Saudi Arabia’s cybersecurity market hits $3.5b

Dubai: The cybersecurity market in Saudi Arabia reached $3.5 billion (Dh12.8 billion) in 2024, according to the National Cybersecurity Authority

The private sector contributed 69 per cent, while government spending made up the remaining 31 per cent, according to a report by Saudi financial news portal Argaam.com.

The sector’s contribution to the gross domestic product (GDP) was 0.39 per cent, and it contributed 0.81 per cent to the non-oil GDP.

The report highlights that the cybersecurity sector’s total contribution to GDP, at current prices, was $4 billion (Dh14.6 billion).

This includes a direct contribution of $2.2 billion (Dh8 billion) (55 per cent) and an indirect contribution of $1.8 billion (Dh6.6 billion) (45 per cent).

The Authority reported that there are 353 registered providers of cybersecurity products, solutions, and services. This includes 11 large establishments, 37 medium-sized, 273 small, and 32 micro establishments.