The major growth drivers of the market include the need to mitigate IT security risks, rising instances of enterprise targeted cyber-attacks and threats, and proliferation of smart city and digitization projects in the Middle East region.
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The report "Middle East Cyber Security Market by Solution (IAM, Encryption, DLP, UTM, Antivirus/Antimalware, Firewall, IDS/IPS, Disaster Recovery), Service, Security Type, Deployment Mode, Organization Size, Vertical, and Country - Forecast to 2022", The Middle East cyber security market size is expected to grow from USD 11.38 Billion in 2017 to USD 22.14 Billion by 2022, at an estimated Compound Annual Growth Rate (CAGR) of 14.2%.
The cyber security solutions and services help companies to protect on their endpoints, network, application, and cloud environment from advanced threats such as malware, ransomware, DDoS attacks, and Advanced Persistent Threats (APTs). Moreover, increasing demand from Small and Medium Enterprises (SMEs) operating across diverse industry verticals and countries is expected to drive the market growth during the forecast period.
The application security segment to play a key role in the Middle East cyber security market
The application security segment is projected to grow at the highest CAGR during the forecast period.
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Increasing vulnerability on application in the energy and utilities, BFSI, and IT and telecom industry verticals are triggering the growth of the Middle East cyber security market.
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The government and defense vertical is expected to grow at the highest CAGR in the Middle East cyber security market
The government and defense industry vertical is expected to contribute the largest market share and expected to grow at the highest CAGR from 2017 to 2022 in the Middle East cyber security market, due to increasing instances of cyberattacks on the government sector and the government-regulated oil and gas companies. The healthcare sector is expected to grow at the second highest CAGR from 2017 to 2022 in the Middle East cyber security market, due to the technological proliferation of healthcare applications and increased instances of data thefts in the sector.
The demand for cyber security solutions is increasing, as the adoption of these solutions provides advanced protection from cyber threats without affecting the operational efficiency.
Saudi Arabia is expected to contribute the largest market share, whereas Qatar is projected to grow at the highest rate
Saudi Arabia is expected to have the largest market share and dominate the Middle East cyber security market from 2017 to 2022, due to the need to safeguard enterprises in various industrial verticals such as energy and utilities, government and defense, IT and telecom, and healthcare from advanced threats. Qatar offers potential growth opportunities in the Middle East cyber security market, as there is a wide presence of SMEs that are turning towards cyber security solutions to efficiently safeguard their business endpoints, network, application, and cloud environment.
The major vendors in the Middle East Cyber Security market include Check Point Software Technologies Ltd (Israel), Cisco Systems, Inc. (U.S.), Computer Sciences Corporation (U.S.), Forcepoint LLC (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Intel Security (U.S.), IBM Corporation (U.S.), Sophos Ltd (U.K.), Symantec Corporation (U.S.), and Trend Micro, Inc. (Japan).
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