Additionally, as cybersecurity systems progress to create a better offence and defense in counter to new approaches of attack, the cost of acquiring and setting out a cybersecurity network keeps on intensifying on the account of its upgradation and modernization in product, technology and features making it financially unviable solution for companies with low capital investments would drive the Security assets monitoring and management services market in the country.
Market by Service Typesīased on service type, Security assets monitoring, and management services acquired the highest revenue share owing to the increased hardware and software dependency of the several institutions including banks, IT, Hospitals and government sector in the country. Further, on account of rapid infrastructure development in the country and the need to monitor the growing data volumes in real time, the demand for managed security services would increase in future. The market would register significant growth owing to growing adoption of cloud computing, artificial intelligence coupled with Saudi Arabia government's initiative to launch Vision 2030 and CyberIC to develop the domestic cybersecurity sector the demand for managed security services would rise in upcoming years. Furthermore, the market was initially impacted in 2020 and witnessed slow growth by the ongoing COVID-19 pandemic, as there was a halt in services and people took time in adopting new technologies. Saudi Arabia Managed Security Services market witnessed growing exposure to digital communication networks and IT sector owing to the government initiative such as Digital Saudi plan 2030 along with rising number of people working remotely increased the need for cyber security in the country. Saudi Arabia Managed Security Services Market revenue size is projected to grow at a CAGR of 12.2% from 2022E-2028F. Saudi Arabia Managed Security Services Market Report 2022-2028F Featuring Cisco, Atos, IBM, Kaspersky Lab, Broadcom, Microsoft, Fortinet, Palo Alto Networks, & Security Matterz Among Others
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