Market Trends of Saudi Arabia Cybersecurity Industry
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.
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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.
