancing the demand for robust cybersecurity solutions.
- Moreover, the market growth is bolstered by an expanding IT infrastructure and a growing business awareness of cybersecurity's significance. This is further fuelled by rising investments in advanced technologies, like machine learning and AI, aimed at bolstering threat detection and response capabilities.
- Ranked 21st globally out of 193 countries, Oman secures the third spot in the Arab world on the Global Cybersecurity Index. The surge in growth is primarily fuelled by the surge in the overall adoption of Internet of Things (IoT) services. Simultaneously, there's a concerning uptick in cyberattacks, particularly targeting pivotal sectors like finance and healthcare. These attacks are intensifying as these industries pivot toward digitalization, moving their sensitive data and critical operations online.
- In June 2024, the Ministry of Transport, Communications, and Information Technology (MTCIT) in Oman handled more than 460 cybersecurity incidents in 2023, underscoring the nation's dedication to protecting its digital framework.
- In December 2023, The Oman Cyber Defense Centre joined Microsoft's Government Security Program (GSP), a platform that promotes transparency and trust by granting authorized governments worldwide privileged access to security information. By participating in the program, the Oman Cyber Defense Centre gains access to Microsoft's source code and proprietary developments, bolstering the clarity and trustworthiness of its operations.
- However, challenges, like a scarcity of skilled professionals, steep implementation costs, and the intricate nature of integrating advanced solutions into current systems, impede the growth of Oman's cybersecurity market. Moreover, a lack of awareness and comprehension of cybersecurity among smaller enterprises and inadequate regulatory frameworks further hinder market expansion.
Oman Cybersecurity Market Trends
Digital Transformation Technologies and Rise of Security Intelligence
- Oman's cybersecurity market is witnessing substantial growth, propelled by the nation's growing digital transformation. With both businesses and government bodies embracing digital technologies, the importance of secure, interconnected systems and data is more crucial than ever. The extensive adoption of cloud computing, IoT devices, and sophisticated data analytics characterizes the digital shift. These technologies necessitate stringent cybersecurity protocols to safeguard data integrity, confidentiality, and availability.
- Digital transformation initiatives result in organizations generating and storing vast amounts of sensitive data, increasing their appeal as cyberattack targets. This, in turn, fuels the need for robust cybersecurity solutions to safeguard critical infrastructure, financial transactions, and personal data. Moreover, as businesses increasingly adopt digital technologies in their day-to-day operations, they are also opening themselves up to a host of new vulnerabilities and more sophisticated cyber threats, underscoring the need for heightened security protocols.
- In September 2023, Noventiq, a global provider of digital transformation and cybersecurity solutions, achieved a major milestone by successfully introducing its operations and portfolio in the Middle East. The Hormuz Grand Muscat in Oman hosted a gathering of industry experts and regional business leaders. Noteworthy participants encompassed Noventiq's local clientele alongside its global technology partners, such as Microsoft, Farseer, and Obrela.
- Also, in November 2023, PhishRod, a provider of anti-phishing and cybersecurity awareness solutions, secured an exclusive partnership with Insight Information Technology, a major player in Oman's cybersecurity services landscape. Together, they aim to bolster Oman's cybersecurity landscape, catering to businesses of all sizes with a holistic and resilient approach.
- Moreover, the Oman Vision 2040, among other government initiatives, underscores the pivotal role of cybersecurity in fostering a secure digital landscape. Consequently, this emphasis is driving increased investments in cybersecurity infrastructure and capabilities. Furthermore, with the growth of remote work and online services, the need to secure access and defend against cyber threats such as phishing, ransomware, and data breaches has never been more crucial. This has pushed organizations to embrace comprehensive cybersecurity approaches, integrating firewalls, encryption, intrusion detection systems, and robust employee training initiatives, thereby propelling market expansion.
IT and Telecommunication Sector is Expected to Witness a Significant Adoption of the Market
- The IT and telecommunication sector in Oman is propelling the growth of the cybersecurity market. This growth is fueled by the sector's expansion of internet and mobile network connectivity, highlighting the increasing need for robust data protection. Sectors are increasingly adopting cloud services, necessitating increased security measures to protect their data. As they embrace digital transformation, robust cybersecurity becomes imperative to shield their evolving infrastructures and services.
- Moreover, IT and telecom companies are increasing investments in transformative technologies such as 5G, IoT, and AI. These advancements present new security challenges and open up new opportunities, intensifying the need for robust cybersecurity solutions. Moreover, as these companies play a pivotal role in advancing tech-centric economies, they are instrumental in promoting cybersecurity best practices and influencing broader industry adoption.
