Middle East Cybersecurity Market Reflecting Robust Expansion: Projected to Grow at a CAGR of 12.2% by 2027
Published | 22 October 2021
The Middle East cybersecurity market is growing at a high CAGR because of the increasing volume of data as well as growing cases of cybersecurity and ransomware attacks in the organizations…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Middle East cybersecurity market was worth USD 16.2 billion in the year 2020. The study estimates that the market will grow at a CAGR of 12.2% by 2027 and generate revenue of approximately USD 36.1 billion. The Middle East cybersecurity market is mainly driven by the increasing cases of cyberattacks, especially after the COVID-19 pandemic. As a result, public and private investment in cybersecurity solutions and services witnessed a sharp surge in themarket, driving its overall growth. Furthermore, the growing adoption of IoT and AI in businesses is also attracting the risks of cyber threats, which is anticipated to drive the Middle East cybersecurity market in the forecast period.
Growing Preference for Cloud Deployment Is Estimated to Boost the Middle East Cybersecurity Market
Based on deployment modes, the Middle East cybersecurity market is segmented into on-premises and cloud. The on-premise segment accounts for the largest share in the market because of the higher security and data confidentiality compared to cloud deployment. Furthermore, large organizations prefer on-premises deployment because of the ownership rights and better control of security monitoring. However, the cloud-deployment is likely to witness the highest CAGR during the forecast period. This segment gained significant traction after the COVID-19 outbreak. Cloud deployment requires minimal IT infrastructure and offers outsourced management of security services. These factors are propelling the growth of cloud deployment, especially among small and medium-sized businesses.
Increasing Demand for Cybersecurity in the BFSI Sector Is Favoring The Middle East Cybersecurity Market Growth
Based on end-users, the Middle East cybersecurity market is segmented into aerospace and defense, government, banking, financial services, & insurance, IT, healthcare, retail, manufacturing, energy & utilities, telecommunication, media & entertainment, & others. Growing dependence on mobile banking and the emergence of digital wallets account for the largest share of the BFSI market. Additionally, Gulf banks invest a significant amount into cybersecurity to offer top-notch protection from cyberattacks, which supports the overall market growth. Telecommunications and retail are also growing considerably because of the potential of 5G and the increasing penetration of e-commerce websites.
Middle East Cybersecurity Market - By Software
Based on software solutions, the Middle East cybersecurity market is segmented into antivirus/anti-malware, disaster recovery, advanced persistent threat, encryption, network access control, threat intelligence, intrusion detection, and prevention system, security and information event management, firewall, security, and vulnerability management, secure web gateway, risk, and compliance management, security orchestration automation and response, identity and access management, and others. The identity access management accounts for the largest share in the market. Many large organizations and small & medium-sized businesses are investing in identity and access management to manage authorization and access privileges in the entire system to increase security and limit time and cost investments.
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Middle East Cybersecurity Market - Regional Insights
Geographically, the Middle East cybersecurity market is segmented into Saudi Arabia, United Arab Emirates, Iraq, Iran, Israel, and others. Among these, Israel dominates the Middle east cybersecurity market. The efforts made by the country to strengthen its cybersecurity expertise, such as convincing multinational corporations such as Oracle, IBM, etc., to open the local research and development sector, play a crucial role in driving the cybersecurity market. As a result, the market is growing due to skilled human resources equipped with advanced technology to combat cyber threats.
Impact of COVID-19 on Middle East Cybersecurity Market
The Middle East cybersecurity market flourished significantly after the sudden outbreak of the COVID-19 pandemic. Several Middle Eastern companies have shifted to cloud computing and remote working either temporarily or permanently, which has become the new norm in the region during the pandemic. A cloud-based business network can consist of multiple devices and endpoints that can be challenging to manage, especially with the wide acceptance of IoT and BYOD in the workplace. Therefore, both organizations and individuals are adopting robust cybersecurity solutions and services, which is likely to drive the market in the post-COVID-19 period as well.
The leading players in the Middle East cybersecurity market are Xact IT Solutions, Digital HubSolution, Redwerk, Vosco Technologies Pvt. Ltd., Aspirantz Cyber Security Consulting, Cybersec Consulting, Clario Tech DMCC, Braineering IT Solutions, Ethos Global Solution, IOActive, Hashtaag, and other prominent players.
Several industry players exist on the market, which is highly competitive. The market players invest heavily in adopting advanced technologies to expand and strengthen their security services. The companies are also focusing on expanding their customer base beyond geographical boundaries. In addition, this market also utilizes competitive strategies such as partnerships, mergers, acquisitions and joint ventures.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Middle East cybersecurity market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Middle East cybersecurity market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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