Oman Cybersecurity Market Size (2024 - 2029)

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 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.