Saudi cybersecurity market to grow to $5.5 bln by 2023: report

12/06/2019 Argaam

 

Saudi Arabia's cybersecurity market is forecast to grow to $5.5 billion by 2023, Saudi Gazette reported on Tuesday citing a report titled MEA Cybersecurity Market.

 

This year alone will see the rise of the cybersecurity market value to $3 billion as more investments are being made in the sector, the newspaper report added.

 

The report pointed out that enterprises operating in Saudi Arabia are adopting the best-in-class cybersecurity solutions.

 

The Kingdom is also witnessing increasing awareness about threats among SMEs and large enterprises, Saudi Gazette report said, adding this has created a high demand for consulting and advisory services among security experts.

 

The International Telecommunication Union (ITU) has ranked the Kingdom first on regional level and 13th on global level out of 175 countries in the Global Cybersecurity Index (GCI) for the year 2018, the report added.

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