New Delhi, July 03, 2024 (GLOBE NEWSWIRE) -- According to the latest Astute Analytica research, the Saudi Arabia cybersecurity market was valued at US$ 3.6 billion in 2023 and is anticipated to reach US$ 10.5 billion by 2032 at a CAGR of 12.98% during the forecast period 2024–2032.
Saudi Arabia's cybersecurity market is poised for substantial growth, driven by a proactive approach to addressing the significant cyber threat landscape. With 110 million threats detected, the urgency for robust cybersecurity measures is evident. This has led to 33% of Saudi organizations planning to increase their cyber budgets by 6-10%, reflecting a strong commitment to enhancing their cybersecurity infrastructure. The prioritization of digital and technology-related risks by 73% of respondents, significantly higher than the global average of 51%, underscores the critical importance placed on cybersecurity in the Kingdom.
Download Free Sample Pages @ https://www.astuteanalytica.com/request-sample/saudi-arabia-cybersecurity-market
The market's growth is further bolstered by the forecasted compound annual growth rate (CAGR) of 18.73% by 2027, indicating increased investment in network security tools and IT infrastructure. This growth is essential as 63% of organizations express concerns about brand damage and loss of customer confidence due to cyber incidents. The adoption of AI-powered security solutions in Saudi Arabia cybersecurity market to analyze vast amounts of data and respond to cyberattacks in real-time is a testament to the innovative approaches being employed to safeguard digital assets. Additionally, the belief that generative AI will help develop new business lines within the next three years, as expressed by 97% of respondents, highlights the potential for AI to revolutionize the cybersecurity landscape.
The focus on operational technology (OT) cybersecurity trends and the acknowledgment of supply chain attack threats reflect the comprehensive approach being taken to secure critical infrastructure and prevent potential vulnerabilities. The pressing need for skilled cybersecurity professionals is a challenge that Saudi Arabia is addressing through increased investment in cybersecurity education and training. The establishment of the Saudi National Cyber Security Centre (SNCSC) and the development of a national cybersecurity strategy are pivotal steps towards bolstering the country's cybersecurity framework.
Key Findings in Saudi Arabia Cybersecurity Market
| Market Forecast (2032) | US$ 10.5 billion |
| CAGR | 12.98% |
| By Component | Solutions (71.10%) |
| By Deployment | Cloud (64.0%) |
| By Application | Network Security (31.59%) |
| By End Users | BFSI (29.0%) |
| By Enterprise Size | Large Enterprises (68.46%) |
| Top Trends |
|
| Top Drivers |
|
| Top Challenges |
|
Network Security Emerged the Key Revenue Generators in as the Saudi Arabia's Cybersecurity Market, Accounted for 31.59% Market Share
In 2024, end users in Saudi Arabia have dramatically increased their spending on network security, driven by a series of high-profile incidents and the strategic importance of safeguarding digital infrastructure. The Kingdom witnessed a 35% rise in cyber-attacks, with phishing and ransomware being the most prevalent threats, causing an estimated $1.5 billion in damages last year alone. The Ministry of Communications and Information Technology reported that 70% of businesses experienced at least one cyber-attack in the past year, emphasizing the urgent need for robust defenses. Additionally, the National Cybersecurity Authority (NCA) revealed that data breaches have surged by 40%, primarily targeting financial institutions and energy sectors.
Major security breaches in the cybersecurity market, such as the 2019 attack on Saudi Aramco and the 2021 ransomware assault on the Saudi National Bank, have underscored the vulnerabilities within critical infrastructure. These incidents have catalyzed a national push towards fortifying cybersecurity measures, with the government launching initiatives like the National Cybersecurity Strategy. This strategy aims to enhance the Kingdom's cyber resilience by investing in advanced security technologies and fostering a culture of cybersecurity awareness. An EY report indicated that 90% of Saudi organizations consider cybersecurity as their top priority, reflecting the widespread recognition of its importance.
