Cyber Security is majorly technologies, services, solutions, processes, & controls to protect data in systems, networks, devices, programs, and other resources from cyber threats & attacks. With the help of these solutions, the risk of cyberattacks is reduced & eliminated, delivering protection against unauthorized exploitation of data or resources of an organization.
The Middle East has been witnessing an increasing number of cyber-attacks & cyber threats. As a result, governments of several countries in the region are massively investing in information & communication technologies. Owing to this, the risks of cyberattacks & data breaches across various end-user verticals are exponentially soaring.
The Middle East Cyber Security Market is projected to grow at a CAGR of around 14% during the forecast period, i.e., 2021-26. The market is driven primarily by the shift of end-users like Oil & Gas, BFSI, Healthcare, Utilities, IT & Telecom industries toward cloud computing, coupled with the surging use of technologies like the Internet of Things (IoT), Machine Learning (ML), Artificial Intelligence (AI), etc., in cyber security solutions to mitigate increasing cases of cyberattacks & threats. These aspects, in turn, are propelling the demand for robust cyber security solutions & services across organizations.
Countries like Saudi Arabia & the UAE are undergoing rapid digitalization, which has substantially surged the use of connected devices and, in turn, paved new paths for data breaches & identity thefts. Governments, especially in these countries, are massively investing in information & communication technologies, which is why most schools, banks, government offices, & hospitals are increasingly deploying cloud solutions, with a very little focus on their security requirements.
Besides, the swiftly expanding e-commerce platforms and growing vulnerabilities of organizations toward cyber threats are other crucial aspects contributing significantly to the burgeoning demand for robust cyber security solutions across the Middle East and, in turn, driving the market.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Countries Covered||UAE, Saudi Arabia, South Africa|
|Key Companies Profiled||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.|
|Unit Denominations||USD Million/Billion|
Impact of Covid-19 on the Middle East Cyber Security Market
The Covid-19 pandemic in 2020 had a decelerating effect on most industries across the Middle East, and the Cyber Security Market was no exception. The governments of different countries in the Middle East imposed stringent movement restrictions & frequent lockdowns to curb the spread of this dreadful disease.
As a result, several small & medium, and large enterprises made a sudden shift toward work-from-home policies. Additionally, some organizations witnessed unprecedented challenges like increasing cases of cyber threats & attacks, which negatively affected their business growth.
Nonetheless, organizations began to seek robust cyber security solutions & services to address such threats & eliminate further possible attacks. It, in turn, positively impacted the Cyber Security Market across the Middle East, especially across the manufacturing, government, healthcare, and BFSI (Banking, Financial Services, & Insurance) sectors.
Moreover, with the gradual improvement in the pandemic situation, governments have uplifted restrictions & allowed the recommencement of business operations from physical workplaces. Due to this, the market shall regain its usual growth pace with the active participation of prominent players in the coming years. Some developments by the market players to curb cyber-attacks & deliver robust security solutions & services to organizations amidst the pandemic include:
Based on Deployment:
Of them all, 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. For instance:
On the other hand, the demand for On-Premise cloud security solutions is 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:
Of them all, the BFSI sector is anticipated to display significant market growth during the forecast period. It owes principally to the rapidly increasing demand for robust security systems to ensure privacy across banks, financial institutions, & insurance companies. As a result, the demand for cyber security services & solutions to eliminate & reduce cyber threats & attacks among these entities is rising swiftly & fueling the market growth across the BFSI sector. Besides, with 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 & expand their customer base.
On the other hand, the healthcare sector is projected to demonstrate considerable market growth in the coming years. It owes principally to the growing need to secure patient data like healthcare records, insurance details, & 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. Besides, the active participation of prominent players in the market is also contributing to the market growth across the healthcare sector. For instance:
Geographically, the Middle East Cyber Security Market expands across:
Of them all, 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 & its increasing shift toward online platforms to deliver facilities like quicker services & transactions to customers. It, in turn, is propelling the demand for cyber security solutions to secure customer data from cyber threats & attacks & driving the market across the UAE.
On the other hand, Saudi Arabia is expected to display the fastest market growth during 2021-26. It owes to the rapidly increasing adoption of Information & Communications Technology (ICT) in the country, making it a hub for cyber threats & attacks. Additionally, the rapidly evolving digital transformation in Saudi Arabia is anticipated to increase the number of cyberattacks across the country, which, in turn, would substantially surge the demand for cyber security services & solutions through 2026.
Nonetheless, 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 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 market across the country in the years to come.
Recent Developments by Leading Companies
Key Driver: Rapidly Expanding E-Commerce Sector Boosts the Market
The rapidly increasing number of e-commerce companies across the Middle East & their mounting focus on adopting network security solutions online platforms are projected to drive the Cyber Security Market during 2021-26. Besides, with the Covid-19 pandemic, these security solutions have become of utmost importance for online retailers. Hence, the growing adoption of these security technologies among e-commerce retailers to address various concerns over cyber-attacks & threats shall drive the market in the coming years.
Possible Restraint: Unavailability of Skilled Professionals to Manage Security Solutions and Budget Restrictions for Small Enterprises
Due to the increasing prevalence of cyber threats & data breaches across the Middle East, the demand for technologically advanced security solutions is soaring substantially since the conventional ones are not proficient enough to attain a robust security infrastructure. However, the lack of skilled professionals required for the development & management of advanced cyber security solutions might restrain the market growth in the future. Moreover, the high initial cost to implement & update these security systems might also restrict their deployment, especially across small & medium-sized enterprises in the region.
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 Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
A. The Middle East Cyber Security Market is projected to grow at a CAGR of around 14% during 2021-26.
A. Cloud-based cyber security solutions are anticipated to emerge as an area of lucrative growth opportunities for the leading players in the Middle East Cyber Security Market during 2021-26.
A. The rapidly expanding e-commerce platforms integrating advanced technologies like AI, Blockchain, ML, etc., are expected to propel the demand for reliable & robust cyber security solutions & drive the Middle East Cyber Security Market through 2026.
A. With the ease of restrictions, the leading market players are introducing advanced technologies like the Internet of Things (IoT), Cloud, etc., in cyber security solutions to expand their product portfolio across the Middle East. It, in turn, would positively influence the growth of the Cyber Security Market in the region over the forecast years.