Saudi Cybersecurity Sector Contributes $4.16 Billion to GDP in 2023

KSA, 26 August, 2024 : The cybersecurity sector’s contribution to Saudi Arabia’s GDP reached SR15.6 billion ($4.16 billion) in 2023, according to a report by the National Cybersecurity Authority (NCA). This total includes SR8.6 billion from direct contributions and SR7 billion from indirect contributions.

The report, released for 2024, highlights significant growth in the sector, with 353 registered cybersecurity providers by the end of 2023. Saudi Arabia’s cybersecurity market expanded to SR13.3 billion in 2023, with SR9.3 billion (69%) from the private sector, reflecting strong public-private collaboration.

The Kingdom employs 19,600 cybersecurity professionals, with women representing over 32% of the workforce—surpassing the global average by 28%. This growth in gender diversity is a notable achievement.

Cybersecurity products and solutions made up 56% of the market, valued at SR7.5 billion, while services accounted for 44%, or SR5.8 billion. Key offerings include network security, endpoint security, and cloud security.

The report, developed with leading consulting firms and experts, provides a detailed analysis of Saudi Arabia’s cybersecurity sector, emphasizing its importance in national security and economic development. The NCA continues to drive sector growth, innovation, and investment.

Source : www.zawya.com