According to SPER Market Research, the KSA Cybersecurity Market is estimated to reach USD 0.94 billion by 2032 with a CAGR of 10.04%.Information technology (IT) security, another name for cybersecurity, aims to protect against cyberattacks on computers, mobile devices, software, and data. Utilizing technology, protocols, and policies to protect sensitive information and crucial systems from cyberattacks. The high-end investments made by both public and private entities in the acquisition of cutting-edge cybersecurity solutions, as well as encouraging policies and initiatives taken by the government to raise public awareness of cyber threats, are the main factors driving the Saudi Arabian cybersecurity market. The Saudi Arabian cybersecurity industry will benefit from this trend due to cloud computing services’ low cost, high performance, and accessibility.Additionally, it is anticipated that government initiatives like “Make in Saudi Arabia” would boost the growth of the Saudi Arabia Cybersecurity Market. The Security Operation Centre (SOC), which allows agencies to take charge of maintaining cybersecurity, has been deployed by the government.
The Kingdom is advancing toward a novel and enhanced approach of accelerating the phases of development associated with digital transformation, emphasising the concept of it and the different qualities that accompany it. As a result, it is anticipated that the Kingdom’s increasing reliance on the Internet would result in a rise in the demand for cybersecurity in various fields.
KSA Cybersecurity Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 10.4%
- Forecast Market Size (2032): 0.94 billion
Along with encouraging people to spend more time online, COVID-19 has accelerated the growth of cybersecurity in KSA. The COVID-19 outbreak had a significant impact on customer and provider behaviour in the KSA cybersecurity industry. A number of issues, such as data breaches, industrial plant closures, depleted resources, and strained supply chains, impede the expansion of multinational corporations. Cybersecurity Market solutions have been in great demand in the government, business, and healthcare sectors due to an uptick in cyberattacks during the epidemic.The focus of significant market players is on providing a variety of security solutions to protect industrial operations from serious cyberattacks. Rising technological integration and soaring consumer digital usage following COVID-19 are attributed to the increase in the cloud segment’s dominance. In the approaching years, it is projected that this sector will generate the majority of market income as businesses switch to hybrid models and consumers opt for WFH models.
Impact of COVID-19 on the KSA Cybersecurity Market
In addition to making many individuals spend more time online, COVID-19 has also sped up the development of cybersecurity in KSA. The KSA cybersecurity business was significantly impacted by the COVID-19 outbreak in terms of customer and provider behaviour. Global company growth is hampered by a number of problems, including data breaches, industrial facility closures, diminished resources, and frayed supply chains. Cybersecurity Due to an upsurge in cyberattacks, market solutions have been in high demand in the government, industry, and healthcare sectors during the epidemic. Important market players are concentrating on offering a range of security solutions to safeguard industrial processes against serious cyber-attacks.The surge in the cloud segment’s dominance is ascribed to rising technological integration and soaring consumer digital usage after COVID-19. As enterprises transition to hybrid models and consumers choose WFH models, it is anticipated that this sector will account for the majority of market revenue in the upcoming years.
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KSA Cybersecurity Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Security Type:
- Application Security
- Cloud Security
- Content Security
- Endpoint Security
- Network Security
- Others (operational security, e-mail security, etc.)
By Solution Type:
- Antivirus & Antimalware
- Data Loss Prevention
- Encryption & Decryption
- Identity & Access Management
- Infrastructure Security
- Intrusion Detection/Prevention System
- Risk & Compliance Management
- Unified Threat Management
- Others (Denial-of-service attack, malware, man-in-the-middle-attack, drive-by-downloads, etc.)
- Consulting, Design and Integration
- Risk and Threat Assessment
- Managed Security Service
- Training and Education
By End User:
- Aerospace, Defense and Intelligence
- Banking and Financial Service Institutes
- Corporates/Private Organizations
- Education Technology
- Government and Public Utilities
- Telecom and IT
By Deployment Mode:
- Northern Saudi Arabia
- Western Saudi Arabia
- Eastern Saudi Arabia
- Central Saudi Arabia
- Southern Saudi Arabia
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography.
KSA Cybersecurity Market Key Players:
The KSA CybersecurityMarket study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as: Al Moammar Information Systems Co., Broadcom Inc., Check Point Software Technologies Ltd., Cipher, Cisco Systems Inc., Dell Technologies, FireEye Inc., Fortinet Inc., Hewlett Packard Enterprise, IBM Corporation, Kaspersky Lab, Lockheed Martin Corporation, NEC Saudi Arabia Ltd., Norton LifeLock Inc., Palo Alto Networks Inc., SAT Microsystems, Sirar by STC, Tenable Inc., Trellix, Trend Micro Incorporated.
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