Alarming Increase in Cybercrimes to Boost Saudi Arabia Managed SIEM Market at 18% CAGR through 2023

Increasing number of cyberattacks on critical infrastructure coupled with surging online transactions and growing volume of online retail and e-commerce portals to drive Saudi Arabia Managed Security Information and Event Management (SIEM) market through 2023

According to TechSci Research report, “Saudi Arabia Managed Security Information and Event Management (SIEM) Market By Solution, By Deployment Mode, By End User Sector, Competition, Forecast & Opportunities, 2013 – 2023’’, Saudi Arabia managed SIEM market is projected to grow at a CAGR of around 18% during 2018 – 2023, owing to rising number of cyberattacks on critical infrastructure in the country. The prime motive behind these attacks is to gain access to financial information and retrieve sensitive information related to an organization’s operational strategies, defense moves, etc. Moreover, increasing number of online retail and e-commerce portals is facilitating large volume of financial transactions, which in turn is anticipated to propel Saudi Arabia managed SIEM market during the forecast period.

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Firewall security management managed SIEM solution accounts for the largest share in Saudi Arabia managed SIEM market, however, patch management managed SIEM solution category is expected to register the fastest growth in the coming years, owing to increasing reliance of companies on open source platform and growing number of cyberattacks. Among the end user sectors, government sector dominated the market in 2017 and is anticipated to maintain its market dominance during the forecast period. IBM Middle East FZ-LLC, Wipro Arabia Limited, Splunk Inc. and LogRhythm Inc. are the major players operating in Saudi Arabia managed SIEM market.

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“Central region leads the country’s managed SIEM market, on account of a large number of companies operating in this region, especially in Riyadh, the capital of Saudi Arabia. However, in the coming years, demand from eastern region is expected to grow at the fastest pace. Al Khobar, a city in eastern Saudi Arabia, has become the first city in Middle East and North Africa to test 5G wireless connectivity. Moreover, alarming increase in incidences of cybercrimes, growing social media users and rising number of online transactions, coupled with booming IoT market are boosting Saudi Arabia managed SIEM market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Saudi Arabia Managed Security Information and Event Management (SIEM) Market By Solution, By Deployment Mode, By End User Sector, Competition, Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of Saudi Arabia managed SIEM market and has also provided the statistics and information on market structure, size, share and future growth of the market. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities existing in the market.

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