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(IT-NEWSWIRE.COM, April 24, 2024 ) According to a research report "Middle East Cybersecurity Market by Offering (Solutions and Services), Solution Type, Security Type, Deployment Mode (On-Premises, Cloud, Hybrid), Organization Size (Large Enterprises, SME), Vertical and Region - Global Forecast to 2028" published by MarketsandMarkets, the Middle East cybersecurity market size is projected to grow from USD 14.8 billion in 2023 to USD 23.4 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period.
The expansion of the Middle East cybersecurity market is propelled by the surge in digital transformation initiatives, driving widespread adoption of cloud technology. Regulatory efforts to counter the evolving threat environment further bolster this growth, emphasizing the critical role of cybersecurity. The Kingdom of Saudi Arabia's Vision 2030 is also a key driver, shaping the region's cybersecurity market dynamics. As the KSA charts a comprehensive vision, it fuels advancements in digital security. Concurrently, the Middle East witnesses a flourishing startup ecosystem that intricately shapes the trajectory of cybersecurity solutions. This confluence of factors positions the region at the forefront of cybersecurity innovation and resilience.
Browse in-depth TOC on "Middle East Cybersecurity Market”
403 - Tables
47 - Figures
422 - Pages
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Based on the offering, the services segment will grow at the highest CAGR during the forecasted period.
The exponential growth of the services segment in the Middle East cybersecurity market is driven by the multifaceted challenges posed by evolving cyber threats. The region has witnessed a significant surge in cyber threats and attacks, creating a heightened demand for cybersecurity solutions and services. The expanding landscape of eCommerce and digital payment solutions has intensified the need for robust cybersecurity measures, fueling the growth of services specializing in digital asset protection. The region's stringent regulations and compliance requirements have mandated comprehensive cybersecurity services, ensuring adherence and robust data protection practices. Concurrently, the ongoing digital transformation initiatives amplify the demand for cybersecurity services essential for safeguarding digital assets and infrastructure. Moreover, the rising demand for cyber-insurance contributes significantly to the burgeoning services sector, establishing it as the fastest-growing segment in the Middle East cybersecurity market.
By deployment mode, on-premises accounts for the highest market size during the forecast period.
The on-premises segment has the largest market size in the Middle East cybersecurity market for various reasons, such as the paramount importance placed on data privacy concerns. Organizations, particularly government agencies and critical infrastructure operators, prioritize data sovereignty and control over sensitive information. On-premises solutions offer greater control over data storage and processing, alleviating concerns about cloud-based solutions potentially exposing data to foreign jurisdictions. Additionally, regulatory compliance in the region may restrict or discourage storing certain types of data in the cloud, further emphasizing the role of on-premises solutions in ensuring adherence to regulations.
Security considerations also play a pivotal role, with on-premises solutions providing customization, control over security policies, and offline functionality to ensure uninterrupted operations during internet outages. Cost factors, including the preference for predictable costs over recurring subscription fees and the limited cloud infrastructure in some Middle Eastern regions, contribute to the dominance of the on-premises segment. Moreover, existing infrastructure and investments, such as legacy systems and internal expertise in managing on-premises security solutions, further consolidate the on-premises market's stronghold in the region.
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By region, Israel is to grow at the highest CAGR during the forecast period.
Israel is witnessing an unprecedented growth rate in the Middle East cybersecurity market, driven by a combination of factors uniquely positioning the nation for rapid expansion. With a robust technological foundation, Israel's vibrant startup ecosystem is pivotal in fostering groundbreaking cybersecurity technologies. The strong military and intelligence sectors contribute significantly, investing heavily in cybersecurity development and cultivating a pool of highly skilled professionals. Israel's emphasis on STEM education further ensures a well-educated workforce, creating a robust talent pipeline for the cybersecurity industry.
In the face of constant cyber threats, Israel has developed extensive expertise in defending against sophisticated attacks, resulting in practical solutions for the market. Cybersecurity is not merely a business concern but a cornerstone of national security, garnering significant government support and investment. Furthermore, the market-specific advantages of niche expertise, adaptability, and cultural proximity to some Middle Eastern countries position Israeli companies as leading players in the region. Foreign investment and regional collaborations further propel Israel's cybersecurity sector, solidifying its status as the fastest-growing player in the Middle East.
Key Players
IBM (US), Cisco (US), Palo Alto Networks (US), Check Point (US), Trend Micro (Japan), Fortinet (US), Broadcom (US), Sophos (UK), Trellix (US), EDGE Group (UAE), SecureWorks (US), CPX (UAE), MDS UAE (UAE), Forescout (US), Protiviti (US), Mandiant (US), LogRhythm (US), Help AG (UAE), Moro Hub (UAE), DTS Solution (UAE), Ras Infotech (UAE), spiderSilk (UAE), CyberSec Consulting (US), CodeGreen Systems (UAE), Malwarebytes (US), Safe Decision (KSA), Security Matterz (KSA), Cato Networks (Israel), CyberGate Defense (UAE) are the key players and other players in the middle east cybersecurity market.
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