Saudi Arabia's cybersecurity market is anticipated to reach $5.8 billion by the end of 2024, with a 20% annual growth rate. Leading providers such as IBM, Palo Alto Networks, and Fortinet dominate the landscape, offering comprehensive solutions tailored to the region's unique needs. Government spending on cybersecurity has also escalated, with $2.3 billion allocated in 2023 alone. Moreover, the private sector is not far behind, with enterprises dedicating nearly 15% of their IT budgets to cybersecurity. The Kingdom's commitment to cybersecurity is further evidenced by the establishment of the Global Cybersecurity Forum and partnerships with international entities to bolster its defenses and stay ahead of evolving threats.
Budget Increases and Investment in Talent to Play Key Role in Saudi Arabia Cybersecurity Market
The Kingdom remains one of the world's most-attacked countries by cyber threat actors. In 2022, a total of 110 million threats were detected in Saudi Arabia. The average cost of a cyberattack on an organization in Saudi Arabia and the United Arab Emirates was $6.53 million, which is 69% more than the global average. To combat these threats, organizations have become more proactive in their cybersecurity budgets, focusing on prevention and acknowledging the threat of supply chain attacks.
More than three-quarters of Chief Information Security Officers (CISOs) in the Middle East and Africa, including Saudi Arabia, plan to increase their cybersecurity budgets by at least 10% in 2024. Additionally, 33% of Saudi respondents indicated a projected increase of 6-10% in their organization's cyber budget. The demand for cybersecurity professionals is soaring, with four out of the top 10 fastest-growing job roles in Saudi Arabia cybersecurity market falling within the cybersecurity, data analysis, and software development fields.
Saudi Arabia's efforts to bolster its cybersecurity infrastructure are aligned with its broader economic goals, including job creation and research and development. The Kingdom has secured the top position globally in the cybersecurity indicator, according to the 2024 World Competitiveness Yearbook. The Global Cybersecurity Forum Institute (GCFI) will help position Saudi Arabia as a cybersecurity role model globally.
Saudi Arabian Preference for Cloud Based Cybersecurity Solutions to Continue Dominating Market with Over 64% Revenue Share
In Saudi Arabia cybersecurity market, the preference for cloud-based cybersecurity solutions over on-premise deployments is driven by several critical factors, primarily centered around cost-effectiveness, scalability, and enhanced security measures. The cloud security market in the Middle East is projected to grow from $1.5 billion in 2022 to $5.2 billion by 2027, reflecting a CAGR of 27.5%. This surge underscores the increasing reliance on cloud solutions. Astute Analytica’s recent survey highlights that 60% of Saudi enterprises are planning to increase their cloud security budget by an average of 35% in the next year, indicating a robust shift towards cloud adoption.
The financial benefits of cloud deployment are significant. Data from the International Data Corporation (IDC) reveals that organizations in Saudi Arabia can reduce their cybersecurity costs by up to 50% by opting for cloud solutions. It further states that 70% of Saudi companies experienced an average cost saving of 30% on IT expenses after migrating to the cloud. Additionally, the flexibility and scalability offered by cloud platforms in the cybersecurity market are unmatched. It was also found that 68% of Saudi businesses cited scalability as a primary reason for choosing cloud-based cybersecurity, allowing them to adjust their security needs dynamically without substantial upfront investment in hardware and infrastructure in cybersecurity market.
Moreover, the enhanced security features and compliance benefits of cloud solutions make them particularly attractive. The Cloud Security Alliance (CSA) notes that 75% of Saudi organizations believe that cloud providers offer superior security frameworks compared to on-premise solutions. This is further supported a study that shows that 80% of businesses in Saudi Arabia trust cloud providers for their advanced threat detection and real-time monitoring capabilities. Furthermore, 65% of Saudi enterprises reported improved compliance with local and international regulations after adopting cloud-based cybersecurity solutions.
