Saudi Arabia Cybersecurity Market Research Report

Gmiseo22 1/16/2023 6:01:26 PM

Saudi Arabia Cybersecurity Market Research Report Size, Growth & Global
Forecast – 2020-2027

The Saudi Arabia Cybersecurity Market is expected to grow at a robust CAGR over the forecast period (2020-2027).

The factors driving growth of the Saudi Arabia Cybersecurity Market includes increasing incidents of cyber-attacks, huge volumes of data generated such as intellectual property, financial data and personal information, rapid digitalization across industries and improvements in the living standards. For instance, almost 40% of users across social networking platforms in Saudi Arabia were victims of Internet crimes and, 20% of adults fell victim to cybercrime on social networks and mobile devices, which is pushing the demand for cybersecurity products. Moreover, rising penetration of smart devices, growing adoption of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT), expansion of e-commerce industry, increase in the launch of new products and rapid urbanization, are some of the additional factors supplementing the Saudi Arabia Cybersecurity Market share. In addition, the increasing investments by leading players on research and development, strategic mergers and collaborations between companies and growing disposable incomes, are further propelling the Saudi Arabia Cybersecurity Market size.

However, growth of the Saudi Arabia Cybersecurity Market is hindered due to insufficient availability of skilled workforce.

Based on Security Type, the Network Security segment is predicted to grow at a significant CAGR during the forecast period

As per the Saudi Arabia Cybersecurity Market Research, increasing use of network security products for protecting network infrastructure and organizational assets from unauthorized access and disruptions, are pushing segment’s growth.

Based on Deployment Mode, the Cloud segment is projected to grow at a faster CAGR over the forecast period

Growing adoption of advanced technologies and increasing investments by companies on procuring cybersecurity products, are propelling the segment’s growth.

Based on Vertical, the Energy and Utilities segment is anticipated to expand at a remarkable during the forecast period

Growing adoption of connected devices across Oil and Gas and Power sectors, increasing attack on power grid, rising per capita incomes, and rapid urbanization, are some of the factors augmenting the segment’s growth.

Key Developments

  • In 2020, UL LLC, entered into partnership 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 collaborated with CyberX, a government-backed initiative, to drive the cybersecurity awareness in Saudi Arabia. Through this partnership, Trend Micro Incorporated will serve as the strategic technology contributor of CyberX.

Market Segmentation

Segmentation by Security Type

  • Network Security

  • Endpoint Security

  • Cloud Security

  • Internet Security

  • Others

Segmentation by Deployment Mode

  • On-Premises

  • Cloud

Segmentation by Organization Size

  • SMEs

  • Large Enterprises

Segmentation by Vertical

  • BFSI

  • Government and Defence

  • Energy and Utilities

  • Healthcare

  • IT and Telecommunication

  • Retail

  • Manufacturing

  • Others

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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