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% during the forecast period. The growth of the Middle East cybersecurity market is fueled by the thriving startup ecosystem in the region, molding its trajectory towards innovation and resilience. In addition, KSA Vision 2030 plays a pivotal role in propelling the market dynamics as regulation initiatives gain momentum to address the evolving threat environment. The strategic alignment with Vision 2030 fosters a conducive environment for cybersecurity advancements.
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Simultaneously, the widespread adoption of cloud technology gains momentum, driven by digital transformation initiatives across industries. This convergence of factors underscores the region’s commitment to securing its digital landscape and its determination to stay at the forefront of technological advancements.
Based on the offering, the services segment will grow at the highest CAGR during the forecasted period.
The exponential growth of the services segment in the Middle East cybersecurity market is driven by the multifaceted challenges posed by evolving cyber threats. The region has witnessed a significant surge in cyber threats and attacks, creating a heightened demand for cybersecurity solutions and services. The expanding landscape of eCommerce and digital payment solutions has intensified the need for robust cybersecurity measures, fueling the growth of services specializing in digital asset protection. The region’s stringent regulations and compliance requirements have mandated comprehensive cybersecurity services, ensuring adherence and robust data protection practices. Concurrently, the ongoing digital transformation initiatives amplify the demand for cybersecurity services essential for safeguarding digital assets and infrastructure. Moreover, the rising demand for cyber-insurance contributes significantly to the burgeoning services sector, establishing it as the fastest-growing segment in the Middle East cybersecurity market.
By deployment mode, on-premises accounts for the highest market size during the forecast period.
The on-premises segment has the largest market size in the Middle East cybersecurity market for various reasons, such as the paramount importance placed on data privacy concerns. Organizations, particularly government agencies and critical infrastructure operators, prioritize data sovereignty and control over sensitive information. On-premises solutions offer greater control over data storage and processing, alleviating concerns about cloud-based solutions potentially exposing data to foreign jurisdictions. Additionally, regulatory compliance in the region may restrict or discourage storing certain types of data in the cloud, further emphasizing the role of on-premises solutions in ensuring adherence to regulations.Security considerations also play a pivotal role, with on-premises solutions providing customization, control over security policies, and offline functionality to ensure uninterrupted operations during internet outages. Cost factors, including the preference for predictable costs over recurring subscription fees and the limited cloud infrastructure in some Middle Eastern regions, contribute to the dominance of the on-premises segment. Moreover, existing infrastructure and investments, such as legacy systems and internal expertise in managing on-premises security solutions, further consolidate the on-premises market’s stronghold in the region.
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Middle East Cybersecurity Market:
Cybersecurity is an approach to safeguard endpoints, networks, applications, 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 and managed services to protect critical enterprise information and infrastructure from cyberattacks, damages, or unauthorized access. With appropriate cybersecurity solutions in place, organizations can avert security attacks and breaches that eventually help in cutting down business costs and enhancing their information security infrastructure. In the Middle East, evolving developments in digitalization initiatives, and growing exposure of sophisticated cyberattacks are the major factors for the adoption of cybersecurity solutions and services. Countries across the region are establishing national cybersecurity strategies, and critical information infrastructure protection policies to safeguard the protection of vital digital assets.
Unique Features in the Middle East Cybersecurity Market
Cybersecurity dynamics are directly impacted by the Middle East’s well-known complicated geopolitical terrain and continuing hostilities. Geopolitical tensions frequently result in cyberwarfare and espionage, which prompts governments and corporations to invest more in cybersecurity solutions to fend off state-sponsored threats.
Some of the biggest producers of petrol and oil in the world are found in the Middle East. This industry is a prime target for cyberattacks since it is an essential part of the infrastructure and economics of the area. Because of this, the oil and gas industry has placed a great deal of emphasis on cybersecurity and has developed specialised solutions to meet the particular problems this industry faces.
Middle Eastern governments are progressively enacting cybersecurity laws and guidelines in an effort to improve data security and lessen cyberattacks. For instance, Saudi Arabia established the National Cybersecurity Authority (NCA) to supervise national cybersecurity initiatives, and the United Arab Emirates unveiled the Dubai Cyber Security Strategy. Cybersecurity solutions are being adopted by a variety of businesses thanks to these regulatory actions.
The Middle East, like many other regions, is seeing a rapid digital revolution in a number of industries, including as government services, healthcare, and banking. The drive towards digitalization presents new targets for cybercriminals and highlights the need for strong cybersecurity defences to protect digital infrastructure and assets.
