Chicago, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Middle East Cybersecurity Market size is projected to grow from USD 20.3 billion in 2022 to USD 44.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period, according to a new report by MarketsandMarkets™. The increased sophistication of cyberattacks across heavy industries to result in financial and reputational losses, stringent government regulations, and cyberattacks due to the proliferation of digitalization are anticipated to be the major market drivers.
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252 - Tables
39 - Figures
282 – Pages
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Scope of the Report:
| Report Coverage | Details |
| Market size available for years | 2016–2027 |
| Base year considered | 2021 |
| Forecast period | 2022–2027 |
| Forecast units | Value (USD) |
| Segments covered | Component, Services, Security Type, Deployment Mode, Organization Size, Vertical and Country |
| Countries covered | Bahrain, Egypt, Israel, Kuwait, Oman, Qatar, Kingdom of Saudi Arabia (KSA), Turkey, UAE, Other Countries (Jordan, Cyprus and Lebanon). |
| Companies covered | IBM (US), Cisco (US), Palo Alto Networks (US), Check Point (Israel), Trend Micro (Japan), Fortinet (US), NortonLifeLock (US), Sophos (UK), Kaspersky (Russia), Trellix (US), DTS Solution (UAE), RAS Infotech (UAE), spiderSilk (UAE), CYBERSEC CONSULTING (UAE), AHAD (UAE), CodeGreen (UAE), LogRhythm (US), Malwarebytes (US), Safe Decision (KSA), Security Matterz (KSA), Infratech (KSA), Cato Networks (Israel), Help AG (UAE), Cysiv (Egypt), CyberGate (UAE), and other global and regional vendors. |
Cybersecurity solutions and services help enterprises to be protected from advanced threats such as malware, ransomware, trojans, viruses, Distributed Denial of Service (DDoS) attacks, and advanced persistent threats (APTs). Technological innovations in cybersecurity solutions with the help of machine learning detection, big data behavioural analytics, and artificial intelligence help enterprises safeguard their cyberinfrastructure from advanced cyber-attacks.
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The ever-changing threat landscape requires various cybersecurity solutions which Include Identity and Access Management (IAM), risk and compliance management, encryption, Data Loss Prevention (DLP), Unified Threat Management (UTM), firewall, antivirus/antimalware, Intrusion Detection System (IDS)/Intrusion Prevention System (IPS), security and vulnerability management, disaster recovery, DDoS mitigation, and web filtering. Such solutions offer threat detection and remediation across network, endpoint, databases, and cloud environment. Increasing demand from large enterprises and Small and Medium Enterprises (SMEs) across various industry verticals have boosted the demand for cybersecurity solutions and services.
Cybersecurity solutions segmentation by security type includes network security, database security, cloud security, and endpoint security. The network security segment is estimated to have the largest market size. Increased network security breaches, rise in the penetration of the Internet of Things (IoT) technologies and Bring Your Device (BYOD) trend are significant reasons for the rise in the network security segment. Moreover, companies are offering solutions that are tailored specifically to the organization’s requirements, further increasing the demand for cybersecurity solutions and services.
The services segment is estimated to grow at the highest CAGR during the forecast period. The Middle East cybersecurity services market is segmented into two major types: professional services and managed services. These services allow easy implementation of cybersecurity solutions across the enterprise. Moreover, services such as training and education, along with maintenance and support, allow for seamless operation of cybersecurity solutions.
Large-scale adoption of cybersecurity solutions and services is helping organizations to achieve high availability, confidentiality, and integrity of data in endpoints, network layer, application layer, and cloud environment, along with high impact response time of business operations. The cloud deployment mode is expected to grow at the highest CAGR.
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Large enterprises across various industry verticals hold a major share of the market, in terms of the adoption of cybersecurity solutions in the Middle East. However, increased adoption of BYOD and mobile devices for business operations along with the proliferation of advanced threats on endpoints, network, ICS, and cloud environment has led to a surge in the adoption of cybersecurity solutions and services across SMEs in the Middle East, driving its growth at a higher CAGR over the forecast period.
The Middle East Cybersecurity Market is expected to witness rapid growth in various countries across the Middle East region. Kingdom of Saudi Arabia is expected to have the largest market share and dominate the Middle East Cybersecurity Market from 2022 to 2027, due to the need to safeguard enterprises in various industrial verticals such as BFSI, energy and utilities, government and defense, healthcare, IT and ITeS and others from advanced threats.
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