Market Share of Saudi Arabia Cybersecurity Industry
The Saudi Arabian cybersecurity market is fragmented and dominated by a few major players like IBM Corporation, Broadcom Inc., Palo Alto Networks, Trend Micro Inc., and Cisco Systems Inc. These major players, with a prominent share of the market, are focusing on expanding their customer base across foreign countries.
The cybersecurity market comprises several regional and global players in the competitive market space. Although the market poses high barriers to entry for the new players, several new entrants have gained traction.
This market is characterized by moderate/high product differentiation, growing levels of product penetration, and high levels of competition. Generally, the solutions are offered as a package solution, making the consolidated offering look like a part of the product's service.
Many users opt for annual contracts to cut their costs. Lately, companies have also been opting for services that provide faster security updates. This led to increased demand for Cybersecurity solutions, as the updates can be received in real-time. The service-based industry prefers such deployment.
Saudi Arabia Cybersecurity Market Leaders
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IBM Corporation
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Broadcom Inc.
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Palo Alto Networks
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Trend Micro Inc.
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Cisco Systems Inc.
*Disclaimer: Major Players sorted in no particular order
