Saudi Arabia Cyber Security Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.63 Billion |
| Market Size (2029) | USD 6.65 Billion |
| CAGR (2024 - 2029) | 7.52 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Cyber Security Market Analysis
The Saudi Arabia Cybersecurity Market size is estimated at USD 4.63 billion in 2024, and is expected to reach USD 6.65 billion by 2029, growing at a CAGR of 7.52% during the forecast period (2024-2029).
The widespread adoption of remote working regimes by SMEs and large enterprises has contributed to increased network security threats in Saudi Arabia. Saudi enterprises have been increasingly investing in network security tools and equipment, which is expected to boost the country's cybersecurity market.
- The major factors that drive demand for the Saudi Arabian cybersecurity market are increasing government efforts aimed at diversifying sources of income, reducing reliance on oil, expanding digitization in public and privately owned sectors, and growing concerns about cyberattacks.
- Demand for cybersecurity is increasing as a result of the government's heightened investments in developing the country's IT infrastructure and the imposition of stringent regulations, which emphasize that cybersecurity solutions are necessary to safeguard confidential information.
- A wide variety of growth opportunities for the sector are projected to be created by developments in technology, as well as the adoption of new technologies such as AI, the Internet of Things (IoT), and 5G deployment.
- The market is rapidly expanding and evolving, fueled by factors such as increasing digitalization, stringent regulations, and the ever-evolving cyber threats landscape. The robust growth is driven by the significant contributions anticipated from both the public and private sectors.
- In March 2024, Saudi Aramco's cybersecurity arm, Cyberani, forged a strategic partnership with Thales, the leading technology conglomerate in Europe. This collaboration aims to address the cybersecurity requirements of Saudi Arabia's public and private enterprises. The Cyberani-Thales alliance is set to deliver advanced cybersecurity solutions to organizations nationwide, strategically emphasizing pivotal sectors like energy, utilities, aviation, transportation, space, finance, and smart cities.
- There is a shortage of qualified cybersecurity experts in the region, which needs to be taken care of by personnel with expertise in dealing with cyber threats affecting finance institutions and governments or industries.
- The COVID-19 pandemic contributed significantly to the growth of the Saudi Arabian cybersecurity market, as organizations provided their employees with the option of working from home. Because of the shift to digital remote platforms, organizations have increased their spending on advanced cybersecurity solutions to ensure data privacy and security.
Saudi Arabia Cyber Security Market Trends
Growing Usage of Cloud Services Across the Region to Drive the Market
- The Saudi Arabian cybersecurity market has grown steadily and evolved in recent years as businesses increasingly rely on information technology to enhance their performance while establishing a cloud-first policy for all new projects.
- Saudi Arabia has a dedicated policy for the cloud, known as the Cloud First Policy, which was launched in 2019. This policy was launched to accelerate cloud adoption across its public and private sectors. With its ICT readiness and use of cloud computing, Saudi Arabia is emerging as a key player in the MENA region. The Saudi leaders offer more diverse services and ensure enhanced data privacy protection as they recognize that cloud computing adoption is the key to economic progress. Methodologies that match IT resources with business and application needs are prioritized to improve cloud performance and hasten the achievement of ideal business objectives.
- One of the key components of the policy lies in establishing the Cloud Computing Special Economic Zone in April 2023. The Cloud Computing Special Economic Zone (SEZ) stands as a pioneering initiative in Saudi Arabia. It empowers cloud service providers with the flexibility to set up data centers throughout the country, enabling them to deliver a diverse range of cloud computing services directly from the zone. Governed by unique business and commerce laws, this SEZ fosters a specialized regulatory landscape. Projections indicate that by 2030, Saudi Arabia anticipates the SEZ will bolster its GDP by SAR 7 billion.
- Due to its low cost, high efficiency, and accessibility, cloud computing has become more widely accepted. In addition, the strong support of Saudi Arabia's government for initiatives like "Make in Saudi Arabia" is anticipated to have a major influence on developing its cybersecurity market.
- Saudi Arabia intends to establish special economic zones over the next few years to attract substantial investment from abroad. Riyadh has become Saudi Arabia's launching pad for 5G, with the largest uptake of 5G services in the country, making it an important demand generator within the country’s cybersecurity market.
Healthcare Industry to Witness Growth
- After COVID-19, healthcare organizations are being forced to protect themselves against various threats from incompatible equipment and non-firewalled systems.
- Using the Internet of Medical Things devices to improve the healthcare sector is being threatened by patient care, which has led to increasing demand for advanced healthcare cyber security solutions. In order to protect hospitals and patients' information from data breaches and cyberattacks, Saudi healthcare institutions offer healthcare cyber security services and solutions.
- Medical data is ten to thirty times more valuable than banking information or credit cards, making healthcare an appealing target for cybercriminals. The number of cyberattacks is increasing as a result of the healthcare digitization that has occurred in recent years.
- The Saudi Arabian government provides health coverage among adults. As of 2023, 58% of adults in Saudi Arabia had some form of government health coverage. As part of a digital project investment, a baseline risk assessment is conducted that captures clinical, organizational, financial, and reputational damage risks, and investments are made in people, processes, and technology based on this assessment to maintain the security posture of a digital transformation initiative.
Saudi Arabia Cyber Security Industry Overview
The Saudi Arabian cybersecurity market is semi-consolidated and dominated by a few major players like Palo Alto Networks Private Limited, McAfee Corporation, International Business Machine Corporation (IBM), Cisco Systems, Inc., and NortonLifeLock Inc. These major players, with a prominent share of the market, are focusing on expanding their customer base across foreign countries.
