Saudi cybersecurity market size reach SR 13.3 billion

The National Cybersecurity Authority revealed that the size of the cybersecurity market in the Kingdom in 2023 amounted to 13.3 billion riyals, representing the total spending of entities operating in the public and private sectors in the Kingdom on cybersecurity products, solutions and services, and thanks to the integration between the government and private sectors in contributing to the development of the cybersecurity market industry in the Kingdom, where private sector spending amounted to 9.2 billion riyals, representing 69% of the total spending.

This came in the National Cybersecurity Authority’s report today, Sunday, on the most prominent economic indicators in the cybersecurity sector in the Kingdom for the year 2024, which highlights a number of indicators; most notably the size of the cybersecurity sector in the Kingdom, its contribution to the gross domestic product, as well as the number of cybersecurity cadres and other indicators that reflect the growth of the cybersecurity sector and its role in enhancing national cybersecurity.

The report, which comprehensively covered the size of the cybersecurity market in the Kingdom, revealed steady growth over the past years thanks to the efforts made to enhance cybersecurity in the Kingdom. The report showed the size of the cybersecurity sector’s contribution to the Kingdom’s GDP at about 15.6 billion riyals, of which 8.6 billion riyals are direct contributions and 7 billion riyals are indirect. The report also revealed an increase in the number of providers of cybersecurity products, solutions and services registered by the National Cybersecurity Authority as service providers, reaching 353 establishments by the end of 2023. While the global cybersecurity sector is facing challenges regarding the availability of qualified human cadres to work in the sector, the report revealed that the total number of cybersecurity cadres in the sector in the Kingdom reached 19.6 thousand specialists, and women represent more than 32% of it, which exceeds the global average of women’s representation in the cybersecurity sector by 28%; as the global average of women’s participation in working in the cybersecurity sector is about 25%. The report reviewed the size of the cybersecurity market in the Kingdom according to the classification of products, solutions and services, where the percentage of products and solutions amounted to 56% of the total market size, with a value of 7.5 billion riyals, and cybersecurity services represented 44% of the total market size, with a value of 5.8 billion Saudi riyals. The report also reviewed the most prominent cybersecurity products, solutions and services, which were represented in network security, integration of cybersecurity systems, security and management of endpoint devices, management of cybersecurity operations centers, and cloud computing security. The Authority explained that the report was prepared in cooperation with specialized expertise houses, and the inputs of local and international experts and specialists were utilized; this study was prepared over a period of two years, following the best standards and practices in this regard, and a comprehensive classification of products, services and solutions in the cybersecurity sector was prepared, where they were classified into more than 100 categories. The National Cybersecurity Authority is the competent authority for cybersecurity in the Kingdom, and the national reference in its affairs; It aims to enhance the protection of the state’s vital interests and national security, in addition to protecting sensitive infrastructure, priority sectors, and government services and activities. The Authority is also responsible for stimulating the growth of the cybersecurity sector in the Kingdom, encouraging innovation and investment in it, conducting studies, research and development in cybersecurity, and preparing periodic reports on the state of cybersecurity in the Kingdom at the national and sectoral levels.