The Middle East & Africa cybersecurity market was valued at USD 18.28 billion in 2022 and is projected to reach USD 43.81 billion by 2031, expanding at a CAGR of 10.2% between 2023 and 2031. The growth of the market is attributed to rapid digitalization, which in turn, has increased the number of connected devices and opened new gateways for cyberattacks.
Cybersecurity products provide access management, authentication procedures, detection, and responses to incidents. It also includes security updates or patch management, data recovery, mitigation of impacts, and risk & compliance management.
Cyber security is the practice of defending computers, servers, mobile devices, electronic systems, networks, and data from attacks. It is also known as IT security or electronic information security. Network security is the practice of securing a computer network from intruders, such as targeted attackers or opportunistic malware.
Application security focuses on keeping software and devices free of threats. A compromised application could provide access to the data designed to protect. Successful security begins in the design stage, before a program or device is deployed. Information security protects the integrity & privacy of data, both in storage and in transit. Operational security includes the processes and decisions for handling and protecting data assets.
Market Trends, Drivers, Restraints, and Opportunities
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Increasing deployment of interconnectivity solutions in financial sector, government services, schools, and hospitals is projected to drive the market growth.
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Growing vulnerabilities in digital communications networks and supply chains is propelling the market growth during the forecast period.
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Rapid growth in the user base of online consumers and the deficient cybersecurity infrastructure is expected to spur the market expansion.
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Rising adoption of transformative digital technologies, through the increasing penetration of the Internet and cloud to enable economic diversification is estimated to drive the market growth.
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Expanding adoption of cybersecurity solutions for digital platforms to minimize the number of threats is estimated to push the market growth in the coming years.
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Increasing demand for cybersecurity has gained traction in the water systems and pumping stations, which is anticipated to fuel the market expansion during the forecast period.
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The COVID-19 pandemic has encouraged remote working practices, which in turn, has grown the adoption of cybersecurity solutions in the region.
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Growing automation in various end-user verticals has increased the threat of cyberattacks, which is expected to proliferate the growth of the market.
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Rising R&D investments and increasing transformative digital technological advancements in the Internet and Internet of Things (IoT) are expected to create significant opportunities for the market players.
Scope of the Report
The report on the Middle East & Africa cybersecurity market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Cybersecurity Market - Middle East & Africa Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Solutions (Threat Intelligence & Response Management, Identity & Access Management, Data Loss Prevention Management, Security & Vulnerability Management, Unified Threat Management, and Enterprise Risk & Compliance), Services (Managed Services and Professional Services), Deployments (Cloud and On-Premise), End-user Industries (Aerospace & Defense, BFSI, Healthcare, Manufacturing, Retail, Government, and IT & Telecommunication)
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Geographical Scope
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UAE, South Africa, Saudi Arabia, and Rest of Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Cisco Systems Inc., Dell Technologies, Kaspersky Lab, IBM Corporation, and Check Point Software Technologies Ltd
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Middle East & Africa Cybersecurity Market Segment Insights
Security & vulnerability management segment to account a large market share
On the basis of solutions, the market is segmented into threat intelligence & response management, identity & access management, data loss prevention management, security & vulnerability management, unified threat management, and enterprise risk & compliance.
The security & vulnerability management segment is expected to constitute a major market share during the forecast period owing to the increasing adoption of latest technologies, online entertainment, digital media, and social media. Growing demand for secure networks in order to cope with cyber-attacks, as well as to avoid facing constant network disruptions and downtime are driving the segment growth.
Professional services segment is expected to expand at a significant pace
Based on services, the market is segregated into managed services and professional services. The professional service segment is expected to grow at rapid pace in the coming years. Companies are opting for professional services to overcome specific challenges through dedicated projects, such as migrating to the cloud or deploying new technology.
Cloud segment to register at a rapid CAGR
In terms of deployments, the market is divided into cloud and on-premise. The cloud segment is anticipated to register a substantial CAGR during the forecast period. Cloud computing offers flexibility, reliability and security, that can remove the burden of business to maintain and upgrade systems.
BFSI segment is projected to hold for a key market share
Based on end-user industries, the market is classified as aerospace & defense, BFSI, healthcare, manufacturing, retail, government, and IT & telecommunication. The BFSI segment is anticipated to constitute a major market share owing to increasing investments in digital innovations, as well as focusing on enhancing the security of mobile banking and the user-experience. Moreover, rapid digitization has boosted the growth of the online payment services, driving the segment growth.
UAE to dominate the market
On the basis of geographies, the market is categorized as UAE, South Africa, Saudi Arabia and Rest of Middle East & Africa. The UAE is anticipated to dominate the market and is excepted to expand at an impressive CAGR during the forecast period. Rapid shift from conventional transaction to digitization in local and international banks has encouraged deployment of cybersecurity solutions in the UAE is driving the market growth in the country.
Segments
The Middle East & Africa cybersecurity market has been segmented on the basis of
Solutions
- Threat Intelligence & Response Management
- Identity & Access Management
- Data Loss Prevention Management
- Security & Vulnerability Management
- Unified Threat Management
- Enterprise Risk & Compliance
Services
- Managed Services
- Professional Services
Deployments
End-user Industries
- Aerospace & Defense
- BFSI
- Healthcare
- Manufacturing
- Retail
- Government
- IT & Telecommunication
Geographies
- UAE
- South Africa,
- Saudi Arabia and
- Rest of Middle East & Africa
Key Players
- Cisco Systems Inc.
- Dell Technologies
- Kaspersky Lab
- IBM Corporation
- Check Point Software Technologies Ltd
Competitive Landscape
Key players competing in the Middle East & Africa cybersecurity market include Cisco Systems Inc., Dell Technologies, Kaspersky Lab, IBM Corporation, and Check Point Software Technologies Ltd.
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