Middle East Cyber Security Market Research Report: Forecast (2024-2030)

Market Definition

Cyber Security solutions can be defined as the technologies, services, and solutions applied together to protect the data in systems & networks from cyber attacks and threats. The cyber security solutions ensure the prevention of data leakage and security attacks on sensitive data from unauthorized exploitation.

Market Insights & Analysis: The Middle East Cyber Security Market (2024-30):

The Middle East Cyber Security Market size is valued at USD14.6 billion in 2023 & is predicted to reach USD 29.7 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 9.8% during the forecast period, i.e., 2024-30. The industry growth is attributed to the increasing digitalization in the Middle Eastern countries across various sectors such as finance, healthcare, government, etc., creating the demand for cybersecurity solutions to prevent threats & cyber attacks on the data. Furthermore, the rising number of cyberattacks across the region in various sectors is further leading the regional companies to adopt cyber security measures in their organizations, which is increasing the growth of the market. For instance:

• In 2022, the kingdom of Saudi Arabia experienced around 110 million cyberthreats in total.

The growing usage of digital technologies like cloud computing, the Internet of Things (IoT), machine learning, and artificial intelligence has surged the data placements on networks increasing the vulnerability to cyber-attacks & threats. Industries like finance, telecommunications, healthcare, etc., have been placing their data on the clouds & networks, which is surging the cyber attacks across the industries. This, in turn, is increasing the demand for cyber security solutions across the region, driving the market growth.

Moreover, countries like Saudi Arabia and the UAE are undergoing a significant expansion in digitalization across various end-user industries. This has surged the number of interconnected devices making them vulnerable to data breaches and cyber attacks. Besides, Government bodies are also investing in information & communication technologies, which is why most schools, banks, government offices, and hospitals are increasingly installing cloud solutions, hence creating the demand for cyber security solutions.

Also, the region has a vast trade and commerce industry with surging imports and exports of products. This, generates a vast amount of data, making it susceptible to data loss and cyber-attacks. As, a result, the demand for effective cybersecurity measures is growing with time, thus contributing in enhancing the Middle East Cyber Security Market share during 2024-30.

The Middle East Cyber Security Market Driver:  

Rapidly Expanding E-commerce Sector Facilitating Cyber Security Demand – The Middle Eastern countries have high share of young population, which is driving the demand for online shopping, and other digital services. The countries have high internet & smartphone penetration rates due to the growing middle class population, which is increasing the overall e-commerce sector in the country, driven by increasing access to online marketplaces across the region. For instance:

• In 2023, according to the Communications, Space, and Technology Commission (CST), the internet penetration rates in Saudi Arabia & the UAE were nearly 100%.

Furthermore, with the increasing e-commerce activities the threat of cyber attacks is increasing rapidly. Organizations are well aware about the privacy of consumer data, which is why they are adopting measures to mitigate cyber attacks driving the demand for cyber security solutions. Thus, the growing investments of organizations to safeguard the consumer data is leading them to invest in cyber security solutions across the region, which is propelling the growth of the Middle East Cyber Security Market.

The Middle East Cyber Security Market Opportunity:

Surging Government Initiatives to Enhance the Cyber Capabilities – Government bodies across the Middle East region are strategizing and formulating efforts to enhance the cybersecurity capacities in the region. The rapid surge in digitalization has enabled the governments of countries like Saudi Arabia, the UAE, etc. to adopt cyber security measures to safeguard the sensitive information about the country and its nationals. The governments has been forming specifc organizations and regulatory bodies to ensure the stramlines work and mitigation of cybersttacks on national levels. The governments in countries such as the UAE, Saudi Arabia, Qatar, etc. are formulating various initiaves, policies and particular organizations like as the National Electronic Security Authority (NESA), the UAE, the National Cybersecurity Authority (NCA), Saudi Arabia, etc. which are framing initiatives and strategies for cyber security adoption. For instance:

• In 2022, the Abu Dhabi Digital Authority launched the Cyber Eye initiative in partnership with Etisalat and Trend Micro, to surge the digital transformation in government services and to ensure the security of digital assets.

These governmental bodies are extensively collaborating with international cyber security organizations and investing heavily in cybersecurity measures which is expected to surge the demand for cyber security solutions in the region in coming years thereby creating opportunities in the Middle East Cyber Security Market.

