Oman Cybersecurity - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

Oman Cybersecurity - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Oman Cybersecurity Market size is estimated at USD 125.25 million in 2024, and is expected to reach USD 184.49 million by 2029, growing at a CAGR of 8.05% during the forecast period (2024-2029).

The cybersecurity landscape is expanding as companies embrace digital transformation, incorporating technologies like artificial intelligence (AI), cloud computing, the Internet of Things (IoT), and big data analytics. This shift exposes businesses to the potential of facing new and rapidly evolving cybersecurity threats.

Key Highlights

• The cybersecurity market in Oman is expanding in response to escalating cyber threats, such as malware and ransomware, necessitating bolstered defenses. The growth in the cybersecurity sector is further propelled by government initiatives like the National Cybersecurity Strategy, which prioritizes cybersecurity in national development plans. Moreover, the swift uptake of digital transformation, cloud services, and IoT devices is enhancing the demand for robust cybersecurity solutions.
• Moreover, the market growth is bolstered by an expanding IT infrastructure and a growing business awareness of cybersecurity's significance. This is further fuelled by rising investments in advanced technologies, like machine learning and AI, aimed at bolstering threat detection and response capabilities.
• Ranked 21st globally out of 193 countries, Oman secures the third spot in the Arab world on the Global Cybersecurity Index. The surge in growth is primarily fuelled by the surge in the overall adoption of Internet of Things (IoT) services. Simultaneously, there's a concerning uptick in cyberattacks, particularly targeting pivotal sectors like finance and healthcare. These attacks are intensifying as these industries pivot toward digitalization, moving their sensitive data and critical operations online.
• In June 2024, the Ministry of Transport, Communications, and Information Technology (MTCIT) in Oman handled more than 460 cybersecurity incidents in 2023, underscoring the nation's dedication to protecting its digital framework.
• In December 2023, The Oman Cyber Defense Centre joined Microsoft's Government Security Program (GSP), a platform that promotes transparency and trust by granting authorized governments worldwide privileged access to security information. By participating in the program, the Oman Cyber Defense Centre gains access to Microsoft's source code and proprietary developments, bolstering the clarity and trustworthiness of its operations.
• However, challenges, like a scarcity of skilled professionals, steep implementation costs, and the intricate nature of integrating advanced solutions into current systems, impede the growth of Oman's cybersecurity market. Moreover, a lack of awareness and comprehension of cybersecurity among smaller enterprises and inadequate regulatory frameworks further hinder market expansion.

Oman Cybersecurity Market Trends

Digital Transformation Technologies and Rise of Security Intelligence

• Oman's cybersecurity market is witnessing substantial growth, propelled by the nation's growing digital transformation. With both businesses and government bodies embracing digital technologies, the importance of secure, interconnected systems and data is more crucial than ever. The extensive adoption of cloud computing, IoT devices, and sophisticated data analytics characterizes the digital shift. These technologies necessitate stringent cybersecurity protocols to safeguard data integrity, confidentiality, and availability.
• Digital transformation initiatives result in organizations generating and storing vast amounts of sensitive data, increasing their appeal as cyberattack targets. This, in turn, fuels the need for robust cybersecurity solutions to safeguard critical infrastructure, financial transactions, and personal data. Moreover, as businesses increasingly adopt digital technologies in their day-to-day operations, they are also opening themselves up to a host of new vulnerabilities and more sophisticated cyber threats, underscoring the need for heightened security protocols.
• In September 2023, Noventiq, a global provider of digital transformation and cybersecurity solutions, achieved a major milestone by successfully introducing its operations and portfolio in the Middle East. The Hormuz Grand Muscat in Oman hosted a gathering of industry experts and regional business leaders. Noteworthy participants encompassed Noventiq's local clientele alongside its global technology partners, such as Microsoft, Farseer, and Obrela.
• Also, in November 2023, PhishRod, a provider of anti-phishing and cybersecurity awareness solutions, secured an exclusive partnership with Insight Information Technology, a major player in Oman's cybersecurity services landscape. Together, they aim to bolster Oman's cybersecurity landscape, catering to businesses of all sizes with a holistic and resilient approach.
• Moreover, the Oman Vision 2040, among other government initiatives, underscores the pivotal role of cybersecurity in fostering a secure digital landscape. Consequently, this emphasis is driving increased investments in cybersecurity infrastructure and capabilities. Furthermore, with the growth of remote work and online services, the need to secure access and defend against cyber threats such as phishing, ransomware, and data breaches has never been more crucial. This has pushed organizations to embrace comprehensive cybersecurity approaches, integrating firewalls, encryption, intrusion detection systems, and robust employee training initiatives, thereby propelling market expansion.

