SecurityWorldMarket

27/05/2020

Cyber security market in Saudi Arabia forecast for 12% growth

New Delhi, India

The Saudi Arabian cyber security market is anticipated to grow at a steady pace by 6wresearch due to the increasing number of cyber-attacks and growing usage of cloud computing across various verticals. However, the analysts suggest that the market is likely to witness a period of slow growth because of the global recession triggered by the coronavirus pandemic. Post-crisis, the industry is likely to benefit from the changing working dynamics during the pandemic as companies are beginning to deploy cyber security measures to protect their data while its employees are working remotely.

According to 6wresearch, the Saudi Arabian cyber security market size is projected to grow at a CAGR of 12.4% during 2020-26. A growing number of cyber-attacks and increasing investment in cloud computing and IoT are predicted to drive the growth of the cyber security industry in the forecast period. The government of Saudi Arabia has set up various targets under its Vision 2030 programme to increase digitalisation across various sectors such as healthcare and hospitality. These developments would open new avenues for the application of cyber security products in the country.

According to Kanika Arora, Senior Research Analyst, Research and Consulting, 6wresearch, “Numerous government initiatives and increasing government investment to digitalise the economy would open up new avenues for the applications of cyber security products in Saudi Arabia. Furthermore, Saudi Arabia remains one of the worst-hit countries by cyber-attacks in the middle eastern region. This has also resulted in increasing the inclination of organisations across public and private domains towards the deployment of cyber security solutions. Additionally, efforts to diversify the economy such as the introduction of next-generation care and automation in the healthcare and industrial sector respectively would propel the growth of the cyber security industry”.

According to Sahil Sharma, Research Associate, Research and Consulting, 6wresearch, “ The government and defence vertical dominated the market revenue share in the overall cyber security industry in Saudi Arabia during 2019. The presence of vast natural resources and ongoing geopolitical tensions have made Saudi Arabia one of the most common targets of hackers which have necessitated the growing investment in strengthening the cyber security infrastructure across government institutions and organisations. Furthermore, efforts to diversify the economy would open up new avenues for the market of cyber security in domains such as healthcare and hospitality.”

Some of the major companies involved in the cyber security market in Saudi Arabia and named by the researchers include, Cisco, Fortinet, Symantec, and Palo Alto.


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