Value of Oman’s cybersecurity market to hit $58 million by 2025
The value of the cybersecurity market in the Sultanate in Oman is expected to grow to $58 million by 2025 at an average annual compound growth rate of 24 per cent, according to Eng Maqbool bin Salim al Wahaibi, CEO of Data Park, Oman’s first and largest data centre.
Speaking at the Oman Cybersecurity Conference last week, Al Wahaibi revealed that the growth can be linked to the increase of Internet of Things (IOT) services and cybersecurity attacks. “From an economic perspective, the cybersecurity market in the Sultanate is expected to experience a significant increase of 24 per cent by 2025.
This is due to anticipated growth in Internet of Things services and an increase in the frequency of cyberattacks on the banking and healthcare sectors due to their complete transition to what is known as full electronic services,” he stated.
Furthermore, he shared that cybercrime losses represent a significant portion of the digital economy’s size. “[…cybercrime and its losses to the global economy accounted for 40 per cent of the digital economy’s size, and it is expected to account for 50 per cent by 2025,” Al Wahaibi said, noting that cyberattacks resulted in losses exceeding one million dollars in 2020.
According to Al Wahaibi, the cybersecurity market in the Mena region is valued around $20.3 billion and is expected to grow to $44.7 billion in 2027, while the global cybersecurity market is anticipated to reach $657 billion by 2030.
Badar al Salehi, Directorgeneral of the Oman National Computer Emergency Readiness Team (OCERT), shared that Oman recently issued the National Cybersecurity Industry Programme in an effort to enhance the industry’s contribution to the local GDP.
“To enhance the cybersecurity industry and align it with Oman Vision 2040, which prioritises cybersecurity as part of economic diversification and financial sustainability, efforts have been made in Oman to launch the National Cybersecurity Industry Programme in November 2022.”
“This programme is one of the key national programmes within the National Digital Economy Programme, with a national vision aimed at establishing a specialised cybersecurity industry to enhance and diversify economic growth through the creation of a specialised cybersecurity industry in the region focusing on human capital, innovation and excellence.”
According to Al Salehi, the programme aims to increase the contribution of the cybersecurity market to Oman’s GDP, create job opportunities, promote independent and freelance services in the market and attract foreign investments.