Market Research Report
Middle East Cybersecurity Market with COVID-19 Analysis, by Component (Solutions and Services), Security Type (Network Security, Endpoint Security, Cloud Security, Database Security), Deployment Mode, Organization Size, Vertical -Global Forecast -2027
|Middle East Cybersecurity Market with COVID-19 Analysis, by Component (Solutions and Services), Security Type (Network Security, Endpoint Security, Cloud Security, Database Security), Deployment Mode, Organization Size, Vertical -Global Forecast -2027|
Published: April 18, 2022
Content info: 283 Pages
Delivery time: 1-2 business days
The 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. 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. The need to adopt necessary steps in advance for securing the overall security posture and technological advancements in cloud and IoT has bolstered potential use cases across verticals.
By security type, the network security segment is expected to grow at with the largest market size during the forecast period
Cybersecurity is an approach to safeguard endpoints, networks, applications, cloud, and data from advanced threats and vulnerabilities. This involves a set of security technologies, solutions, tools, policies, security concepts, guidelines, risk management approaches, and professional & managed services, to protect critical enterprise information and infrastructure from cyber-attacks, damages, or unauthorized access. With appropriate cybersecurity solutions in place, an organization can avert security attack and breaches that eventually helps in cutting down business cost and enhance its information security infrastructure.
The public and private organizations across the Middle East countries hold a huge amount of sensitive data that is prone to cyber threats and needs to be secured. Moreover, with the rise in the sophistication level of cyber-attacks, there has been an increase in the demand for comprehensive cybersecurity solutions. The regional and global security vendors in the region are developing advanced intelligence based on cybersecurity solutions to provide proactive and holistic security to critical business applications. Cloud security helps enterprises in securing their cloud networks. Many organizations in the Middle East are getting oriented towards the usage of advanced technologies. Hence, the network security segment is gaining traction in the region.
By vertical, the healthcare vertical to be the fastest-growing vertical during the forecast period
The health care segment is the fastest-growing vertical during the forecast period. The increase in high-profile attacks on this sector has led to its adoption of cybersecurity. In the healthcare vertical, cybersecurity solutions such as medical device penetration testing, network segmentation for medical equipment, device inventory and risk analysis, medical device risk assessments, continuous incident response, etc. will play an integral role in securing the entities related to patients as well as hospital data in the healthcare vertical. Moreover, security services also help healthcare organizations comply with stringent HIPAA and PCI DSS compliances.
Kingdom of Saudi Arabia (KSA) to hold the highest market share during the forecast period
Technological advancements like cloud, 5G, and IoT have led to the SMEs and large enterprises in the KSA are drivers to the growth of the market. Also, government regulations, soaring cybersecurity incidents and cloud technology adoption in the country have contributed to market growth.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key companies.
Key vendors offering Middle East cybersecurity services include IBM (US), Cisco (US), Palo Alto Networks (US), Check Point (Israel), Trend Micro (Japan), Fortinet (US), NortonLifeLock (US), Sophos (UK), Kaspersky (Russia), and Trellix (US). The study includes an in-depth competitive analysis of these key market players, along with their profiles, recent developments, and key market strategies.
The market study covers the Middle East cybersecurity market size across segments. It aims at estimating the market size and the growth potential of this market across segments categorized into component, solution, service, security type, deployment mode, organization size, vertical, and country. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
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 its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
(Business Overview, Products, Solutions, & Services, Key Insights, Recent Developments, MnM View)**