Dublin, Nov. 15, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Database Security Market, By Region, Competition, Forecast & Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
Saudi Arabia Database Security Market was valued at USD 152 million in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 13.5% through 2029F
The Saudi Arabia Database Security Market has experienced significant growth in recent years, primarily driven by an escalating awareness of cybersecurity threats and a heightened need to safeguard sensitive data. As the Kingdom of Saudi Arabia continues its digital transformation journey, organizations are increasingly reliant on databases to store and manage critical information, making them a prime target for cyberattacks. This evolving threat landscape has prompted businesses to invest in robust database security solutions and services, such as encryption, access controls, and threat detection systems.
Regulatory compliance requirements, particularly under Saudi Arabia's National Cybersecurity Authority (NCA) guidelines, have further spurred the adoption of advanced database security measures to protect against data breaches and ensure data integrity. The market's upward trajectory is also attributed to the growing importance of data protection in sectors like finance, healthcare, and government, underscoring the integral role that database security plays in safeguarding sensitive information in the Kingdom.
Segmental Insights
Business Function Insights
The Finance segment dominated the Saudi Arabia Database Security Market, and it is expected to maintain its dominance during the forecast period. The financial sector in Saudi Arabia handles vast volumes of sensitive data, including customer financial information, transactions, and compliance records. As the Kingdom undergoes a digital transformation, financial institutions are increasingly relying on databases to store and manage this critical information. With stringent regulatory requirements and the need to protect against ever-evolving cyber threats, the finance sector has been a frontrunner in adopting robust database security solutions. The increasing demand for digital financial services and mobile banking apps further emphasizes the necessity for strong database security measures to maintain customer trust.
The Finance segment's dominant position is also driven by the sector's emphasis on data privacy and regulatory compliance, which necessitates continuous investments in database security solutions. Given the critical role that financial institutions play in the Kingdom's economy, safeguarding their databases from data breaches and unauthorized access is of paramount importance. Consequently, the Finance sector is poised to maintain its dominance in the Saudi Arabia Database Security Market as organizations within this segment continue to prioritize database security, invest in cutting-edge solutions, and remain at the forefront of best practices to ensure the confidentiality, integrity, and availability of their data.
Deployment Model Insights
The On-Premises segment dominated the Saudi Arabia Database Security Market, and it is expected to maintain its dominance during the forecast period. The preference for on-premises deployment in the Saudi market is rooted in the historical inclination of businesses and government agencies toward maintaining direct control over their data security infrastructure. Organizations in Saudi Arabia, especially in sectors like finance, healthcare, and government, have traditionally favored on-premises database security solutions due to concerns related to data sovereignty, regulatory compliance, and perceived control over security protocols. While cloud-based solutions have gained traction, on-premises deployments continue to be the preferred choice for many critical applications and data repositories in the Kingdom.
The unique security and compliance requirements in Saudi Arabia, along with the need to ensure sensitive data remains within the country's borders, contribute to the sustained dominance of the On-Premises segment. Certain industries prioritize the physical separation and direct management of their security infrastructure, which aligns with the on-premises deployment model. Despite the growth of cloud-based options, the legacy and continued investment in on-premises solutions are expected to maintain their stronghold in the Saudi Arabia Database Security Market throughout the forecast period.
Regional Insights
Riyadh emerged as the dominant region in the Saudi Arabia Database Security Market, and it is expected to maintain its leadership position during the forecast period. Riyadh, as the capital city and the country's economic and business hub, has been at the forefront of digital transformation initiatives and technology adoption in Saudi Arabia.
The city is home to numerous financial institutions, government agencies, and a burgeoning tech sector, all of which manage vast volumes of sensitive data in their databases. This concentration of critical data, coupled with the increasing awareness of cybersecurity threats and the necessity for compliance with stringent regulations enforced by the National Cybersecurity Authority (NCA), has driven substantial investments in advanced database security solutions in Riyadh.
Riyadh's continued dominance is further fueled by its role as the epicenter of economic and technological development in the country. The city is a primary driver of innovation and digitalization, making it a focal point for organizations looking to secure their databases and protect valuable information from cyber threats. As Riyadh remains a key engine for economic growth and digital initiatives in Saudi Arabia, the demand for state-of-the-art database security solutions is expected to persist, solidifying its dominant position in the Saudi Arabia Database Security Market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 86 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $152 Million |
| Forecasted Market Value (USD) by 2029 | $327.88 Million |
| Compound Annual Growth Rate | 13.5% |
| Regions Covered | Saudi Arabia |
Report Scope:
Key Market Players
- IBM Corporation
- Oracle Corporation
- Microsoft Corporation
- McAfee LLC
- Trend Micro Incorporated
- Check Point Software Technologies Ltd.
- Fortinet, Inc.
- Palo Alto Networks, Inc.
Saudi Arabia Database Security Market, By Component:
- Software
- Services
Saudi Arabia Database Security Market, By Deployment:
- On-premise
- Cloud
Saudi Arabia Database Security Market, By Vertical:
- Banking Financial Services & Insurance
- Healthcare & Life Sciences
- Telecommunications & IT
- Government & Defense
- Manufacturing
- Others
Saudi Arabia Database Security Market, By Business Function:
- Marketing
- Sales
- Finance
- Operations
- Others
Saudi Arabia Database Security Market, By Region:
- Riyadh
- Makkah
- Madinah
- Jeddah
- Tabuk
- Eastern Province
- Rest of Saudi Arabia
For more information about this report visit https://www.researchandmarkets.com/r/s0lekm
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
