In 2020, Saudi Arabia recorded over 22.5 million cyber-attacks, each of which cost over 6.5 million dollars to the state: Ken Research
In 2020, Saudi Arabia recorded 22.5 million cyberattacks. Companies, especially MSMEs, were the major targets. Therefore, enterprises are boosting investment to enhance their cybersecurity measures.
Favorable demographic dividend: A G20 economy with a young, highly educated population, KSA holds exciting potential and opportunity for investors. Human resources rely more on online mediums, making ample opportunities for investors in the upcoming years. KSA is the largest country in the Middle East and the 19th largest economy in the world and accounts for 0.46% of the world population.
COVID-19 Impact: COVID-19 has not only forced a lot of people to spend more time online but has also led to the swift evolution of cybersecurity in KSA. The COVID-19 outbreak had a significant impact on consumer and provider behaviour including the KSA cybersecurity industry. Data breaches, the closing of manufacturing units, reduced resources, and weakened supply chains are all factors that impede global corporate growth. Cybersecurity Market solutions have been in high demand in healthcare, manufacturing, and government during the epidemic due to increased cyberattacks. Between February 2021 and March 2021, the number of attacks expanded at a large rate. Key market participants are focusing on providing a variety of security solutions to protect industrial operations from severe cyber-attacks.
Increasing domination of Cloud-based services: The rise in the domination of the cloud segment is attributed to increasing technological integration and surging digital usage by consumers post COVID-19. In coming years, this segment is estimated to contribute to the majority share as businesses are shifting to hybrid model wherein a lot of importance is given to data security as consumers opt for WFH model.
Government Initiatives: Increased digital usage led to the government’s strategy to form a National Cybersecurity Authority in 2017 with the aim of overseeing cybersecurity infrastructure in the country positively contributes in the development of cybersecurity market in KSA. In 2020, Saudi Arabia ranked second in the Global Cybersecurity Index. The Government has made it mandatory for all Cybersecurity companies to register themselves with National Authority.
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 vs 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
By Deployment Type (By Revenue), 2021 and 2026F
By Region (By Revenue), 2021 and 2026F
By User (By Revenue), 2021 and 2026F
- Medium and Small Enterprises
- Large Enterprises
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By Industry (By Revenue), 2021 and 2026F
- Government Sector
- 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
Key Companies Covered:
- Sirar by STC
- Palo Alto Networks
- 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: –