IT and Telecommunication Sector is Expected to Witness a Significant Adoption of the Market

• The IT and telecommunication sector in Oman is propelling the growth of the cybersecurity market. This growth is fueled by the sector's expansion of internet and mobile network connectivity, highlighting the increasing need for robust data protection. Sectors are increasingly adopting cloud services, necessitating increased security measures to protect their data. As they embrace digital transformation, robust cybersecurity becomes imperative to shield their evolving infrastructures and services.
• Moreover, IT and telecom companies are increasing investments in transformative technologies such as 5G, IoT, and AI. These advancements present new security challenges and open up new opportunities, intensifying the need for robust cybersecurity solutions. Moreover, as these companies play a pivotal role in advancing tech-centric economies, they are instrumental in promoting cybersecurity best practices and influencing broader industry adoption.
• In June 2023, Cylera, a cybersecurity firm based in the US, solidified its presence in the Middle East through a strategic partnership with Omantel, a leading telecommunications provider in Oman. The collaboration aims to bolster the digital transformation of Oman's healthcare systems. The cybersecurity firm specializing in the Internet of Things (IoT) provides a comprehensive solution. Their platform focuses on safeguarding patient data, reducing cyber-attack vulnerabilities, and enhancing overall security. It achieves this through features like asset management, risk analysis, and advanced threat detection. The system's centralized dashboard empowers IT teams to efficiently view, profile, manage, and assess the risks associated with all devices within an organization.
• Furthermore, the cybersecurity market in Oman is witnessing growth, propelled by the surging adoption of social media platforms. This rising usage exposes individuals and businesses to a spectrum of cyber threats, from phishing and identity theft to data breaches. With the increasing participation of individuals and businesses on these platforms, the amount of sensitive personal and corporate data shared online is expanding, highlighting the need for stringent cybersecurity protocols.
• The increasing integration of social media into daily routines heightens the vulnerability to cyberattacks, driving up the demand for robust security solutions. Moreover, as social media marketing and e-commerce expand, the necessity for secure transactions and data protection is accentuated, propelling the cybersecurity market. According to StatCounter, as of June 2024, Facebook was the most-used social media website in Oman, with an overall percentage of 53.04, followed by Instagram, Twitter, and YouTube.

Oman Cybersecurity Industry Overview

Oman’s Cybersecurity Market is moderately competitive due to the presence of significant players like Microsoft Corporation, Cisco Systems Inc., and Dell Technologies Inc. Market players are enhancing their portfolios and seeking a sustainable competitive advantage through strategic partnerships and product launches.

• June 2024: Noventiq Holdings PLC, a player in digital transformation and cybersecurity on a global scale, confirmed the seamless transition of multiple governmental entities in Oman to Microsoft 365 (M365). Additionally, they integrated the advanced security functionalities inherent in M365. Noventiq's project highlights its dedication to using advanced technologies to boost both operational efficiency and customer security.
• December 2023: Resecurity unveiled its advanced Digital Identity Protection (IDP) solution at the Future Tech 2023 conference, held on November 2023, at the Oman Convention and Exhibition Centre in Muscat. This move marks a pivotal moment in bolstering the cybersecurity framework in the Middle East. Resecurity's strategic move underscores its dedication to bolstering digital safety and equipping regional individuals and businesses to effectively combat cyber threats.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support