Cybersecurity market seen to rise 13% in Saudi Arabia: PwC official

Samer Omar, PwC Middle East Cybersecurity & Digital Trust Leader

Samer Omar, PwC Middle East Cybersecurity & Digital Trust Leader, said Saudi Arabia's cybersecurity market is estimated at SAR 13-14 billion, of which 31% is dominated by the government & public sector and the remaining 69% by the private sector, as outlined in a 2024 report by the National Cybersecurity Authority (NCA).

The market is expected to grow at a compound annual growth rate (CAGR) of 11-13% over the next five years, driven by the continued investments and accelerated technological developments, Omar said in an interview with Argaam on the sidelines of LEAP 2025 Conference.

The number of cybersecurity specialists reached 20,000, which reflects the Kingdom's keenness to develop national talents in this vital sector.

The cybersecurity in the Middle East increased significantly over the past five years as reflected in several global indexes, Omar said. He attributed this to government efforts in implementing strict regulations while also providing enablers to drive human capital / talent development, sharing guidelines and promoting awareness campaigns and support for funding this cyber transformation.

"While there is never enough budget to meet all the cybersecurity challenges, we have observed prioritized spending on implementing security controls that are the most impactful in reducing risk.  This risk-based approach allowed organizations to direct their investments to achieve higher security readiness and maturity," the official said.

He added that Saudi Arabia continues to lead the world in many innovative and giga-projects spanning areas like entertainment, sports, technology, energy, etc.

"We expect the regulators will continue to evolve the existing regulations in cybersecurity, privacy, and resiliency to meet new demands and challenges," Omar said.