Saudi Arabia Cybersecurity Market Size (2024 - 2029)

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 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.