The size of the cybersecurity market in Saudi Arabia reaches 13.3 billion riyals

Beth agency:
The National Cyber Security Authority has issued a report on the most important economic indicators in the cybersecurity sector in the kingdom for the year 2024, highlighting a number of indicators, most notably the size of the cybersecurity sector in the kingdom, its contribution to the GDP, 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 addressed the size of the cybersecurity market in the Kingdom, revealed a steady growth over the past years thanks to the efforts exerted to enhance cybersecurity in the kingdom.the size of the cybersecurity market in the kingdom in 2023 reached 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. thanks to the integration between the government and private sectors in contributing to the development of the cybersecurity market industry in the kingdom, private sector spending reached 9.2 billion riyals, representing 69% of total spending.

The report showed the contribution of the cybersecurity sector to the kingdom's GDP by about 15.6 billion riyals, including 8.6 billion riyals directly and 7 billion riyals indirectly.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 facilities by the end of 2023.
While the cybersecurity sector globally is experiencing challenges regarding the availability of qualified human resources 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%, which exceeds the global average of women's representation in the cybersecurity sector by 28%; the global average of women's participation 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 proportion of products and solutions reached 56% of the total market size worth 7.5 billion Saudi riyals, and cybersecurity services represented 44% of the total market size worth 5.8 billion Saudi riyals.the report also reviewed the most prominent cybersecurity products, solutions and services represented in network security, integration of cybersecurity systems, security and management of peripherals, management of cybersecurity operations centers, and cloud computing security.
The authority explained that the report was prepared in cooperation with specialized expertise houses, and benefited from the input of local and international experts and specialists; this study was also prepared over 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 Cyber Security Authority is the competent authority for cyber security in the Kingdom and the national reference in its affairs; it aims to strengthen it to protect the vital interests of the state and its national security, in addition to protecting sensitive infrastructure and priority sectors, government services and activities.the authority is also specialized in stimulating the growth of the cyber security sector in the kingdom, encouraging innovation and investment in it, conducting studies, research and development in cyber security and preparing periodic reports on the state of cyber security in the Kingdom at the national and sectoral levels