The cybersecurity industry played a pivotal role in Saudi Arabia’s economic landscape, contributing SAR15.6 billion ($4.15 billion) to the nation’s GDP in 2023. This figure comprised SAR8.6 billion in direct contributions and an additional SAR7 billion in indirect economic impacts, a new report shows.
According to an analysis from the National Cybersecurity Authority (NCA), the cybersecurity market in Saudi Arabia reached SAR13.3 billion ($3.54 billion) in 2023. This impressive figure underscores the Kingdom’s steadfast commitment to fortifying its cybersecurity posture across both public and private domains.
NCA Issues Report on Key Economic Indicators in The Cybersecurity Sector 2024.
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— الهيئة الوطنية للأمن السيبراني (@NCA_KSA) August 25, 2024
Public-private collaboration drives growth
The private sector has played a pivotal role, accounting for a substantial 69 percent of the total expenditure, amounting to SAR9.3 billion. Moreover, this statistic underscores the critical importance of public-private collaboration in driving the growth and evolution of the cybersecurity industry.
Diversification of the cybersecurity landscape
The report further reveals the diversified nature of Saudi Arabia’s cybersecurity landscape, with cybersecurity products and solutions comprising the largest segment at 56 percent of the overall SAR13.3 billion market, valued at SAR7.5 billion. Cybersecurity services, on the other hand, contributed 44 percent, or SAR5.8 billion, to the market’s overall size.
The sector’s expansive portfolio encompasses a wide range of offerings, including network security, systems integration, endpoint security, managed security operations centers, and cloud security solutions.
In addition, the report showcases the rapidly expanding ecosystem of Saudi Arabia’s cybersecurity landscape, with the number of registered providers of cybersecurity products, solutions, and services reaching 353 by the end of 2023.
Expanding cybersecurity ecosystem
The report further highlights Saudi Arabia’s remarkable progress in addressing the global challenge of attracting qualified cybersecurity professionals. While women make up only 25 percent of the global cybersecurity workforce, the Kingdom’s sector boasts a commendable 32 percent representation of women, exceeding the global average by 28 percent.
Comprehensive reporting and analysis
The comprehensive report was developed over two years, in collaboration with leading consulting firms and local and international experts. It employs a robust methodology to provide a detailed analysis of the economic indicators within the Kingdom’s cybersecurity sector, aligning with global best practices.
In June 2024, Saudi Arabia claimed the premier spot globally in the cybersecurity metric in the most recent 2024 World Competitiveness Yearbook published by the Switzerland-based Institute for Management Development (IMD). Alongside this accomplishment, the Kingdom placed 16th out of 67 of the world’s most competitive nations.
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