The Middle East Cyber Security Market Challenge:

Unavailability of Skilled Professionals to Manage Cyber Security Solutions –  The increasing number of cyber security issues and threat cases across the region are leading to the surging demand for technologically advanced cyber security solutions, including software as well as hardware components. The integration of various technically advanced algorithms and regular maintenance and bug detection requires skilled professionals to efficiently manage these issues. However, the lack of skilled individuals in the region poses a significant drawback in the overall regional market growth.

The limited education programs and training particularly designed for IT technicians in Middle Eastern countries is a significant restraining factor in the market. With limited access to education, individuals are not skilled enough to handle complex processes. Moreover, the stringent competition and better pay scales for cybersecurity technicians in another barrier to the Cybersecurity Market of the Middle East.

The Middle East Cyber Security Market (2024-30): Segmentation Analysis

The Middle East Cyber Security Market study by MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment. It includes predictions for the period 2024–2030 at the regional level. As per the analysis, the market has been further classified as:

Based on Deployment:

• Cloud
• On-Premise
• Hybrid

Cloud deployment is anticipated to dominate the market with the largest share during the forecast period. It owes principally to its benefits like low initial & maintenance costs entwined with the growing transformation of applications toward cloud solutions to store & secure data. Besides, benefits like quicker deployment & payment facilities of cloud solutions and the active participation of leading players by launching advanced cloud-based cyber security solutions are also promoting their demand across the Middle East.

On the other hand, the demand for On-Premise cloud security solutions is also anticipated to display considerable growth over the forecast years. It owes to the rising demand for managed security services across organizations, especially those who prefer to preserve their confidential data in-house instead of handing them over to cloud service providers.

Based on End User:

• Oil & Gas
• BFSI
• Healthcare
• Utilities
• IT & Telecom

The BFSI sector is anticipated to display significant growth and experience a major market share during the forecast period. It owes principally to the rapidly increasing demand for robust security systems to ensure privacy across banks, financial institutions, and insurance companies. As a result, the demand for cyber security services & solutions to eliminate & reduce cyber threats & attacks among these entities is rising swiftly and fueling the market growth across the BFSI sector. Besides, with an increasing inclination toward cloud solutions for quicker services & easy transactions, the BFSI sector is actively seeking these solutions to secure confidential data incorporated with real-time intelligence against insistent cyber-attacks and expand their customer base.

On the other hand, the healthcare sector is also projected to demonstrate considerable market share and market growth in the coming years. It owes principally to the growing need to secure patient data like healthcare records, insurance details, and other crucial information from cyberattacks that intend to gain insurance money falsely. In addition, increasing cases of data breaches across the healthcare sector are compromising the integrity of systems & disrupting patient care services, which are other crucial aspects encouraging the utilization of these services & driving the market across the healthcare industry.

The Middle East Cyber Security Market (2024-2030): Country Analysis:

Geographically, the Middle East Cyber Security Market expands across:

• The UAE
• Saudi Arabia
• Qatar
• Turkey
• Israel
• Kuwait
• Bahrain
• Oman
• Egypt
• Rest of the Middle East

The UAE is anticipated to dominate the market with the largest share during the forecast period. It owes principally to the swiftly expanding BFSI sector and its increasing shift toward online platforms to deliver facilities like quicker services & transactions to customers. Moreover, the rising FDI in the country is further propelling many commercial greenfield projects in the country. It, in turn, is driving the demand for cyber security solutions to secure customer data from cyber threats & attacks, driving the market across the UAE. For instance:

• In 2023, the total FDI capital inflows into the UAE increased by around 33% y/y to about USD 15.08 billion.

Furthermore, since most countries across the region are increasingly adopting information & communication technologies to enhance their social & economic conditions, the Middle East Cyber Security Market is anticipated to observe profitable opportunities and market trends in the coming years. Countries like Kuwait are actively taking steps toward digital transformation and developing e-health & e-government platforms. Such aspects are very likely to benefit the UAE Cyber Security Market across the country in the years to come.

The Middle East Cyber Security Industry Recent Development:

• 2024: Cisco announced to launch new local cloud data centre in the UAE for its Duo multifactor authentication (MFA) and secure access solution to support cybersecurity readiness.
• 2023: Sophos launched its its advanced cybersecurity solutions and services including Sophos Managed Detection and Response (MDR) at GITEX Global 2023 held at Dubai, the UAE.

Gain a Competitive Edge with Our Middle East Cyber Security Market Report

• The Middle East Cyber Security Market Report by Markntel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing business organizations to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• The Middle East Cyber Security Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.