Major growth expected for Saudi Arabia managed security services market

The revenue size of Saudi Arabia’s managed security services market is forecast to grow at a compound annual growth rate (CAGR) of 12.2% from 2022E-2028F. 

In spite of the impact of the COVID-19 pandemic – which briefly halted the provision of services and thus impacted growth like in many countries across the world – Saudi Arabia’s market enjoyed major exposure to digital communication networks and the IT sector as a result of the Digital Saudi plan 2030 and through various other government initiatives.

The market also witnessed significant growth due to a rise in the adoption of cloud computing and AI in addition to rapid infrastructural development and direct investment in the digital sector.

New statistics from Research and Markets suggests that, based on service type, security assets monitoring and management services acquired the highest revenue share; this is likely due to the hardware and software dependency of institutions including banks and hospitals.

The research also finds that large enterprises hold the majority of the revenue share in Saudi Arabia’s managed security services market as a result of the rising number of commercial offices in locations.