- 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.
- 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.