Dublin, March 30, 2023 (GLOBE NEWSWIRE) -- The "Middle East and Africa Cybersecurity Market by Component (Software, Hardware, and Services), Software (IAM, Encryption and Tokenization, and Other Software), Security Type, Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The Middle East and Africa Cybersecurity market is expected to grow from an estimated USD 22.2 billion in 2023 to USD 36.2 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 10.2% from 2023 to 2028.
The market growth can be attributed to the growing instances of target based cyberattacks and increased adoption of cloud-based cybersecurity solutions. However, lack of awareness and understanding; inadequate infrastructure, lack of skilled professionals and the constantly evolving threat landscape are expected to hinder the market growth.
By Component, hardware segment is expected to grow at a higher CAGR during the forecast period
Hardware includes encryption, NAC hardware, firewall hardware devices, and authentication hardware tokens. Hardware encryption encrypts data using dedicated electronic circuits for cryptographic engines integrated with storage drives and operating at full channel speed. The hardware encryption technology helps protect data at rest and in transit mode. It does not require any driver installation or software installation on host PCs.
It encrypts data stored on devices to protect from the most common attacks, such as cold boot attacks, malicious codes, and brute force attacks. With the increasing technological advancements, smaller, more efficient, and powerful neuromorphic chip-based systems are expected to replace large hardware devices. Hardware devices enabled with high-computational capabilities are designed to handle graphics applications and display functions that render high-quality images, animations, and videos. These factors are believed to have contributed to the growth of the Middle East and Africa cybersecurity market in recent years.
By Service, managed services is expected to grow at a higher CAGR during the forecast period
Managed services mostly revolve around the term 'outsourcing.' Technologies such as big data analytics, blockchain, and AI are rapidly evolving. Therefore, protecting critical applications is getting tougher every day. This task becomes even harder with no dedicated IT security teams or experts. However, due to high costs and resource constraints, organizations often outsource this task to Managed Security Service Providers (MSSPs). These MSSPs offer round-the-clock visibility into IT infrastructures and provide security assessment and monitoring of applications, systems, and devices. The demand for managed services is rising due to the increase in large-scale networks and IoT applications in organizations
By organization size, large enterprises account for a significant market size during the forecast period
The large enterprises segment is projected to account for a higher revenue share in the cybersecurity market. Large enterprises are reshaping their security policies and architecture to incorporate security solutions and services to protect critical assets from cyberattacks. They adopt cybersecurity to safeguard networks, endpoints, data centers, devices, users, and applications against unauthorized usage and malicious ransomware attacks.
The penetration of access management solutions among large organizations facilitates privileged access to servers and web applications, encouraging market growth. The IT administrators in large organizations dealing with highly sensitive information witness a high demand for cybersecurity solutions to perform real-time security analytics of various security incidents. Cybersecurity solutions help IT security professionals in large enterprises to gain enhanced network visibility and effectively implement policies across different departments in remote locations. Large budgets implement world-class security solutions and witness a high demand for real-time auditing and monitoring of the rising IoT traffic, encouraging the adoption of cybersecurity solutions among large companies.
By Region, Africa is expected to grow at a higher CAGR during the forecast period
The continent has seen a significant increase in internet connectivity in recent years, with more and more people using online platforms for communication, banking, and other transactions. However, this has also created new opportunities for cybercriminals to exploit vulnerabilities and steal sensitive information. As with other regions, African nations are also grappling with the challenge of building a strong cybersecurity infrastructure to protect against cyber threats.
This involves investing in cybersecurity solutions, developing cybersecurity policies and regulations, and building a skilled workforce to manage and respond to cyberattacks. Additionally, African countries also face unique challenges when it comes to cybersecurity, such as limited resources and infrastructure, political instability, and weak law enforcement. All these factors can make it more difficult to address cyber threats effectively.
Market Dynamics
Drivers
- Increased Cyber Threats and Attacks
- Growth of Ecommerce and Digital Payment Solutions
- Stringent Regulations and Compliance Requirements
- Digital Transformation Initiatives
Restraints
- Lack of Awareness and Understanding
- Inadequate Infrastructure and Lack of Skilled Professionals
- Rapidly Evolving Threat Landscape
Opportunities
- Cross-Sector Collaboration
- International Cooperation
Challenges
- Limited Cybersecurity Budgets
- Insufficient Regulatory Frameworks
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 368 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $22.2 Billion |
| Forecasted Market Value (USD) by 2028 | $36.2 Billion |
| Compound Annual Growth Rate | 10.2% |
| Regions Covered | Africa, Global, Middle East |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Middle East and Africa Cybersecurity Market, by Component
6.1 Introduction
6.2 Hardware
6.3 Software
6.4 Services
7 Middle East and Africa Cybersecurity Market, by Software
7.1 Introduction
7.2 IAM
7.3 Antivirus/Antimalware
7.4 Log Management and Siem
7.5 Firewall
7.6 Encryption and Tokenization
7.7 Compliance and Policy Management
7.8 Patch Management
7.9 Other Software
8 Middle East and Africa Cybersecurity Market, by Service
8.1 Introduction
8.2 Professional Services
8.3 Managed Services
9 Middle East and Africa Cybersecurity Market, by Security Type
9.1 Introduction
9.2 Network Security
9.3 Cloud Security
9.4 Application Security
9.5 Endpoint and IoT Security
10 Middle East and Africa Cybersecurity Market, by Deployment Mode
10.1 Introduction
10.2 Cloud
10.3 On-Premises
11 Middle East and Africa Cybersecurity Market, by Organization Size
11.1 Introduction
11.2 Small and Medium-Sized Enterprises
11.3 Large Enterprises
12 Middle East and Africa Cybersecurity Market, by Vertical
12.1 Introduction
12.2 Aerospace and Defense
12.3 Banking, Financial Services, and Insurance
12.4 IT and Ites
12.5 Healthcare
12.6 Retail and Ecommerce
12.7 Manufacturing
12.8 Energy and Utilities
12.9 Telecommunication
12.10 Transportation and Logistics
12.11 Media and Entertainment
12.12 Other Verticals
13 Middle East and Africa Cybersecurity Market, by Region
14 Competitive Landscape
15 Company Profiles
16 Appendix
Companies Mentioned
- Ahad
- Augmenta Cyber Security
- Cato Networks
- Check Point
- Cipherwave
- Cisco
- Codegreen
- Cybergate
- CyberSec Consulting
- Cysiv
- Defendza
- Dts Solution
- Eset
- Fortinet
- Help AG
- IBM
- Infratech
- Kaspersky
- Logrhythm
- Malwarebytes
- Nortonlifelock
- Palo Alto Networks
- Ras Infotech
- Safe Decision
- Securetech
- Security Matterz
- Sophos
- Spidersilk
- Tactical Intelligence Security Ltd
- Trellix
- Trend Micro
- Zinad
For more information about this report visit https://www.researchandmarkets.com/r/g4czhz
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