Saudi Cybersecurity Market Reaches 13.3 Billion Riyals ($3.55 Billion)

Riyadh, Saudi Arabia – The Saudi cybersecurity market has experienced remarkable growth, reaching a total of 13.3 billion riyals ($3.55 billion). This surge underscores the increasing demand for cybersecurity solutions across both the private and public sectors.

The private sector is the dominant player, accounting for 69% of the total spending, which translates to approximately 9.2 billion riyals ($2.45 billion). In contrast, the government sector contributes 31%, or 4.1 billion riyals ($1.09 billion).

According to the National Cybersecurity Authority, the cybersecurity sector now contributes 0.39% to the overall GDP and 0.81% to the non-oil GDP. This growth highlights the critical role of cybersecurity in the nation’s economic landscape.

Within the private sector, spending is divided between critical infrastructure entities, which receive 2.8 billion riyals ($747 million), and other private sector entities, which account for 6.4 billion riyals ($1.71 billion). Large and very large organizations are the top spenders, while medium-sized businesses show the highest demand for cybersecurity services among smaller entities.

The sector’s total contribution to the Saudi GDP at current prices stands at 15.6 billion riyals ($4.17 billion). This includes 8.6 billion riyals ($2.3 billion) from direct contributions and 7 billion riyals ($1.87 billion) from indirect contributions.

The National Cybersecurity Authority also reports that there are 353 registered providers of cybersecurity products and services in the country. These include 11 large entities, 37 medium entities, 273 small entities, and 32 micro entities. These providers offer a range of services, including network security, cloud security, and endpoint management.

This significant growth in the cybersecurity market reflects Saudi Arabia’s commitment to enhancing its digital infrastructure and protecting its economic interests in an increasingly interconnected world.