Saudi Arabia Cybersecurity Market Share, Size & Industry Forecast Report, 2020-2027
Saudi Arabia Cybersecurity Market, Trend, Segment, By Security Type (Network Security, Endpoint Security, Cloud Security, Internet Security, and Others), By Deployment Mode (On-Premises and Cloud), By Organization Size (SMEs and Large Enterprises), and By Vertical (BFSI, Government and Defence, Energy and Utilities, Healthcare, IT and Telecommunication, Retail, Manufacturing, and Others), – Opportunities & Forecast, 2020-2027
Published Date: Jun - 2021 | Report Format: Excel/PPT | Report Code: UP1217A-00-0620
Introduction of the Saudi Arabia Cybersecurity Market Report
Cyber security can be defined as a set of tools and technologies designed to protect computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks. A cyber security solution is a combination of firewalls, software and a variety of tools for preventing confidential digital data across residential, commercial, and industrial sectors.
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Market Dynamic
Key Drivers and Emerging Trends
Rising penetration of internet, IoT devices, and smart wearable devices; growing adoption of cloud computing environment; rapid digitization of industries; and increasing incidents of cyber-attacks are some of the major factors expected to drive the growth of the cybersecurity market in Saudi Arabia. In addition, rising amount of data including intellectual property, financial data, personal information, or other types of data on computers and other devices among government, military, corporate, financial, and medical organizations is further propelling the increase in the cybersecurity market size.
Moreover, according to the Saudi Arabian Business Council, the cybersecurity market in Saudi Arabia is expected to witness high growth in the coming years and $27.2 billion was allocated in Saudi Arabia’s 2020 budget for security and regional administration including cybersecurity. Furthermore, the National Cybersecurity Authority (NCA) in Saudi Arabia is aimed at centralizing cybersecurity and controls and the National Cyber Security Center (NCSC) monitors supervisory control and data acquisition (SCADA) systems across government entities, energy and industrial sector. This is further expected to augment the growth of the cybersecurity market share in Saudi Arabia.
Restraint in the Saudi Arabia Cybersecurity Market
However, the growing availability and use of pirated and open source cybersecurity solutions and the lack of skilled security professionals are some of the prominent factors restraining the growth of the market. Additionally, the high cost of network security, application security, and data base security may hamper the adoption of cyber security solutions among small and medium sized enterprises in Saudi Arabia.
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Security Type – Segment Analysis
Based on the security type, the network security segment is anticipated to account for a large share in the market owing to the increasing implementing hardware and software mechanisms for preventing the network, infrastructure, organizational assets from unauthorized access, disruptions, and misuse.
Deployment Mode – Segment Analysis
Based on the deployment mode, the cloud segment is projected to witness a high CAGR over the forecast period. This can be attributed to the increasing technological integration and mass data storage via cloud sharing in business. Moreover, according to the Saudi Arabian Business Council, the cloud security spending is expected to grow by a CAGR of 55.2% by 2023 in the private sector, which is further expected to propel the market growth.
Organization Size – Segment Analysis
Based on the organization size, the small and medium-sized enterprises (SMEs) is expected to grow substantially over the forecast period primarily due to the increasing number of SMEs and rising investments in IT security by small and medium enterprises. According to the Saudi Arabian Business Council, 43% of data breaches target SMEs in Saudi Arabia, which further escalating the demand for the market.
Vertical – Segment Analysis
Based on the application, the energy and utilities segment is expected to account for a significant market share owing to the rising decentralization of the energy system, increasing adoption of connected devices in oil, gas, and power sectors, and rising attack on power grid and IoT devices including smart meters. According to the Energy Information Administration, Saudi Arabia has 16% of the oil reserves in the world, this is further expected to contribute to the growth in the energy sector, thereby, supporting the development of the cybersecurity market in the energy and utility vertical.
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Key Developments:
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- In 2020, UL LLC, partnered with the National Cybersecurity Authority of Saudi Arabia (NCA) and they have signed a Memorandum of Understanding (MoU) to work towards building a more secure cybersecurity system in the Kingdom of Saudi Arabia.
- In 2020, Trend Micro Incorporated partnered with CyberX, a government-backed initiative, to drive the cybersecurity awareness in Saudi Arabia. With this partnership, Trend Micro Incorporated will serve as the strategic technology contributor of CyberX.
Segments covered in the Report:
The Saudi Arabia Cybersecurity Market has been segmented on the basis of security type, deployment mode, organization size, and vertical. Based on security type, the market is segmented into network security, endpoint security, cloud security, internet security, and others. Based on the deployment mode, the market is segmented into on-premises and cloud. Based on organization size, the market is segmented into SMEs and large enterprises. Based on the vertical, BFSI, government and defence, energy and utilities, healthcare, IT and telecommunication, retail, manufacturing, and others.
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Key questions answered in this research report:
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- At what pace is Saudi Arabia Cybersecurity Market growing? What will be the growth trend in the future?
- What are the key drivers and restraints in Saudi Arabia Cybersecurity Market? What will be the impact of drivers and restraints in the future?
- Which security type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
- What are the various verticals of Saudi Arabia Cybersecurity Market and how they are poised to grow?
- What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
Report Coverage |
Details |
Market Base Year |
2019 |
Market Forecast Period |
2020-2027 |
Market Revenues Currency |
USD Million |
Base Year & Forecast Units |
Revenues (USD Million) |
Market Segment | By Security Type, By Deployment Mode, By Organization Size, By Vertical |
Regional Coverage | Saudi Arabia |
Companies Profiled | Profiles of Top 10 Major Companies Operating in “Saudi Arabia Cybersecurity Market” |
25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Saudi Arabia Cybersecurity Market by Security Type
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- Network Security
- Endpoint Security
- Cloud Security
- Internet Security
- Others
Saudi Arabia Cybersecurity Market by Deployment Mode
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- On-Premises
- Cloud
Saudi Arabia Cybersecurity Market by Organization Size
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- SMEs
- Large Enterprises
Saudi Arabia Cybersecurity Market by Vertical
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- BFSI
- Government and Defence
- Energy and Utilities
- Healthcare
- IT and Telecommunication
- Retail
- Manufacturing
- Others
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Report is shared with unlimited user (employees) of the purchasing corporation only
The report is used by the purchaser (One Individual) only
Multi-User License:Report is shared with maximum 5 users (employees) including the purchaser of the purchasing corporation only
Corporate License:
Report is shared with unlimited user (employees) of the purchasing corporation only
Saudi Arabia Cybersecurity Market Share, Size & Industry Forecast Report, 2020-2027
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