The Middle East Cyber Security market is growing at a high rate owing to surging investment by the companies toward IT infrastructure, signification rise in cyber threats across the heavy industry and boost in government initiative toward modernization and digitized across a variety of sectors. Besides this, snowballing government investments in information and communication technologies, escalating demand for small and medium enterprises (SMEs) in different industry verticals along with rising adoption of cloud-based services are placing a positive impact toward the market growth in the forecast period.
According to MarkNtel Advisors’ research report “Middle East Cyber Security Market Analysis, 2021”, the Middle East Cyber Security market is anticipated to grow at a CAGR of 14% during 2021-26F. Based on Component Type, The Solution segment is projected to grow at the highest CAGR over the forecast period during 2021-26F. The Identity & Access Management acquired the considerable market share owing to the factors such as increasing collaboration among the companies to offer IAM solution, burgeoning spending on security solutions to curb identity theft, and mounting adopting IAM solutions among end-users such as oil & gas, healthcare to surge productivity.
“Middle East Cyber Security Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Cyber Security providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Burgeoning Spending on Cybersecurity is Propelling the Market Share of Saudi Arabia
Saudi Arabia is projected to attain the largest market share in the Middle East and Africa Cyber Security market over the forecast period during 2021-26. In order to protect the companies, industrial, government facilities, defence and financial sectors from any type cyber-attack due to increasing digitalization, investment is made on cybersecurity. Saudi Arabia has spent around USD 2 bn on cybersecurity in 2020 which has increased by about 6.2 per cent compared to USD 400 million in 2019. Moreover, a burgeoning government initiative to empower and encourage women in the cybersecurity sector and also introducing practices, policies and programs increase adoption of cybersecurity among end-users. Thus, this is placing a lucrative opportunity toward the growth of Cyber Security market in the forthcoming period as stated by the MarkNtel Advisors’ research report “Middle East Cyber Security Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share 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 etc.
Key questions answered in the study