Market Insights Technology Cybersecurity Security Services

Professional Services - Saudi Arabia

Saudi Arabia

The Professional Services market in Saudi Arabia is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$148.60m in 2024.
Furthermore, it is anticipated that the market will experience a steady annual growth rate (CAGR 2024-2029) of 6.40%, resulting in a market volume of US$202.60m by 2029.
In addition, the average Spend per Employee in the Professional Services market is projected to reach US$8.98 in 2024.
This indicates the level of investment and expenditure dedicated to each employee in the industry.
When comparing the global landscape, it is worth noting that United States is expected to generate the highest revenue in the Professional Services market.
In 2024, the revenue from this market segment United States is estimated to reach an impressive US$34,430.0m.
This highlights the dominant position of the United States in the global Professional Services market.
Saudi Arabia's professional services market is experiencing significant growth due to the country's economic diversification efforts and increasing demand for specialized consulting and advisory services.

Key regions: India, Chile, Spain, Saudi Arabia, 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.