Saudi Arabia Cybersecurity Market Size (2024 - 2029)

Saudi Arabia Cybersecurity Market Analysis

The Saudi Arabia Cybersecurity Market size is estimated at USD 1.97 billion in 2024, and is expected to reach USD 3.30 billion by 2029, at a CAGR of 10.95% during the forecast period (2024-2029).

As online shopping surges, smart gadgets captivate, and cloud technologies gain traction, the market is witnessing a robust growth, driven by escalating cyber threats. With the proliferation of smart devices and IoT technologies, the specter of advancing cyber threats looms larger. In response, businesses are increasingly adopting sophisticated cybersecurity measures, not just to detect and mitigate, but to counteract these threats, further propelling market expansion.

• Application security focuses on developing, enhancing, and evaluating application features to address security vulnerabilities. Essential protective measures—authentication, encryption, authorization, and logging—aim to prevent unauthorized access, modifications, and anomalies. These safeguards empower enterprises to shield customer data, streamline workflows, and oversee the application lifecycle. In the IT sector, digital transformation and cloud adoption emerge as key catalysts. As companies endeavor to outpace rivals, the emphasis on speed and application security becomes paramount in their digital transformation journey.
• Managed security services encompass a range of solutions, from exposure assessments and detection to security monitoring and operational consulting. MSS providers utilize diverse engagement models, prioritizing both technology and management. As business needs evolve, managed security services have cemented their status as a go-to solution, leading to increased outsourcing advantages for both SMEs and large corporations.
• Saudi Arabia, the Middle East's leading hub for information and communication technology, is in a state of constant evolution. As a pivotal player in the region's growth, the nation is making significant advancements in both infrastructure and technology.
• Transitioning from traditional to advanced authentication solutions in cybersecurity may require specialized skills, which current IT teams might lack. This skill deficiency could hinder the adoption of cybersecurity measures, especially in smaller enterprises.

Saudi Arabia Cybersecurity Industry Segmentation

The Saudi Arabian cybersecurity market is defined based on the revenues generated from the solutions and services that are being used by various end-user industries across the country. The scope of the study does not include physical security solutions and industrial control systems. The analysis is based on the market insights captured through secondary research and the primaries. The report also covers the major factors impacting the growth of the market in terms of drivers and restraints.

The Saudi Arabia cybersecurity market is segmented by offering (solutions [application security, cloud security, data security, identity and access management, infrastructure protection, integrated risk management, network security equipment, consumer security, other solutions], services [professional services, managed services]), deployment mode (cloud and on-premise), organization size (SMEs and large enterprises) and end-user (BFSI, healthcare, manufacturing, construction, IT and telecom, government & défense, retail, energy and utilities, and other end users). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.