- May 2024: Group-IB, a prominent cybersecurity technology developer focused on investigating and combating digital crime, signed a memorandum of understanding (MoU) with the University of Prince Mugrin. The collaboration aims to bolster the cybersecurity landscape in Saudi Arabia and empower UPM's students with essential skills for success in the information and communications technology sector.
- November 2023: Palo Alto Networks Inc. announced Strata Cloud Manager, the industry's first AI-powered Zero Trust management and operations solution. With over 4,400 machine learning models, Strata Cloud Manager will simplify management and operations across the entire network security estate of customers.
- October 2023: Fortinet announced the expansion of its SASE Points-of-Presence (POPs) to new locations through a partnership with Google Cloud. The partnership allows Fortinet to leverage Google Cloud’s global network edge locations closest to their regions of presence, which deliver dedicated interconnect and 99.99% service availability, to accelerate the expansion of Fortinet’s Universal SASE solution.
Saudi Arabia Cyber Security Market Leaders
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International Business Machine Corporation (IBM)
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McAfee Corporation.
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Cisco Systems, Inc
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Palo Alto Networks Inc.
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NortonLifeLock Inc.
*Disclaimer: Major Players sorted in no particular order
Saudi Arabia Cyber Security Market News
- November 2023: Palo Alto Networks added a portfolio to Cortex XSIAM AI-driven Security Operations Platform as Bring Your Own AI Capability, where Palo Alto Networks is collecting more security data than any other cybersecurity company, with over five petabytes of secure data being collected every day and 1 exabyte stored in total. XSIAM's robust, out-of-the-box AI models have been developed for better security analysis and protection against threats.
- August 2023: Fortinet announced new enhancements to its industry-leading single-vendor SASE offering. FortiSASE already protects the hybrid workforce via a unified agent and includes SD-WAN integration for the branch. FortiSASE now includes expanded integrations within the Fortinet WLAN portfolio to support organizations in further securing microbranches and related devices.
Saudi Arabia 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
- 4.2 Industry Value Chain Analysis
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4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitutes
- 4.3.5 Intensity of Competitive Rivalry
- 4.4 Impact of Macroeconomic Factors on the Market
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Increasing Demand for Digitalization and Scalable IT Infrastructure
- 5.1.2 Need to Tackle Risks from Various Trends such as Third-party Vendor Risks, the Evolution of MSSPs, and Adoption of Cloud-first Strategy
- 5.1.3 Growing Usage of the Cloud Services Across the Region
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5.2 Market Restraints
- 5.2.1 Lack of Cybersecurity Professionals
- 5.2.2 High Reliance on Traditional Authentication Methods and Low Preparedness
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5.3 Trends Analysis
- 5.3.1 Exponential Growth to be Witnessed in Cloud Security Owing to the Shift toward Cloud-based Delivery Model
6. MARKET SEGMENTATION
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6.1 By Offering
- 6.1.1 Security Type
- 6.1.2 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
- 6.3.1 BFSI
- 6.3.2 Healthcare
- 6.3.3 Manufacturing
- 6.3.4 Government & Defense
- 6.3.5 IT and Telecommunication
- 6.3.6 Other End Users
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles
- 7.1.1 International Business Machine Corporation (IBM)
- 7.1.2 McAfee Corporation.
- 7.1.3 Cisco Systems Inc.
- 7.1.4 Palo Alto Networks Inc.
- 7.1.5 NortonLifeLock Inc.
- 7.1.6 Fortinet Inc.
- 7.1.7 Dell Technologies Inc.
- 7.1.8 Check Point Software Technologies Ltd
- 7.1.9 Salesforce.com Inc.
- 7.1.10 FireEye Inc.
- 7.1.11 Al Moammar Information Systems Co. (MIS)
- 7.1.12 Tenable Inc.
- 7.1.13 Hewlett Packard Enterprise Development LP
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
** Subject To AvailablitySaudi Arabia Cyber Security Industry Segmentation
Cybersecurity solutions help organizations monitor, report, and counter cyber threats to maintain data confidentiality. The adoption of cybersecurity solutions is expected to grow in line with the rising internet penetration among developing and developed countries. The need for cybersecurity has increased as every system in today's world is connected to the internet, making data more accessible to cybercriminals.
The Saudi Arabian cybersecurity market is segmented by offering (security type and services), deployment (cloud and on-premise), and end user (BFSI, healthcare, manufacturing, government & defense, IT and telecommunication, and other end users). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Offering | Security Type |
| Services | |
| By Deployment | Cloud |
| On-premise | |
| By End User | BFSI |
| Healthcare | |
| Manufacturing | |
| Government & Defense | |
| IT and Telecommunication | |
| Other End Users |
Saudi Arabia Cybersecurity Market Research FAQs
How big is the Saudi Arabia Cybersecurity Market?
The Saudi Arabia Cybersecurity Market size is expected to reach USD 4.63 billion in 2024 and grow at a CAGR of 7.52% to reach USD 6.65 billion by 2029.
What is the current Saudi Arabia Cybersecurity Market size?
In 2024, the Saudi Arabia Cybersecurity Market size is expected to reach USD 4.63 billion.
Who are the key players in Saudi Arabia Cybersecurity Market?
International Business Machine Corporation (IBM), McAfee Corporation., Cisco Systems, Inc, Palo Alto Networks Inc. and NortonLifeLock Inc. are the major companies operating in the Saudi Arabia Cybersecurity Market.
What years does this Saudi Arabia Cybersecurity Market cover, and what was the market size in 2023?
In 2023, the Saudi Arabia Cybersecurity Market size was estimated at USD 4.28 billion. The report covers the Saudi Arabia Cybersecurity Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia Cybersecurity Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Saudi Arabia Cybersecurity Industry Report
Statistics for the 2024 Saudi Arabia Cybersecurity market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Saudi Arabia Cybersecurity analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
