Saudi cybersecurity market to witness strong growth in coming years: report

Saudi Arabia cybersecurity market is anticipated to witness strong growth over the coming years, clocking a compound annual growth rate (CAGR) of 12.4% during 2020-2026, according to a new report by ResearchAndMarkets.com.

The growth will be driven by the rapid increase in cyber-attacks and the growing adoption of cloud computing and Internet of Things (IoT) across various industries.

In addition, growing awareness about cybersecurity products and regulations such as Cyber Security Framework by the Saudi Arabian Monetary Authority (SAMA) would supplement the growth of the market in the coming years.

Saudi Arabia's natural resources and the geopolitical tensions in the Middle Eastern region have made it one of the prime targets for hackers.

These developments have necessitated private and public sector enterprises to boost their cyber-infrastructure in order to protect their data, leading to a massive government investment in the Information Technology (IT) sector to boost cybersecurity across various domains.

Additionally, Saudi Arabia has identified cybersecurity as one of the key goals in its National Transformation Program 2020.

Efforts to diversify the economy under Saudi Vision 2030 are likely to play a key role in increasing digitalization and thereby supporting the growing demand for cybersecurity solutions.

The government and defense sector are anticipated to dominate the cybersecurity market in the coming years, followed by the healthcare and telecom domains, the report maintained.