RIYADH: In the year 2023, Saudi Arabia’s market size of cybersecurity increased by 10.8%, reaching $ 3.55 billion (SR 13.3 billion). This increase is due to the focus of the Kingdom to improve cybersecurity in both public and private sectors. Government spending accounted to SR 4.1 billion, which is 31% of total expenditure, with the private sector investing SR 9.3 billion (69%), and SR 2.8 billion particularly for protecting Critical National Infrastructure.
This rise in investment is in accordance with Saudi Arabia’s Vision 2030 initiative to be a world leader in many sectors. The cybersecurity sector contributed SR 15.6 billion to the GDP in 2023, with SR 8.6 billion from direct and SR 7 billion from indirect contributions. The products and solutions comprise 56% of the market, proving the Kingdom’s extensive focus on preventive and reactive cybersecurity measures.
The number of registered cybersecurity providers rose to 353 by the end of 2023 suggesting that there are more business opportunities and demand for specific services. The workforce in this sector is 19,600 people, among which 32% were women, which aligns with Vision 2030 goals of increasing women’s employment.
Saudi Arabia has an internationally recognized cybersecurity model for nationwide operations and providing support for organizations managing their own security requirements, enhancing both national and global prospects. With the Kingdom diversifying its economy and decreasing its dependence on oil revenue, continued investment in cybersecurity remains crucial. The increasing complexity of cyber threats and the shifting landscape of industries indicate the ongoing need for continued investment in this field.
