Saudi Arabia Cybersecurity Market Research Report 2021-2026Posted by arshiyashaikh on March 1st, 2022 Saudi Arabia Cybersecurity Market was valued at USD3618.90 million in 2020 and is expected to grow at a CAGR of 17.98% to reach the value of USD9845.26 million by 2026. The surge in efforts by the government to diversify the income sources and reduce the dependency on the oil industry, growing digitization of public and private institutions, and increasing concerns about cyber-attacks are the primary factors driving the demand for Saudi Arabia Cybersecurity Market in the forecast period. High-end investments by the government for the development of the IT infrastructure of the country and the imposition of strict government regulations emphasizing the need for cybersecurity solutions to secure confidential public data are accelerating the demand for cybersecurity solutions in the country. The onset of COVID-19 contributed significantly to increasing the growth of Saudi Arabia Cybersecurity Market as the organizations provided the facility of work from home to their employees to protect them from getting infected. The shift to digital remote platforms increased the organizations\' spending on advanced cybersecurity solutions to ensure data privacy and security. Rapid advancements in the technology, adoption of advanced technologies such as IoT, artificial intelligence, and deployment of 5G technology are expected to create lucrative growth opportunities for the Saudi Arabia Cybersecurity Market in the forecast period. Saudi Arabia Cybersecurity Market is divided into security type, solution type, deployment mode, end-user industry, company, and regional distribution. Based on deployment mode, the market is bifurcated into cloud and on-premises. The cloud model is expected to hold the largest market share in the forecast period. The rapid adoption of cloud technology by organizations and institutions as they offer several advantages over on-premises models such as scalability, flexibility, and affordability are driving the demand for cloud technology throughout the forecast period. Some of the major market players of Saudi Arabia Cybersecurity Market are International Business Machine Corporation (IBM), McAfee Corp., Cisco Systems, Inc., Palo Alto Networks, Inc., NortonLifeLock Inc., FORTINET, INC., Dell Technologies Inc., Check Point Software Technologies Ltd, Salesforce.com, Inc., Trend Micro, Inc, FireEye, Inc., Al Moammar Information Systems Co. (MIS)., Tenable, Inc., Hewlett Packard Enterprise Development LP, and NEC Corporation.
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