Market Insights Technology Cybersecurity Security Services

Managed Services - Saudi Arabia

Saudi Arabia

The Managed Services market in Saudi Arabia is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$55.87m by 2024.
Furthermore, it is anticipated that the market will experience an annual growth rate of 3.39% between 2024 and 2029, resulting in a market volume of US$66.02m by the end of 2029.
In terms of spending, the average Spend per Employee in the Managed Services market is projected to reach US$3.38 in 2024.
This indicates the level of investment companies in Saudi Arabia are willing to make in order to leverage managed services for their operations.
When comparing the global market, it is worth noting that United States is expected to generate the highest revenue in the Managed Services market.
Projections suggest that the revenue generated United States will amount to US$10,260.0m by 2024.
Overall, these numbers highlight the growing importance and potential of the Managed Services market in Saudi Arabia.
With increasing revenue and investments, businesses in the country are recognizing the value and benefits offered by managed services.
"Managed Services in Saudi Arabia are experiencing a surge in demand due to the country's ambitious digital transformation initiatives."

Key regions: India, Germany, Canada, Europe, Belgium

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Methodology

Data coverage:

Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.

Additional notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.