Dublin, Oct. 14, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Cybersecurity - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)" report has been added to ResearchAndMarkets.com's offering.
The Kingdom of Saudi Arabia is on the precipice of becoming a regional powerhouse in cybersecurity as the market is expected to surge from USD 4.63 billion in 2024 to USD 6.65 billion by 2029 according to recent analyses. This ascension reflects a strong compound annual growth rate (CAGR) of 7.52% over the next five years, propelled by an increasing dependency on digital technologies and heightened network security threats, particularly in the wake of large-scale adoption of remote working models. The Saudi market expansion is fueled by combination of public initiatives and private sector investments aimed at bolstering digital infrastructure and cyber resilience across major industries.
Strategic partnerships within Saudi Arabia continue to strengthen its cybersecurity framework. Prominent examples include the groundbreaking Cyberani-Thales alliance that commits to providing advanced cybersecurity solutions to diverse sectors -- a move reflective of the region's foresightedness on cyber preparedness. The government is also placing a heavy emphasis on innovative technology, with new advancements such as artificial intelligence (AI), the Internet of Things (IoT), and the rollout of 5G contributing to a rapidly evolving digital ecosystem.
In the wake of the COVID-19 pandemic, the healthcare sector in Saudi Arabia has been a crucial focus of the cybersecurity upsurge. Rapid digitalization within the sector has necessitated robust protective measures against increasingly sophisticated cyber threats. Protecting the sensitive nature of medical data now takes priority as healthcare institutions fine-tune their cybersecurity posture to guard against data breaches and cyberattacks that could compromise patient care.
Cloud Computing and Economic Advancement
The nation's bold strides toward a cloud-first policy, exemplified by the launch of special economic zones like the Cloud Computing Special Economic Zone, have established Saudi Arabia as a pivotal center for cloud computing in the MENA region. This initiative is paving the way for substantial foreign investment and fostering a specialized regulatory landscape conducive to cloud service expansions, further cementing the country’s commitment to advancing its digital infrastructure.
Cybersecurity Market Dynamics
The Saudi Arabian cybersecurity market, while experiencing significant growth, is marked by a concentration of key industry players who continue to expand their global footprint. These established entities are delivering continuous innovation, such as new AI-powered security management solutions, signaling a commitment to enhanced customer protection and anticipating future cybersecurity needs.
The notable advancements and strategic initiatives unfolding in Saudi Arabia are indicative of the nation’s determination to foster a secure and resilient digital environment, ensuring long-term economic growth and stability.
Saudi Arabia Cybersecurity Market Leaders Include
- International Business Machine Corporation (IBM)
- McAfee Corporation.
- Cisco Systems Inc.
- Palo Alto Networks Inc.
- NortonLifeLock Inc.
- Fortinet Inc.
- Dell Technologies Inc.
- Check Point Software Technologies Ltd
- Salesforce.com Inc.
- FireEye Inc.
- Al Moammar Information Systems Co. (MIS)
- Tenable Inc.
- Hewlett Packard Enterprise Development LP
For more information about this report visit https://www.researchandmarkets.com/r/x1stbn
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- Saudi Arabia Cybersecurity Market Forecasted Healthcare Expenditure
- Saudi Arabia Cybersecurity Market Number Of Hyperscale Data Centers
