Cyber Security contributes 0.8% to the non -oil -BBP in Saudi Arabia
The Cyber Security sector contributed approximately $ 15.6 billion in the GDP of Saudi Arabia in 2023, which represented about 0.8% of the non -oil -BBP, and 0.39% in GDP, according to a report issued by the National Cyber Security Authority. The report indicated that 8.6 billion was riyals of the total amount as a direct contribution, while 7 billion Riyals came indirectly. The size of the cyber security market in the kingdom reached 13.3 billion rows in 2023, which represents the total spending of the authorities working in the public and private sector in Saudi Arabia to the products, solutions and services of cyber security, according to the report. Government agencies accounted for 31% of total spending of 4.1 billion rows, while spending the private sector facilities amounted to 9.2 billion Riyale. Cyber security is considered a promising sector and has intensive attention, especially in the light of artificial intelligence and the growth of digital economy around the world, as revenue is expected to grow by about $ 66% over the next five years, according to the Statista data. Like its investment in other technological sectors, the Kingdom attaches special interest to cyber security. In April, the Saudi Information Technology Enterprise (website), which is attached to the Public Investment Fund, acquired 10% of the South Korean “Ahnlab” business (AHNLAB) as part of an agreement to establish a joint venture for cyber security in Saudi Arabia in the first half of this year. The contribution of women exceeded the number of women’s contribution to the workforce in the sector, as it reached 32%, compared to 25% worldwide, according to the report. The number of cybersecuters in the kingdom reached 19.6 thousand, and the number of service providers recorded 353 businesses by the end of 2023. Cyberspace security sector and encourage innovation and investment in IT, conduct studies, research and development in cyber security, and present periodic reports on the state of cyber security in the country at national and sectoral level.