Dublin, March 15, 2024 (GLOBE NEWSWIRE) -- The "Middle East Cybersecurity Market by Offering (Solutions and Services), Solution Type, Security Type, Deployment Mode (On-Premises, Cloud, Hybrid), Organization Size (Large Enterprises, SME), Vertical and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The Middle East cybersecurity market size is projected to grow from USD 14.8 billion in 2023 to USD 23.4 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 9.6%
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall Middle East cybersecurity market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
The Middle East cybersecurity market is expanding significantly, spurred by the transformative vision outlined in KSA Vision 2030. This ambitious initiative is a crucial driver, reshaping the regional landscape and influencing market dynamics. Complementing this vision is a burgeoning startup ecosystem in the Middle East, which is pivotal in steering the trajectory of cybersecurity innovations.
As the region experiences rapid digital transformation, cloud technology is widely adopted by various initiatives. Concurrently, regulatory measures are evolving to address the dynamic threat environment, establishing a robust foundation for cybersecurity in the Middle East and fostering a secure digital future.
By vertical, the BFSI segment accounts for a larger market share
The BFSI segment, comprising banks, financial institutions, and insurance entities, boasts the largest market size in the Middle East cybersecurity market due to several pivotal factors such as managing high-value assets like sensitive financial data is paramount for BFSI organizations, making them prime targets for cybercriminals. Substantial investments in cybersecurity solutions are imperative to safeguard customer information, payment details, and financial transactions. Moreover, stringent regulatory compliance requirements set by Middle Eastern authorities add to the urgency for robust cybersecurity measures.
The BFSI sector faces potential hefty fines and reputational damage for regulatory violations, emphasizing the need for continuous cybersecurity investments to demonstrate compliance. The sector's accelerated digitalization, including the rapid adoption of online banking, mobile banking, FinTech applications, and cloud services, further amplifies the demand for specialized cybersecurity solutions to protect against evolving cyber threats.
Large enterprises account for a larger market share by organization size
Large enterprises dominate the Middle East cybersecurity market due to their substantial financial resources, enabling high spending capacity on advanced cybersecurity solutions. With larger budgets, they can afford to hire skilled professionals, deploy sophisticated technologies, and implement comprehensive security programs. This financial strength allows them to adopt a long-term approach to cybersecurity, ensuring consistent investments to build and maintain robust security postures against evolving threats.
Moreover, large enterprises, often operating complex infrastructures and critical data centers, necessitate tailored cybersecurity solutions, driving increased spending in this sector. Protecting sensitive data, stringent compliance requirements, and the imperative of risk management further motivate large enterprises to invest significantly in cybersecurity. Additionally, large enterprises' centralized decision-making structures facilitate implementing and managing comprehensive cybersecurity programs, emphasizing operational efficiency and business continuity.
The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 407 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $14.8 Billion |
| Forecasted Market Value (USD) by 2028 | $23.4 Billion |
| Compound Annual Growth Rate | 9.6% |
| Regions Covered | Middle East |
Premium Insights
- Increased Sophistication of Cyberattacks and Stringent Government Regulations to Drive Market
- BFSI Segment and KSA to Hold Largest Market Shares in 2023
- Solutions Segment to Hold Larger Market Share During Forecast Period
- Network Security Segment to Hold Largest Market Share During Forecast Period
- Israel to Emerge as Best Market for Investments in Next Five Years
Case Study Analysis
- Trend Micro Helped Oman Arab Bank Fortify Cybersecurity, Ensuring Robust Protection and Streamlined Management
- Cisco Helped Istanbul Grand Airport Achieve Integrated Security for Global Prominence
- Turkcell Global Bilgi Enhanced Cybersecurity Agility and Efficiency by Deploying Palo Alto Networks' Vm-Series Virtual Firewalls
- Codegreen's Token-Less Multi-Factor Authentication Solution Helped Lulu Group Enhance Security and Reduce Costs
- ity of Ramat-Gan Achieved Secure Digital Transformation with Check Point's Comprehensive Solutions
Market Overview and Industry Trends
Drivers
- Rapid Integration of Digital Transformation and Cloud Computing
- Regulatory Initiatives for Evolving Threat Environment
- KSA Vision 2030 Accelerating Digital Adoption
- Burgeoning Start-Up Ecosystem
Restraints
- Budgetary Constraints on Allocation of Resources
- Resistance to Emerging Security Technologies
Opportunities
- Continuous Investments by Governments and Businesses to Enhance Cybersecurity Infrastructure
- Spike in Demand for Cyber-Insurance Policies
- Robust Development of Cybersecurity Services
Challenges
- Third-Party Dependencies Exposing Weaknesses in Middle East Cybersecurity Landscape
- Shortage of Skilled Workforce
Technology Analysis
- Zero Trust Network Access
- Cloud Network Security
- Firewall
- Sase
- Blockchain Cybersecurity
Company Profiles
Key Players
- IBM
- Cisco
- Palo Alto Networks
- Check Point
- Trend Micro
- Fortinet
- Broadcom
- Sophos
- Trellix
- Edge Group
- Secureworks
- Cpx
- Mds UAE
- Forescout
- Protiviti
- Mandiant
- Logrhythm
Other Players
- Help AG
- Moro Hub
- Dts Solution
- Ras Infotech
- Spidersilk
- Cybersec Consulting
- Codegreen Systems
- Malwarebytes
- Safe Decision
- Security Matterz
- Cato Networks
- Cybergate Defense
For more information about this report visit https://www.researchandmarkets.com/r/lja9sc
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