Explore details on Cyber Security Market in the Middle East is expected to grow from $11.38 Billion in 2017 to $ 22.14 Billion by 2022, at an estimated Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period.
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The Middle East cyber security market is segmented by solutions, services, security types, deployment modes, organization size, verticals, and countries. The solutions component is estimated to have the largest market size in 2017.
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.
Following companies have implemented different types of organic and inorganic growth strategies, such as innovative product launches, mergers & acquisitions, and partnerships & collaborations to expand their offerings in the Middle East cyber security market.
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Major vendors that offer Cyber Security Solutions and services across Middle East are 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.
Moreover, the services segment is expected to grow at the highest CAGR during the forecast period. An increasing demand from large enterprises and Small and Medium Enterprises (SMEs) from diverse industry verticals to safeguard their premises and cloud environment from advanced threats, such as malware, ransomware, and Advanced Persistent Threats (APTs) have led to the growth of the Middle East cyber security market.
In addition, stringent government compliance and the increasing demand for integrated and next-generation security solutions are expected to further increase the demand for such solutions.
In-depth interviews were conducted with the CEOs, marketing directors, other innovation &technology directors, and executives from various key organizations operating in the Middle East cyber security marketplace.
- By company type: Tier 1: 55%, Tier 2: 20%, and Tier 3: 25%
- By designation: C-Level: 60%, D-Level: 25%, and Others: 15%
Application Security Segment is expected to grow at the highest CAGR during the forecast period. Advanced threats on applications and advancements in mobile computing have led to the growing popularity of the enterprise mobility.
the Bring Your Own Device (BYOD) trend in the corporate environments is driving the demand over the forecast period. However, the network security segment holds the largest share in the Middle East cyber security market in 2017, due to the increased instances of threats on complex networks that affect the business operations of the various industry verticals.
Meanwhile, Saudi Arabia is expected to have the largest market size in during the forecast period. The country is one of the largest producers and exporters of total petroleum products.
Hence, the need to safeguard the associated industrial control systems and infrastructure from cyber-attacks and threats to ensure incessant optimal operations proliferates the demand for advanced cybersecurity solutions in Saudi Arabia.
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