The Saudi Arabian Cybersecurity market is now a USD 2.4 billion industry, growing at a CAGR (compound annual growth rate) of 7.52 per cent. At this growth rate, it is expected to be a USD 6.65 billion market before 2029.
Bengaluru-based cybersecurity firm SISA, which recently set up its Security Operation Centre (SoC) in Riyadh, sees a lot of potential in the market. As per studies, the total spending and revenue generated by different sectors in the Kingdom of Saudi Arabia (KSA) is about USD 3.7 billion. Out of this, 31 per cent is contributed by the government sector and the rest is covered by the private sector. The majority of the total cybersecurity players in the Saudi market are small or micro companies.
As per Statista, the revenue in the Cybersecurity market in Saudi Arabia is projected to reach USD 446.40 million in 2024. Statista says that the average spend per employee in the Cybersecurity market in Saudi Arabia is projected to reach USD 26.98 in 2024.
Riyadh summit and Vision 2030: KSA’s increased stress on cybersecurity
SISA, which specialises in forensics-driven cybersecurity solutions, launched its Artificial Intelligence (AI)-powered Managed Extended Detection solution tailored for the digital payment industry in the kingdom during the Saudi Payment Security Summit (SPSS) in Riyadh recently.
The summit attracted over 150 senior professionals from leading merchants across Saudi Arabia, including cybersecurity, IT, and Governance, Risk, and Compliance (GRC) experts.
The Saudi Payment Security Summit had discussions on emerging threats and innovative solutions in payment security, providing SISA with a platform to demonstrate its leadership in AI-driven cybersecurity, with the recent launch of its AI cybersecurity certification program- CSPAI, the world’s first ANAB-accredited AI security certification. SISA is a forensics-driven cybersecurity solutions company for the digital payments industry, trusted by leading organisations for securing their businesses with robust preventive, detective, and corrective cybersecurity solutions.
As per findings by IT solutions firm Bombay Softwares, the Saudi Arabian government’s efforts to diversify income sources and reduce reliance on the oil industry have led to a growing digitisation of public and private institutions. This, coupled with rising concerns about cyber-attacks, is a key driver for the demand for cybersecurity solutions in Saudi Arabia. Besides this, the government has made high-end investments in developing the country’s IT infrastructure, which has further fueled the demand for cybersecurity solutions. There are also strict government regulations emphasising the need for cybersecurity for secure, confidential public data have also contributed to this demand.
Bombay Softwares’s findings also say that there have been rapid technological advancements, including the adoption of IoT, artificial intelligence, and the deployment of 5G technology, which are creating new growth opportunities for the cybersecurity industry in Saudi Arabia. These technologies, while beneficial, also pose new challenges that cybersecurity solutions aim to address.
The findings also highlight the Saudi government’s Vision 2030 initiative, which is playing a pivotal role in driving the growth of the cyber solutions market. The government’s comprehensive cybersecurity strategy prioritises critical infrastructure protection, incident response capabilities, and talent development. This strategy has created a supportive environment for cybersecurity businesses, fueling market expansion. Besides this, Vision 2030 emphasis on smart cities, e-government services, and a knowledge-based economy requires a secure digital infrastructure. This focus on digitisation drives the demand for cyber solutions to ensure the security of these initiatives.
