The report, titled “Middle East & Africa Cybersecurity Market” examines the market in the region according to the type, the end-user the type of organization, as well as the country. The report offers comprehensive historical and forecast market size, along with trend analysis. The report focuses on the regional and country-wise market share, services that are offered by top players, the overall market share of the Middle East & Africa cybersecurity market, by country, an overview of the competition, and strategic imperatives. It also provides annual revenue, and growth opportunities for the targeted companies analyzed in the Middle East & Africa cybersecurity market analysis.
Trends and Market Dynamics: The demand for cybersecurity is expected will increase over the forecast time frame due to the increasing complexity of cyberattacks
The Middle East & Africa cybersecurity market was US$ 11.0 billion in 2021. The market is projected to expand at a CAGR of more than 10.5 percent over the 2022-2028 forecast. The increasing level of complexity of cyberattacks and strict government regulations are a few of the major factors that are which are likely to boost demand for cybersecurity solutions in the region. Additionally, regional companies are aware of cybercrimes that affect their business operations, which is why they are spending a lot of money on data and app security.
The Middle East & Africa cybersecurity market is predicted to experience significant growth in the next few years. The growth of new online e-commerce platforms as well as the introduction of crucial technologies like artificial intelligence (AI) and the internet of things (IoT) and the rapid digitization in verticals like BFSI are among the main factors expected to boost the need for cybersecurity solutions in MEA.
Saudi Arabia is expected to be the leader in this Middle East & Africa cybersecurity market over the forecast period between 2022 and 2028. The growth of security solutions within the region and increased investments to support technological advancements are also assisting the market’s growth in the region.
* In UAE emerging platforms for e-commerce and increased attention of market players to creating internet security solutions that are based upon AI platforms are likely to drive the growth of the market.
* The market for cybersecurity in Turkey is also predicted to see substantial growth thanks to the emergence of remote working, the growth of cloud services, and cybersecurity implementations over the next few years.
Segmental Analysis
- On the basis of end user, the BFSI segment is expected to lead the MEA cybersecurity market in terms of revenue generation. Banks in the region are responding to the consumers’ preferences of the digital era by increasing their investments in digital innovations, as well as focusing on enhancing the security of mobile banking and the user experience.
- Based on the country, GCC dominated the MEA cybersecurity market in 2021 and is expected to maintain the same trend over the forecast period. Countries in the GCC region are investing significantly in cybersecurity solutions on the back of increased cyber-attacks.
- For instance, Saudi Arabia prevented more than 7 million cyberattacks in the first 3 months of 2021. The region’s market growth is also anticipated to be further accelerated by the region’s expanding digitalization
Competition Analysis:
There are many companies operating in the MEA cybersecurity market hence, the market is fragmented in nature. Global Leaders such as IBM, Oracle, and others are contributing significantly in terms of growth in the MEA cybersecurity market. Some of the players operating in the MEA cybersecurity market include Cisco Systems Inc., Dell Inc., IBM Corp., Broadcom Inc., Cipher LLC, Oracle Corp., Microsoft Corp., McAfee, Bosch, LME Services, WebSailors, KPIS Pvt. Ltd., Vosco Technologies Pvt. Ltd., BitMex, Augmenta Cyber Security, and Trustcom among others.
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Partnerships and collaborations, and the introduction of new technologies are some of the strategies followed by industry players. Some of the key developments in the MEA cybersecurity market include,
- In September 2022, Gulf Business Machines (GBM) announced the acquisition of Coordinates Middle East leading service providers. The reason behind the acquisition is to strengthen the security services offering and skills to customers and draw upon the legacy in the region of helping organizations enhance their cybersecurity capabilities.
- In May 2022, Mimecast Limited (“Mimecast”) announced the completion of its acquisition by funds advised by Permira for approximately $5.8 billion or $80.00 per share in cash.
RationalStat has segmented the MEA cybersecurity market on the basis of type, end user, organization type, and country.
- By Type
- Software
- Application Security
- Cloud Security
- Consumer Security Software
- Data Security
- Identity Access Management
- Infrastructure Protection
- Integrated Risk Management
- Network Security Management
- Other Information Security Software
- Hardware (Networking Equipment)
- Services
- Advisory & Consulting
- Implementation Services
- Distribution
- By End User
- Government/Public
- BFSI
- Securities
- Communications Media and Services
- Manufacturing
- Transportation
- Retail
- Utilities
- Education
- Construction
- Others(Healthcare, etc.)
- By Organization Type
- Small and Medium Enterprises (SMEs)
- Large Organizations/MNCs
- Government
- By Country
- UAE
- Saudi Arabia
- Turkey
- Egypt
- South Africa
- Rest of the Middle East and Africa
- Software
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