This report was recently updated on April 11 2024 with the latest and most recent
market numbers
Middle East Cybersecurity Market Size, Trends & Analysis - Forecasts To 2026 By Component (Solutions, Services), By Services (Professional Services, Managed Services), By Organization Size (Small and Medium-sized Enterprises, Large Enterprises), By Deployment Mode (Cloud, On-premises), By Solution (Identify and Access Management, Risk and Compliance Management, Encryption, Data Loss Prevention, Unified Threat Management, Firewall, Antivirus/Antimalware, Intrusion Detection System/Intrusion Prevention System, Security And Vulnerability Management, Disaster Recovery, Distributed Denial Of Service Mitigation, Web Filtering, Others), By Security Type (Network Security, Endpoint Security, Cloud Security, Industrial Control System Security, Others), By Vertical (Government and Defense, Energy and Utilities, IT and ITES, BFSI, Healthcare, Others), By Region (North America, Europe, Asia Pacific and Rest of the World); Vendor Landscape, End User Landscape and Company Market Share Analysis & Competitor Analysis
Middle East & Africa Cybersecurity Market Insights
The Middle East cybersecurity market is expected to generate revenue amounting to USD 16.15 billion in 2020, and is projected to reach to USD 32.26 billion by 2026, growing at a CAGR of 12.23% over the forecast period. The cyber security enables protection from attacks such as unauthorized access, hacking, injection of codes such as virus and Trojans among others. The increased cyberattacks across heavy industries and stringent government regulations are expected to propel the market for Middle East cybersecurity during the forecast period. The growing need for adoption of advance securing technologies among end users and technological advancements in cloud and IoT are some of the major factors driving the market growth for cybersecurity. The rapid digitalization in the countries, such as the United Arab Emirates and Saudi Arabia, is also driving the market growth. The presence of oil companies along with increasing investments in information and communication technologies is boosting the market growth in the region. Growing vulnerabilities in digital communications networks and supply chains along with growth in the user base of online consumers is also expected to propel the market growth for Middle East cybersecurity market during the forecast period. The expanding BFSI and aerospace & defense sectors in the region is also driving the market growth. However, higher costs of innovation and budget constraints, are likely to hamper the market growth during the forecast period.
Middle East & Africa Cybersecurity Market Size: By Segmentation
The Middle East cybersecurity market is segmented on the basis of deployment type into on-premises and cloud. The cloud-based deployment segment is expected to hold the largest market share and is also expected to grow at a high CAGR in the Middle East cybersecurity market during the forecast period. SMEs in the region have implemented cloud deployment as it helps them to focus on their core competencies, rather than to invest their capital in security infrastructure. The increasing use of cloud-based MSS and the adoption of cybersecurity practices by majority of enterprises in the region is driving the market growth for cloud based deployment segment. Security breaches caused due to unauthorized personnel access to cloud-hosted data centers are relatively less compared to on-premises data centers. The implementation of cloud-based cybersecurity solutions can avoid costs related to hardware, software, storage, and technical staff among others compared to on-premises deployment. These are some of the major factors driving the market growth for cloud based deployment.
On the basis of security type, the Middle East cybersecurity market is segmented into network security, endpoint security, cloud security, and ICS security among others. The network security type segment is expected to hold the largest market share during the forecast period. Rise in demand for network security in end user applications, especially in BFSI, energy, healthcare, and government, is likely to propel the demand for Middle East cybersecurity. The growing trend of BYOD and WFH scenario during the pandemic is driving the market growth for network security. The growing complexity of deploying IT security infrastructure on Operational Technology (OT), and Supervisory Control and Data Acquisition (SCADA) is also propelling the market growth. The rapidly increasing deployment of IoT as a result of digitization is also driving the adoption of network security in the Middle East region during the forecast period.
On the basis of vertical, the market is segmented into BFSI, Government and Defense, Energy and Utilities, Healthcare, IT and ITES among others. The BFSI segment is expected to hold the largest market share in the Middle East cybersecurity market during the forecast period. The growing number of cyber-attacks in the banking sector along with growing number of financial institutes in the region is driving the market growth for BFSI segment. Emirates NBD (ENBD), one of the leading banks in the region invested AED 1 billion for digital transformation. The banks, such as Mashreq and Commercial Bank of Dubai (CBD), have been the early adopters of digital transformation in the region. The growing demand for mobile and digital payments in the region is also propelling the market growth for cyber security.
Middle East & Africa Cybersecurity Market Size: By Country
The United Arab Emirates (UAE) is expected to dominate the market and also estimated to expand at a rapid pace during the forecast. The expanding BFSI sector and growing oil and gas companies is driving the market growth in the UAE. However, countries such as Oman and Qatar are expected to grow at a significant rate during the forecast period. Increasing business opportunities in oil and gas industry in this region is one of the major factor propelling the market growth for cyber security.
Middle East & Africa Cybersecurity Market Share & Competitor Analysis
Some of the key players operating in the cybersecurity market include: Fireeye, Huawei Fortinet, IBM, Cisco, Palo Alto Networks, Check Point Software Technologies, DTS Solution, Ras Infotech, Codegreen Systems, At&T Cybersecurity, Trend Micro, Sophos, Kaspersky, Mcafee, Forcepoint, Safe Decision, Security Matterz, Infratech, Protiviti, Logrhythm, Malwarebytes, Cato Networks, Help AG, and Securemisr among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In February 2020, Cisco launched a comprehensive security architecture for Industrial IoT (IIoT) in Dubai, UAE.
In February 2020, Fortinet and Equinix partnered to accelerate cloud connectivity.
In January 2020, IBM launched two IBM data centers in the UAE, one in Abu Dhabi and the other in Dubai, to provide cloud managed services to enterprises and help accelerate their journey to the hybrid cloud.
In October 2019, Huawei launched a 5G network in partnership with Zain KSA.
In May 2019, FireEye acquired Verodin, a leading provider in validating the effectiveness of cybersecurity control.
Check the Press Release on Middle East Cybersecurity Market Report
Cybersecurity Market: By Component
Cybersecurity Market: By Services
Cybersecurity Market: By Organization Size
Cybersecurity Market: By Deployment Mode
Cybersecurity Market: By Solution
Cybersecurity Market: By Security Type
Cybersecurity Market: By Vertical
Cybersecurity Market: By Region
The Middle East Cybersecurity Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Middle East Cybersecurity Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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