Saudi Arabia Cyber Security Market Overview, 2029

Saudi Arabia Cyber Security Market Overview, 2029

Due to the rising frequency and sophistication of cyber attack against Saudi Arabian enterprises, the cyber security industry is expanding quickly. Market statistics show that in order to successfully enhance their cyber defence and reduce cyber risks, government agencies, the critical infrastructure sector, and private enterprises have made significant expenditures in cyber security services and solutions. A wide variety of cyber threats, such as ransomware, phishing, malware, data breaches, and cyber espionage, are present in Saudi Arabia. Organizations are more susceptible to cyber attack as a result of the spread of digital infrastructure, cloud computing use, and the proliferation of internet-connected gadgets. The Saudi Arabian government has started a number of projects and programs to improve cyber security resilience and successfully counteract cyber threats. Strengthening cyber security governance, capabilities, and collaboration across government agencies, critical sectors, and private organizations are the goals of these initiatives, which include the National Cyber security Authority (NCA), the Saudi Cyber security Framework, and the Saudi National Cyber security Strategy. Saudi Arabia is home to a flourishing cyber security ecosystem made up of national and international cyber security companies, research centers, and cyber security startups. The cyber security solutions and services provided by key players are customized to meet the unique requirements of various enterprises in Saudi Arabia, such as financial institutions, government agencies, energy corporations, healthcare providers, and telecommunications companies. In Saudi Arabia, regulatory compliance has a big impact on how cyber security is shaped. To successfully manage cyber risks, organizations must adhere to industry norms, government cyber security requirements, and data protection legislation. In direction to maintain regulatory compliance and cyber security resilience, investment in cyber security technology, risk management frameworks, incident response capabilities, and staff training programs is driven by compliance duties.

According to the research report, “Saudi Arabia Cyber Security Market Outlook, 2029,"" published by Bonafide Research, the Saudi Arabia Cyber Security market is anticipated to add to more than USD 1.00 Billion by 2024–29. Saudi Arabia's cyber security business is growing in size overall because to more investments from the governmental and commercial sectors. Organizations are dedicating greater resources to the acquisition and implementation of cyber security products and services as they realize how crucial cyber security is to protecting their digital assets. Large sums of money are being set aside by government agencies, private businesses, and vital infrastructure sectors to improve their cyber security defence against changing cyber threats. Technology improvements and the cyber security market's growth are closely related. In order to better identify, prevent, and respond to cyber attack, cyber security solutions are developing to include cutting-edge technology like automation, machine learning, artificial intelligence, and behavioral analytics. The need for cyber security services and solutions is being driven by the increase in cyber attack that target Saudi Arabian enterprises. Organizations are placing a higher priority on cyber security as a crucial part of their risk management strategies due to the rise in the frequency and complexity of cyber attack like ransomware, phishing, and data breaches. Mandates for compliance and regulations are influencing how the cyber security sector is expanding. Saudi Arabian organizations are required to go by a number of data protection laws, industry rules, and government cyber security requirements. In order to assure compliance and stay out of trouble with the law, these organizations must invest in cyber security technology and procedures. The cyber security industry is expanding as a result of enterprises prioritizing investments in security measures and increasing education and awareness campaigns on cyber security best practices, emerging threats, and the value of cyber security hygiene.

A vast array of hardware and software tools are included in cyber security solutions, which are intended to identify, stop, and lessen cyber threats and vulnerabilities on diverse endpoints, networks, and systems. Organizations may proactively fight against cyber threats with the use of threat intelligence, which offers actionable information on new threats, vulnerabilities, and cyber-attack patterns. In order to assist enterprises in properly evaluating, implementing, and managing cyber security measures, cyber security experts, consultants, and service providers provide a broad range of professional services as well as managed services. Network infrastructure security solutions for the company, such as firewalls, virtual private networks (VPNs), intrusion prevention systems (IPS), and intrusion detection systems (IDS). that gather, examine, and correlate security logs and events from several sources in order to quickly identify and address security problems. Advisory services that support businesses in determining their cyber security posture, creating security plans, and putting best practices into action to meet their unique security needs and regulatory obligations. Offered by outside suppliers, including as compliance reporting, threat detection, incident response, vulnerability management, and round-the-clock monitoring, to supplement an organization's in-house security resources.