Request Free Customization of this report: https://www.astuteanalytica.com/ask-for-customization/saudi-arabia-cybersecurity-market
Cybersecurity Investments Surge in Saudi Arabia’s BFSI Industry, Controls over 29% Market Share
The Banking, Financial Services, and Insurance (BFSI) sector in Saudi Arabia has emerged as the dominant consumer of cybersecurity market due to several interconnected factors. Firstly, the BFSI sector deals with highly sensitive financial data, which makes it a prime target for cybercriminals. According to the Saudi Arabian Monetary Authority (SAMA), the number of cyber-attacks on financial institutions increased by 45% in 2023, highlighting the escalating threat landscape. Additionally, the rapid digital transformation within the sector, including the adoption of online banking and digital payment systems, has expanded the attack surface, necessitating robust cybersecurity measures. The Kingdom’s Vision 2030 initiative, which aims to diversify the economy, has further accelerated digitalization, leading to a 60% increase in cybersecurity spending within the BFSI sector over the past two years.
The most prominent areas that the BFSI sector needs to safeguard in the cybersecurity market include customer data, transaction integrity, and regulatory compliance. With cyber-attacks becoming more sophisticated, phishing attempts targeting financial institutions increased by 30% in the first quarter of 2023 alone. To combat these threats, Saudi banks have invested heavily in advanced threat detection systems, multi-factor authentication, and encryption technologies. The introduction of Open Banking regulations has also necessitated enhanced security protocols to protect APIs from unauthorized access. A recent survey revealed that 75% of Saudi financial institutions have increased their budget for cybersecurity in 2023, with a particular focus on protecting mobile banking applications and cloud-based services.
Recent instances underscore the critical need for robust cybersecurity measures within the BFSI sector. In March 2023, one of Saudi Arabia's leading banks thwarted a significant ransomware attack that could have compromised over 2 million customer accounts. This incident followed a 2022 breach where cybercriminals attempted to siphon off SAR 1.5 billion through fraudulent transactions, which was detected and mitigated in time. Such incidents have prompted the BFSI sector to allocate up to 15% of their IT budgets to cybersecurity, according to a KPMG report. Furthermore, Saudi Arabia's cybersecurity market is projected to grow at a CAGR of 12.98% from 2024 to 2032, driven primarily by investments from the BFSI sector, which remains the largest consumer of cybersecurity solutions in the Kingdom.
Top Players in Saudi Arabia Cybersecurity Market
- Saudi Arabia Specific Players
- NEC SA Ltd.
- Al Moammar Information Systems Co.
- Tenable Inc.
- Sirar by STC
- Taqnia Cyber
- Tamkeen Security
- Security Matterz
- Dar Sas Security
- Dar Sas Security
- Global Players
- Cisco Systems Inc.
- Amazon Web Services
- Dell Technologies
- Fortinet
- Kaspersky Lab
- IBM
- Microsoft
- Trend Micro
- Trellix
- Other Prominent Players
Market Segmentation Overview:
By Component
- Solution
- Threat Intelligence
- Identity and Access Management
- Security and Vulnerability Management
- Risk and Compliance Management
- Others
- Encryption
- Data Loss Prevention
- Network DLP
- Storage/ Data Centre DLP
- Endpoint DLP
- Unified Threat Management
- Firewall
- Intrusion Detection Systems/ Intrusion Prevention Systems
- Disaster Recovery
- Distributed Denial of Service
- Others
- Threat Intelligence
- Services
- Professional Services
- Design and Integration
- Risk and Threat Assessment
- Consulting
- Training and Education
- Support and Maintenance
- Managed Security Services
By Security Type
- Network Security
- Endpoint Security
- Endpoint Security
- Cloud Security
- Others
By Deployment
- Cloud
- On-Premises
By Enterprise Size
- Large Enterprises
- SME's
By Application
- BFSI
- Government
- Retail
- Healthcare
- IT and Telecommunication
- Manufacturing
- Others
Get Discount At @ https://www.astuteanalytica.com/ask-for-discount/saudi-arabia-cybersecurity-market
About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Contact Us:
Astute Analytica
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
For Sales Enquiries: sales@astuteanalytica.com
Website: https://www.astuteanalytica.com/
LinkedIn | Twitter | YouTube
