Saudi Arabia’s Cybersecurity Market Poised for Rapid Growth by 2030

The Saudi Arabian cybersecurity market is projected to generate $672.4 million in revenue in 2024 and grow at a CAGR of 14.0% from 2024 to 2030, reaching $1,477.2 million by the end of the period. Key growth drivers include the nation’s digitalization initiatives, government regulations, and the Vision 2030 framework.

Vision 2030 aims to reduce Saudi Arabia's dependence on oil by diversifying investments in infrastructure, healthcare, e-commerce, and technology. With these sectors increasingly susceptible to cyber threats, advanced cybersecurity measures are becoming essential. Traditional cybersecurity methods are insufficient for combating sophisticated cyber-attacks, leading to a growing adoption of technologies like AI, machine learning, IoT security, and quantum computing.

Among these, AI and machine learning are favored for their capabilities in deep data analysis and real-time threat detection, which enhance cybersecurity resilience and enable early detection of potential threats. Online privacy and security are paramount for Saudi citizens and for protecting sensitive national data. Key regulations that govern cybersecurity in Saudi Arabia include the Personal Data Protection Law (PDPL), Anti-Cyber Crime Law, Saudi Arabian Monetary Authority Cyber Security Framework (SAMA CSF), and National Data Management Authority (NDMA) standards.

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Key Market Insights:

• Software holds the largest segment share at 55% in 2024, led by Advanced Metering Infrastructure (AMI), a key subcategory that integrates communication networks, data systems, and smart meters to optimize renewable energy usage.
• Hardware is a rapidly expanding category, with smart meters advancing quickly as they provide consumers and utilities with detailed insights on power consumption.
• Distribution is the largest and fastest-growing category, driven by a CAGR of 18.7% and comprising low-voltage networks that optimize power transmission and reduce losses.
• Wireless Technology is advancing at a CAGR of 18.8%, offering secure, low-latency communication solutions at substations.
• Al-Riyadh is the fastest-growing province, driven by ongoing commercial and residential projects, while Al-Jouf leads in smart grid deployment, supported by a large solar plant.
• In December 2023, ENOWA launched a high-voltage smart grid for NEOM, and CHINT presented microgrid solutions at the Saudi Arabia Smart Grid Conference (SASG).

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