KSA Cybersecurity Market Outlook to 2026E- Gauging the opportunities for foreign investment in the cybersecurity market

KSA Cybersecurity Market Outlook to 2026E- Gauging the opportunities for foreign investment in the cybersecurity market

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 viz 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.

KSA Cybersecurity Market

The economy of Saudi Arabia is the largest in the Middle East, world's 18th-largest by nominal GDP and 17th-largest by PPP. The cybersecurity sector of KSA is highly dominated by the services sector, since extending cybersecurity services to other parties attracts higher subscription charge as opposed to providing standalone solutions. Being a technologically advanced country leading to a high usage of the internet, it results in an inherent demand for cybersecurity services.

KSA Cybersecurity Market Segmentations

By Component (Solutions vs. Services): Entities generally approach a cybersecurity service provider to take care of various functions rather than a standalone solution. Therefore, the revenue contribution is higher for services.

By Deployment Type (On-Premise vs Cloud): Cloud segment contributed to the highest share, and it is attributed to increasing technological integration and surging digital usage by consumers post COVID-19.

By Region (Northern vs Eastern vs Central vs Western vs Southern): The central region dominated the Saudi Arabia cybersecurity market in 2021 since Riyadh, the capital and financial hub, is present there. Subsequently, the government’s plan to establish economic zones in the region, is expected to boost the number of enterprises and foreign direct investments in the region.

By User (Medium and Small Enterprises vs Large Enterprises): Cybersecurity service providers try to diversify their portfolio between large enterprises and MSMEs, since extending services to only large enterprises is risky even though the subscription charges for these enterprises is much more, considering a greater number of devices requiring cybersecurity measures.

By Industry: BFSI sector constituted the majority market share since, sensitive data of consumers are stored in their enterprises. Similarly, the government maintains and updates the records of its citizens.

KSA Cybersecurity Market Competition:

The industry is currently in the growth phase and it is highly fragmented between various international and domestic players operating in the ecosystem. The players compete on the basis of price & maintenance, brand popularity, cybersecurity solutions & services provided and clientele base. Some of the major players operating in the ecosystem are SITE, Sirar by STC, IBM, Palo Alto, SBM and Cipher among others.

KSA Cybersecurity Market Future Outlook and Projections

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. The cybersecurity market in Saudi Arabia is estimated to expand at a high CAGR between 2021 and 2026E attributed to increasing demand of big data, surging internet penetration rate and roll out of 5G services across the nation. The strict regulations by the government such as ECC and Cybersecurity Framework by SAMA will also act as a catalyst for the surging growth of the cybersecurity market in Saudi Arabia. Coupled with that launch of smart city project such as NEOM and companies shifting to cloud infrastructure as companies look for hybrid mode of working assists the growth of the industry.

Key Segments Covered

in KSA Cybersecurity Market:

By Component (By Revenue), 2021 and 2026F

Solutions

Services

By Deployment Type (By Revenue), 2021 and 2026F

On-Premise

Cloud

By Region (By Revenue), 2021 and 2026F

Northern

Western

Eastern

Central

Southern

By User (By Revenue), 2021 and 2026F

Medium and Small Enterprises

Large Enterprises

By Industry (By Revenue), 2021 and 2026F

BFSI

Government Sector

IT

Telecom

E-Commerce

Healthcare

Retail

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:

SITE

Sirar by STC

IBM

Palo Alto Networks

SBM

Cipher

NourNet

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

Appendix

Please Note:It will take 5-7 business days to complete the report upon order confirmation.