KSA Cybersecurity Market is Expected to Gain Momentum from the Technological Advancements and Government Initiatives along with Covid Incited surge in Demand: Ken Research

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• 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

Time Period Captured in the Report:

• Historical Period: 2016-2021
• Forecast Period: 2021-2026

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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 information on the research report, refer to below links:

KSA Cybersecurity Market Outlook to 2026E

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KSA Cybersecurity Market Has Been Experiencing Massive Growth, Owing to Global Pandemic, Government Initiatives & Others

 

1. KSA Cybersecurity Market experienced a massive uptick, growing at a CAGR of 18.9% as a result of Government initiatives & Global Pandemic among other factors

The Y-o-Y growth in the period between 2019-23 has experienced a massive upsurge attributed to the advent of the global pandemic. A major reason behind this was the WFH set-up that was promoted for a while therby increasing the requirement of cybersecurity measures to be implemented. Furthermore, given the serious nature of cyberattacks being carried out towards a number of sectors, the government has been implementing stringent regulations such as ECC & Cybersecurity framework to shield the sensitive data of various companies. All in all, cybersecurity market in KSA is growing at a steady rate.

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2.KSA’s  Cybersecurity Market requires a shift from being product centric to  consumer centric for it to tackle various market restraints which the end users face

• Threat of New Entrants: There’s a high theat of new Entrants attributed to the non-existence of entry barriers . Moreover, rapid technological advancements & lucrative nature of the market serve as magnets for budding start-ups.
• Bargaining power of buyer: There’s a high bargaining power available to consumers as a result of various domestic & international players operating in the eco-system ultimately lowering the overal costs for the end user.
• Competition Rivalry: The Cybersecurity market in KSA is highly fragmented with various players competing for the top spot in the market on the basis of price & maintenance fee, services & solutions provided & brand image.
• Bargaining power of Suppliers: The scenario is not at the side of suppliers when it comes to their bargaining power owing to the cut-throat competition between several players operating in the ecosystem simultaneously.
• Substitute Products: Lack of differentiation of services & solutions leads to lower threat of substitution in the existing market.

3. Expansion of internet and 5G services, increasing demand for big data and acceleration towards digital transformation are the major developments in the KSA Cybersecurity Market

• Increasing demand for Big Data: Big data adoption by enterprises and businesses in recent times creates a challenge to security information and event management (SIEM) as there is chunk of data being generated by the web, email, and social media applications. Therefore, these enterprises are looking to implement strong cybersecurity measures, which will result in the growth of this market in coming years.
• Acceleration towards digital transformation: At LEAP 2022 in Saudi Arabia, the largest tech event in the country, investments of over USD 6.4 Bn was announced in future technologies and entrepreneurship. Massive investment in technological innovation serve as a major catalyst for the cybersecurity market in KSA.
• Growing Healthcare Industry: Healthcare cyber security firms in Saudi Arabia provide healthcare institutions with cyber security services and solutions to secure their hospitals and patient information from data breaches and cyber-attacks. Healthcare is an attractive target for cybercriminals as medical data is between ten and twenty times more lucrative than credit card or banking details. Therefore, the growth in healthcare industry subsequently contributed in accelerating the cybersecurity market in Saudi Arabia.