- In June 2023, Cylera, a cybersecurity firm based in the US, solidified its presence in the Middle East through a strategic partnership with Omantel, a leading telecommunications provider in Oman. The collaboration aims to bolster the digital transformation of Oman's healthcare systems. The cybersecurity firm specializing in the Internet of Things (IoT) provides a comprehensive solution. Their platform focuses on safeguarding patient data, reducing cyber-attack vulnerabilities, and enhancing overall security. It achieves this through features like asset management, risk analysis, and advanced threat detection. The system's centralized dashboard empowers IT teams to efficiently view, profile, manage, and assess the risks associated with all devices within an organization.
- Furthermore, the cybersecurity market in Oman is witnessing growth, propelled by the surging adoption of social media platforms. This rising usage exposes individuals and businesses to a spectrum of cyber threats, from phishing and identity theft to data breaches. With the increasing participation of individuals and businesses on these platforms, the amount of sensitive personal and corporate data shared online is expanding, highlighting the need for stringent cybersecurity protocols.
- The increasing integration of social media into daily routines heightens the vulnerability to cyberattacks, driving up the demand for robust security solutions. Moreover, as social media marketing and e-commerce expand, the necessity for secure transactions and data protection is accentuated, propelling the cybersecurity market. According to StatCounter, as of June 2024, Facebook was the most-used social media website in Oman, with an overall percentage of 53.04, followed by Instagram, Twitter, and YouTube.
Oman Cybersecurity Industry Overview
Oman’s Cybersecurity Market is moderately competitive due to the presence of significant players like Microsoft Corporation, Cisco Systems Inc., and Dell Technologies Inc. Market players are enhancing their portfolios and seeking a sustainable competitive advantage through strategic partnerships and product launches.
- June 2024: Noventiq Holdings PLC, a player in digital transformation and cybersecurity on a global scale, confirmed the seamless transition of multiple governmental entities in Oman to Microsoft 365 (M365). Additionally, they integrated the advanced security functionalities inherent in M365. Noventiq's project highlights its dedication to using advanced technologies to boost both operational efficiency and customer security.
- December 2023: Resecurity unveiled its advanced Digital Identity Protection (IDP) solution at the Future Tech 2023 conference, held on November 2023, at the Oman Convention and Exhibition Centre in Muscat. This move marks a pivotal moment in bolstering the cybersecurity framework in the Middle East. Resecurity's strategic move underscores its dedication to bolstering digital safety and equipping regional individuals and businesses to effectively combat cyber threats.
Oman Cybersecurity Market Leaders
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Microsoft Corporation
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Dell Technologies Inc.
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IBM Corporation
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Cisco Systems Inc.
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Fortinet Inc.
*Disclaimer: Major Players sorted in no particular order
Oman Cybersecurity Market News
- May 2024: In Oman, the Cyber Defense Center and Kaspersky signed a Memorandum of Understanding (MoU) to bolster collaboration and knowledge sharing in the realm of ICT cybersecurity. Their focus is on enhancing national cooperation and educational initiatives. Through this agreement, Oman Cyber Defense Center and Kaspersky would cooperate to exchange knowledge on security risks and the spread of malware. Kaspersky would offer advisory services to aid in investigating and mitigating cybersecurity incidents. This partnership would also involve exchanging indicators of compromise and insights on advanced cyber solutions.
- May 2024: OQ, the integrated energy group, launched the 'OQ Digital Hub' at the 33rd edition of the COMEX Global Technology Show 2024, held at the Oman Convention and Exhibition Centre. The initiative aims to empower Omani cadres in the field of cybersecurity. Under the patronage of HE Dr. Rahma bint Ibrahim Al Mahrouqi, Minister of Higher Education, Scientific Research, and Innovation, the launch focuses on equipping national talents with cybersecurity skills.