The BFSI industry is a prominent target for cyber attack including data breaches, fraud, and money theft since it processes enormous volumes of sensitive financial data. Solutions that provide data protection, risk management, and regulatory reporting while assisting BFSI enterprises in adhering to local financial rules, Basel III, and GDPR. The information technology (IT) sector includes software developers, digital service providers, telecommunications businesses, and technology companies. Cyber dangers that affect this industry include theft of intellectual property, disruption of services, and data breaches. Protect online apps, APIs, and software from flaws like SQL injection, cross-site scripting (XSS), and shoddy authentication techniques. The retail industry is susceptible to cyber attack that aim to compromise client privacy, disrupt supply chains, and obtain access to payment information and inventory management systems. Supply chain networks, vendor connections, and third-party integrations to lessen the possibility of data breaches, supply chain assaults, and fake goods. The handling of private citizen data, vital infrastructure, and national security information by national, regional, and local government entities puts them at risk of cyber attack intended to disrupt, spy, and steal data. Defend confidential data, government networks, and communication systems from insider threats, cyber espionage, and foreign intelligence activities. The healthcare industry is vulnerable to cyber attack that aim to steal patient data, interfere with the provision of healthcare services, or compromise medical equipment since it handles sensitive patient health records, medical devices, and personal health information (PHI).Protecting patient information systems and electronic health records (EHRs) from ransomware attacks, data breaches, and unauthorized access should be given first priority. These businesses may require customized cyber security solutions and services, such as data loss prevention (DLP), operational technology (OT) security, industrial control system (ICS) security, and compliance management, to meet their unique requirements and legal requirements.

According to their unique needs, preferences, and infrastructure capabilities, companies may choose from a variety of deployment options when implementing cyber security solutions in the Saudi Arabian cyber security market. For cyber security solutions, on-premise and cloud-based deployment approaches are the two main options. Within the actual infrastructure of the company, usually on-site servers or data centers, on-premise deployment entails setting up and maintaining cyber security systems. Organizations may find it difficult to swiftly scale resources up or down in response to shifting security concerns and business requirements, even while on-premise solutions offer scalability and flexibility. Cloud-based deployment is putting cyber security services and solutions on internet-accessible cloud infrastructure that is supplied by outside cloud service providers. Provide remote access to data and security controls from any location with internet connection to support mobile devices, scattered workforces, and remote operations. To guarantee the security, integrity, and confidentiality of client data processed and stored in the cloud, put in place strong security measures, compliance certifications, and data protection methods. Deployment alternatives are selected based on a number of criteria, including resource availability, regulatory compliance, cost, scalability requirements, and security requirements. Companies assess these variables to identify the best deployment strategy that fits their infrastructure capabilities, security needs, and business goals.

In the Saudi Arabian cyber security industry, businesses of all sizes—from huge corporations to small and medium-sized firms (SMEs)—have various cyber security requirements, resources, and strategies to effectively handle cyber challenges. Generally speaking, large businesses need to secure a significant amount of data and have intricate IT systems and vast networks. Their budgets are usually higher, they have more resources to commit to cyber security, and they have specialized IT security teams. To identify and counteract increasingly complex cyber threats including advanced persistent threats (APTs), zero-day vulnerabilities, and targeted assaults, large corporations place a high priority on advanced threat detection and response functions. Security Information and Event Management (SIEM), Endpoint Detection and Response (EDR), and threat hunting platforms are among the cutting-edge security tools and technologies they use. In relation to large firms, SMEs may have less advanced IT infrastructures, less budgets, and fewer IT resources. However, because of their perceived weaknesses and the interconnectedness of the digital world, they are becoming more and more of a target for cybercriminals. Invest in cyber security awareness training programs to inform staff members about phishing schemes, frequent cyber threats, and best practices for security. They enable staff members to act as the first line of defence against cyber attack and acknowledge the significance of human aspects in cyber security.  

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Cybersecurity market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Offering
• Solution
• Services

By Vertical
• BFSI
• Information Technology
• Retail
• Government
• Healthcare
• Others

By Deployment
• On-Premise
• Cloud Based

By Organization Size
• Large Enterprises
• SMEs

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the cybersecurity industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.