The term “cyber-security market” describes the worldwide sector of the economy that is dedicated to offering goods and services that shield data, networks, and computer systems against online attacks. The industry is defined by a broad spectrum of technology, services, and solutions intended to protect digital assets from assaults, illegal access, and data breaches.
According to SPER market research, ‘KSA Cyber-security Market Size– By Security Type, By Solution Type, By Services, By End User, By Deployment Mode- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the Saudi Arabia Cybersecurity Market is predicted to reach 0.94 billion by 2032 with a CAGR of 10.04%.
The growing reliance of businesses on information technology, together with the trend of moving to the cloud to increase performance and implementing a cloud-first policy for all new projects, is driving the growth and evolution of the Saudi Arabia Cyber-security Market. The increased use of cloud computing services will help the Saudi Arabian cyber-security market because of its affordability, excellent performance, and accessibility. Furthermore, it is projected that encouraging government programs like “Make in Saudi Arabia” will spur the expansion of the Saudi Arabian cyber-security market. Emphasizing the notion of digital transformation and the several characteristics that accompany it, the Kingdom is moving toward a novel and enhanced approach to quickening the phases of development linked to digital transformation.
The Kingdom of Saudi Arabia (KSA) Cyber-security Market has many noteworthy obstacles in its efforts to manage the growing threat landscape and safeguard its crucial digital assets and infrastructure. First of all, dangers and vulnerabilities have increased as a result of the nation’s growing digitization, particularly as a result of the government’s ambitious Vision 2030 plan. The development of thorough cyber-security protections has lagged behind this shift to digital, creating a vulnerability that malicious actors can take advantage of. The shortage of qualified security specialists and the increasing availability and adoption of open-source and pirated cyber-security solutions, however, are some of other challenges limiting the growth of the Saudi Arabia cyber-security industry. Additionally, Saudi Arabia’s small and medium-sized businesses may find it difficult to implement cyber security solutions due to the high cost of network, application, and database protection.
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Impact of COVID-19 on Saudi Arabia Cybersecurity Market
The COVID-19 epidemic had managed to hinder Saudi Arabia’s overall economic growth, which limited the country’s ability to grow its cyber security sector. The widespread COVID-19 pandemic had caused lockdowns across the country in an effort to stop the virus’s transmission, which has halted market expansion overall. The KSA cyber-security market was significantly impacted by the COVID-19 outbreak in terms of provider and consumer behaviour However, the advancement of cyber-security has likewise been expedited by COVID-19. Global company expansion is being impeded by a number of problems, such as stretched supply chains, industrial plant closures, data breaches, and resource shortages. Online safety because there have been more cyber-attacks throughout the outbreak, market solutions have been highly sought after by the government, business, and healthcare sectors.
Saudi Arabia Cybersecurity Market Key Players:
Due to its abundance of natural resources and the geopolitical unrest in the Middle East, Saudi Arabia is a top target for hackers. In the upcoming years, it is expected that the cyber-security market would be dominated by the government and defense sector. But because of diversification, it’s also expected that the telecom and healthcare sectors will expand quickly. Additionally, some of the market key players are Al Moammar Information Systems Co., Broadcom Inc., Check Point Software Technologies Ltd., Cipher, Cisco Systems Inc., Dell Technologies, FireEye Inc., Fortinet Inc., Hewlett Packard Enterprise, IBM Corporation, Kaspersky Lab and various others.
KSA Cybersecurity Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
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This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Saudi Arabia Cybersecurity Market Future Outlook
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