The Middle East is becoming a more active investor in cutting-edge technologies like blockchain, Internet of Things, and artificial intelligence (AI) (IoT). These technologies have many advantages, but they also bring with them new cybersecurity risks pertaining to interoperability, data privacy, and security flaws. The need for cybersecurity solutions that can successfully secure these cutting-edge systems is thus rising.
Major Highlights of the Middle East Cybersecurity Market
The investment landscape for cybersecurity in the Middle East has been steadily expanding. Budgets for improving cybersecurity posture are being allocated by governments, businesses, and organisations around the area in response to the growing threat of cyberattacks.
The Middle Eastern governments are driving cybersecurity projects with great activity. Nation-states such as the United Arab Emirates (UAE), Saudi Arabia, and Qatar have instituted regulatory organisations and national cybersecurity policies to supervise cybersecurity endeavours, encourage optimal methodologies, and guarantee adherence to regulations.
New technologies like blockchain, cloud computing, Internet of Things (IoT), and artificial intelligence (AI) are being adopted throughout the region. Although these technologies have many advantages, they also present new cybersecurity problems, which is why creative cybersecurity solutions are in high demand.
Because of their vital role in the Middle East’s infrastructure and economy, several industries—such as government, oil and gas, finance, healthcare, and healthcare—face particular cybersecurity risks. These industries consequently place more emphasis on cybersecurity, which encourages the adoption of specialised solutions made to meet their unique requirements.
Competitive overview:
The Middle East cybersecurity market is led by some of the globally established players, such as IBM (US), Cisco (US), Palo Alto Networks (US), Check Point (US), Trend Micro (Japan), Fortinet (US), Broadcom (US), Sophos (UK), Trellix (US), EDGE Group (UAE), SecureWorks (US), CPX (UAE), MDS UAE (UAE), Forescout (US), Protiviti (US), Mandiant (US), LogRhythm (US). Partnerships, agreements, collaborations, acquisitions, and product developments are various growth strategies these players use to increase their market presence.
IBM (US), a global technology and IT consulting powerhouse, ranks among the world’s largest and second-most valuable companies. Recognized for pioneering technologies, IBM boasts an extensive product portfolio encompassing computer systems, software, networking, storage, and microelectronics. The company’s impact spans diverse services, from infrastructure and hosting to consulting in areas ranging from mainframe computers to nanotechnology. In cybersecurity, IBM offers solutions like Identity and Access Management, cloud security, application and network security, data protection, and endpoint security. Complementing these, cybersecurity services encompass data security, consulting, secure engineering, and threat intelligence. IBM extends its influence across IT, healthcare, government, and manufacturing industries throughout the Middle East, including the UAE, Bahrain, Qatar, Saudi Arabia, Yemen, Oman, Kuwait, Lebanon, Iraq, and Jordan. With a firm commitment, IBM empowers regional organizations to navigate the evolving cyber threat landscape and safeguard their critical assets effectively.
Cisco (US), a global networking equipment provider since 1984, is renowned for its cutting-edge technological networking, security, collaboration, and cloud management solutions. With a comprehensive range of products and services, Cisco’s offerings span Internet Protocol (IP)-based networking, security, and cybersecurity. The company’s zero-trust security ensures holistic protection, securing access across diverse elements like users, devices, APls, loT, microservices, and containers. Cisco’s innovations are pivotal in connecting industries globally, contributing significantly to networking and information technology advancement. Serving a diverse customer base, including large enterprises and small to mid-sized businesses, the company provides security solutions like Software-Defined Wireless Area Network (SD-WAN) Security, Cisco Zero Trust, Cisco Secure Data Center, and Cisco Application-First Security. The company’s comprehensive portfolio also includes routers, switches, and networking technologies, complemented by strategic alliances with industry leaders. With a notable global presence, Cisco continues to be a driving force in secure and efficient communication solutions worldwide.
Apart from prominent vendors, some other key players, such as Help AG (UAE), Moro Hub (UAE), DTS Solution (UAE), Ras Infotech (UAE), spiderSilk (UAE), CyberSec Consulting (US), CodeGreen Systems (UAE), Malwarebytes (US), Safe Decision (KSA), Security Matterz (KSA), Cato Networks (Israel), CyberGate Defense (UAE) are also evolving in the middle east cybersecurity market.
According to MnM’s approach to evaluating the market, most businesses use inorganic growth tactics to hold onto their market share. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities are abruptly affected by factors such as government regulations. On the other hand, organizations are anticipated to embrace organic growth strategies to provide end consumers with Middle Eastern cybersecurity software and professional services, which would assist businesses in boosting market revenue.
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