The Middle East Cyber Security Market is projected to grow at a CAGR of 14% in the forecast period of 2021-26, reveals MarkNtel Advisors in their recent research report. The market is driven primarily by the mounting utilization of technologies like Artificial Intelligence (AI), the Internet of Things (IoT), Cloud Security, etc., among organizations, i.e., increasing their data vulnerabilities toward cyberattacks & data breaches. As a result, the need for robust cyber security services & solutions among them is surging rapidly.
In addition, with the growing inclination toward e-commerce platforms, the demand for these solutions is further escalating swiftly & is likely to gain immense momentum with rising investments by prominent players & governments of different countries across the Middle East. Besides, the rapidly increasing utilization of these services & solutions can also be seen across end-users like Oil & Gas, BFSI, Healthcare, Utilities, IT & Telecom, etc.
Moreover, the leading companies operating in the market are implementing core technologies like Big Data, Machine Learning (ML), etc., in their product offerings to help various organizations minimize potential threats, thereby contributing significantly to the overall market growth, further states the research report, “Middle East Cyber Security Market Analysis, 2021.”
Growing Inclination toward Remote Working Promotes the Adoption of Cloud-Based Cyber Security Solutions
Of all Deployment Types, the demand for Cloud-based cyber security services is anticipated to witness the fastest growth in the market during the forecast period. It owes to low upfront & maintenance costs associated with cloud-based security solutions and the mounting need to access applications from multiple devices across different remote locations.
Consequently, the demand for cloud-based cyber security services & solutions is escalating swiftly among organizations and boosting the market. Besides, advantages like quicker deployment, faster transactions, etc., are other additional perks associated with cloud-based security solutions promoting the overall market growth.
Rapidly Expanding Banking, Financial Services, & Insurance Sector in the UAE to Boost the Market through 2026
Geographically, among all countries, the UAE is projected to hold the largest share in the Middle East Cyber Security Market during the forecast period. It owes principally to the swiftly expanding Banking, Financial Services, & Insurance (BFSI) sector across the country & its growing inclination toward online platforms, i.e., soaring the demand for cyber security solutions for quicker operations.
Moreover, technological advancements like the integrated & next-generation security solutions entwined with the mounting utilization of AI, IoT, ML, & others in cyber security services are likely to generate growth opportunities for the leading players & drive the market across the UAE, reveals MarkNtel Advisors in their research report, "Middle East Cyber Security Market Analysis, 2021."
Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the Middle East Cyber Security Market are IBM, Cisco, Fireeye, Huawei, Fortinet, Palo Alto Networks, Check Point Software Technologies, Trend Micro, Sophos, Kaspersky, Mcafee, Forcepoint, Dts Solution, Ras Infotech, Codegreen Systems, AT&T Cybersecurity, Protiviti, Logrhythm, Malwarebytes.
Key Questions Answered in the Study