Gurugram, India, March 15, 2023 (GLOBE NEWSWIRE) --
- Government strict regulations such as ECC and Cybersecurity Framework by SAMA will act as a catalyst for the surging growth of the cybersecurity market in KSA. Shifting to cloud infrastructure as companies look for a hybrid mode of working will assist the growth of the industry.
- Covid 19 has not only forced people to spend time more time online but has also led to the swift evolution of cybersecurity in KSA. Innovative antivirus solutions have become incredibly important to facilitate live streaming and e-learning.
- The recent MoU signed between Saudi NCA and the US Department of Homeland Security is expected to aid the cybersecurity industry focusing on several areas such as sharing cyber threats information between both countries
Strong Government Push: Strict regulations by the government such as ECC and Cybersecurity Framework by SAMA will also act as a catalyst for the surging growth of the cybersecurity market in Saudi Arabia. Coupled with that, the launch of smart city projects such as NEOM will also provide the much-needed push to the sector.
Technological Advancements in Cybersecurity Services: Advancements in encryption technologies, firewalls, MDR, XDR, EDR, digital forensic investigation, and GRC services among others are expected in the coming years. These advancements will lead to a more secure internet network in the Saudi Arabian cyberspace during the forecast period.
Demand for Big Data and 5G Rollout: The cybersecurity market in Saudi Arabia is estimated to expand at a high CAGR in between 2021 and 2026E attributed to increasing demand for big data, a high surging internet penetration rate and roll out of 5G services across the nation. The more connected the nation will become, the more will be the demand for cybersecurity services among users.
The report titled “KSA Cybersecurity Market Outlook to 2026E- Gauging the opportunities for foreign investment in the cybersecurity market” provides a comprehensive analysis of the potential of the Cybersecurity industry in Kingdom of Saudi Arabia. The report covers various aspects including the current cyber threat scenario and major cyberattacks in the country, revenue generated from cybersecurity, its segmentations viz Component, Deployment Type, Region, End User (Medium and Small Enterprises vs Large Enterprises), by Industry, major trends and developments, issues and challenges, government regulations and product analysis. The report concludes with market projections for future of the industry including forecasted industry size by revenue along with analyst recommendations and key market opportunities.
Key Segments Covered in KSA Cybersecurity Market:-
By Component (By Revenue), 2021 and 2026F
- Solutions
- Services
By Deployment Type (By Revenue), 2021 and 2026F
- On-Premise
- Cloud
By Region (By Revenue), 2021 and 2026F
- Northern
- Western
- Eastern
- Central
- Southern
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By User (By Revenue), 2021 and 2026F
- Medium and Small Enterprises
- Large Enterprises
By Industry (By Revenue), 2021 and 2026F
- BFSI
- Government Sector
- IT
- Telecom
- E-Commerce
- Healthcare
- Retail
- Others includes food industry and more
Key Target Audience
- Technology Companies
- Cybersecurity Companies
- Banking and Financial Institutions
- Cybersecurity Service Providers
- Government Agencies
- Cybersecurity Consultants
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Time Period Captured in the Report:-
- Historical Period: 2016-2021
- Forecast Period: 2021-2026
Key Companies Covered:-
- SITE
- Sirar by STC
- IBM
- Palo Alto Networks
- SBM
- Cipher
- NourNet
- Trusted Partners
- Trend Micro Incorporated
- Hewlett Packard Enterprise
- Norton LifeLock Inc.
- Dell Technologies
- SAT Microsystems
Key Topics Covered in the Report:-
- KSA Country Profile and Population Analysis
- Operating Model of Cybersecurity Companies
- KSA Cybersecurity Market Size and Segmentations
- Growth Drivers of KSA Cybersecurity Market
- Porter’s Five Forces Analysis of KSA Cybersecurity Market
- Government Rules and Regulations in KSA Cybersecurity Market
- Government Initiatives in KSA Cybersecurity Market
- Key Trends and Developments in KSA Cybersecurity Market
- Role of Cutting-Edge Technology in Developing Cybersecurity Solutions and Applications in KSA
- Issues and Challenges of KSA Cybersecurity Market
- Demand Side Analysis
- Analyst Recommendations
- Case Studies
- Research Methodology
For more insights on the market intelligence, refer to below link:-
KSA Cybersecurity Market
The cybersecurity market is expected to grow at a CAGR of 16.9% over the period 2019 to 2025. Increasing adoption of cybersecurity solutions by SMEs and other enterprise segments is expected to drive market growth. New kinds of cyber threats such as Advanced Persistent Threats and IoT device attacks will encourage cybersecurity organizations in the country to enhance product capabilities and develop technologically advanced and efficient products. The modernization of technology in industries such as Banking, Healthcare and E-Commerce will also drive increased adoption of information security solutions.
According to Ken Research estimates, the Indonesia Cyber Security Market – which grew from approximately USD ~ Bn in 2017 to approximately USD ~Bn in 2022 – is forecasted to grow further into USD ~Bn opportunity by 2027F, owing to the new government policies, new players in the market and technological development. The Indonesian government is developing a plan to maximize its cybersecurity sector as it becomes increasingly worried about the security of its data in response to increased international conflict and requests for more personal safeguards. The quantity of personal information and transaction data that all Indonesian firms have on hand is growing. Sensitive data is frequently exposed due to organizational system weaknesses, making these firms the prime targets of cyberattacks.
According to Ken Research estimates, the Australia Cyber Security Market – which grew from approximately AUD ~ Bn in 2017 to approximately AUD ~Bn in 2022 – is forecasted to grow further into AUD ~Bn opportunity by 2027F, owing to the new government policies, new players in the market and technological development. IoT devices have a security system that is vulnerable to cyberattacks. It is not designed to pre-detect or prevent threats, such as hacking. Thus, these devices could be prime targets for hackers to obtain usernames and passwords and access other confidential information. The quantity of personal information and transaction data that all Australia firms have on hand is growing. Sensitive data is frequently exposed due to organizational system weaknesses, making these firms the prime targets of cyberattacks.
According to Ken Research estimates, the China Cyber Security Market – which grew from approximately CNY ~ Bn in 2017 to approximately CNY ~Bn in 2022 – is forecasted to grow further into CNY ~Bn opportunity by 2027F, owing to the new government policies, new players in the market and technological development. The Chinese government is developing a plan to maximize its cybersecurity sector as it becomes increasingly worried about the security of its data in response to increased international conflict and requests for more personal safeguards. The quantity of personal information and transaction data that all Chinese firms have on hand is growing. Sensitive data is frequently exposed due to organizational system weaknesses, making these firms the prime targets of cyberattacks.
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