Oman Cybersecurity Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
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4.2 Industry Attractiveness-Porter's Five Force Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Consumers
- 4.2.3 Threat of New Entrants
- 4.2.4 Competitive Rivalry within the Industry
- 4.2.5 Threat of Substitutes
- 4.3 An Assessment of the Impact of Macroeconomic Trends
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Digital Transformation Technologies and Rise of Security Intelligence
- 5.1.2 High Potential Damages from Attacks on Critical Infrastructure and Increasing Sophistication of Attacks
- 5.1.3 Increase in Adoption of Data-intensive Approach and Decisions
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5.2 Market Challenges
- 5.2.1 Integration Complexities with Legacy Infrastructure
- 5.3 Key Use Cases
- 5.4 Regulations and Cybersecurity Standards
- 5.5 Analysis of Pricing and Pricing Model
6. MARKET SEGMENTATION
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6.1 By Offering
- 6.1.1 Solutions
- 6.1.1.1 Application Security
- 6.1.1.2 Cloud Security
- 6.1.1.3 Consumer Security Software
- 6.1.1.4 Data Security
- 6.1.1.5 Identity and Access Management
- 6.1.1.6 Infrastructure Protection
- 6.1.1.7 Integrated Risk Management
- 6.1.1.8 Network Security Equipment
- 6.1.1.9 Other Solutions
- 6.1.2 Services
- 6.1.2.1 Professional Services
- 6.1.2.2 Managed Services
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6.2 By Deployment
- 6.2.1 Cloud
- 6.2.2 On-premise
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6.3 By End-user Industry
- 6.3.1 IT and Telecom
- 6.3.1.1 Use Cases
- 6.3.2 BFSI
- 6.3.2.1 Use Cases
- 6.3.3 Retail and E-commerce
- 6.3.3.1 Use Cases
- 6.3.4 Oil Gas and Energy
- 6.3.4.1 Use Cases
- 6.3.5 Manufacturing
- 6.3.5.1 Use Cases
- 6.3.6 Government and Defense
- 6.3.6.1 Use Cases
- 6.3.7 Other End-user Industries
- 6.3.7.1 Use Cases
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles
- 7.1.1 Microsoft Corporation
- 7.1.2 Dell Technologies Inc.
- 7.1.3 IBM Corporation
- 7.1.4 Cisco Systems Inc.
- 7.1.5 Fortinet Inc.
- 7.1.6 National Security Services Group
- 7.1.7 Crossword Cybersecurity LLC
- 7.1.8 Gulfcybertech E-Solutions
- 7.1.9 Oman Data Park
- 7.1.10 Insight Information Security
- *List Not Exhaustive
8. VENDOR SHARE ANALYSIS
9. RANKING OF VENDORS AT A REGIONAL LEVEL
10. INVESTMENT ANALYSIS
** Subject To AvailablityOman Cybersecurity Industry Segmentation
The cybersecurity market's scope encompasses the revenues derived from solutions and services utilized across end-user industries. The analysis draws from a blend of secondary research and primary sources, providing a comprehensive view of the market. The market also delves into the key drivers and restraints shaping its growth trajectory.
Oman’s 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], services [professional services and managed services]), deployment (cloud and on-premise), end-user industry (IT and telecom, BFSI, retail and e-commerce, oil gas and energy, manufacturing, government and defense, other end-user industries). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Offering | Solutions | Application Security |
| Cloud Security | ||
| Consumer Security Software | ||
| Data Security | ||
| Identity and Access Management | ||
| Infrastructure Protection | ||
| Integrated Risk Management | ||
| Network Security Equipment | ||
| Other Solutions | ||
| By Offering | Services | Professional Services |
| Managed Services | ||
| By Deployment | Cloud | |
| On-premise | ||
| By End-user Industry | IT and Telecom | Use Cases |
| By End-user Industry | BFSI | Use Cases |
| By End-user Industry | Retail and E-commerce | Use Cases |
| By End-user Industry | Oil Gas and Energy | Use Cases |
| By End-user Industry | Manufacturing | Use Cases |
| By End-user Industry | Government and Defense | Use Cases |
| By End-user Industry | Other End-user Industries | Use Cases |
Oman Cybersecurity Market Research FAQs
How big is the Oman Cybersecurity Market?
The Oman Cybersecurity Market size is expected to reach USD 125.25 million in 2024 and grow at a CAGR of 8.05% to reach USD 184.49 million by 2029.
What is the current Oman Cybersecurity Market size?
In 2024, the Oman Cybersecurity Market size is expected to reach USD 125.25 million.
Who are the key players in Oman Cybersecurity Market?
Microsoft Corporation, Dell Technologies Inc., IBM Corporation, Cisco Systems Inc. and Fortinet Inc. are the major companies operating in the Oman Cybersecurity Market.
What years does this Oman Cybersecurity Market cover, and what was the market size in 2023?
In 2023, the Oman Cybersecurity Market size was estimated at USD 115.17 million. The report covers the Oman Cybersecurity Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Oman Cybersecurity Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Oman Cybersecurity Industry Report
Statistics for the 2024 Oman Cybersecurity market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Oman Cybersecurity analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
