The report titled “MEA Cybersecurity Market” assesses the regional market based on type, end user, organization type, and country. A comprehensive report provides a detailed historical and future market size with trend analysis. The report underlines the market share analysis, services provided by leading players, overall penetration of the MEA cybersecurity market by country, competition overview, strategic imperatives, annual revenues, growth avenues, services offered, and future analysis for the target players assessed in the MEA cybersecurity market study.
Market Overview and Dynamics: Demand for cybersecurity to rise during the forecast period due to the increased complexity of cyber attacks
The Middle East & Africa cybersecurity market stood at US$ 21.0 billion in 2021 and is anticipated to grow at a CAGR of over 10.5% during the forecast period of 2022-2028. The increased complexity of cyber attacks and stringent government norms are some of the key factors expected to propel the demand for cybersecurity in the region. Moreover, regional organizations are aware of the cybercrimes impacting their business operations, thus, they are spending significantly on data and application security solutions.
The Middle East & Africa cybersecurity market is expected to witness a strong growth rate in the coming couple of years. The development of new online e-commerce platforms and the introduction of essential technologies such as artificial intelligence (AI), and the internet of things (IoT), coupled with robust digitalization in verticals like BFSI are some of the primary factors anticipated to drive the demand for cybersecurity solutions in MEA.
Saudi Arabia is expected to lead the Middle East & Africa cybersecurity market throughout the forecast period of 2022-2028. The expansion of network security solutions in the area and increased investments in supporting technological development are also supporting regional market growth.
- In UAE, developing e-commerce platforms and an enhanced focus of market players on developing internet security solutions based on AI platforms are expected to fuel market growth.
- Turkey’s cybersecurity market is also expected to gain substantial growth due to the beginning of remote working culture and increased cloud service and cyber security deployments in the coming years.
Segmental Analysis
- On the basis of end user, the BFSI segment is expected to lead the MEA cybersecurity market in terms of revenue generation. Banks in the region are responding to the consumers' preferences of the digital era by increasing their investments in digital innovations, as well as focusing on enhancing the security of mobile banking and the user experience.
- Based on the country, GCC dominated the MEA cybersecurity market in 2021 and is expected to maintain the same trend over the forecast period. Countries in the GCC region are investing significantly in cybersecurity solutions on the back of increased cyber-attacks.
- For instance, Saudi Arabia prevented more than 7 million cyberattacks in the first 3 months of 2021. The region's market growth is also anticipated to be further accelerated by the region's expanding digitalization.
Competition Analysis
There are many companies operating in the MEA cybersecurity market hence, the market is fragmented in nature. Global Leaders such as IBM, Oracle, and others are contributing significantly in terms of growth in the MEA cybersecurity market. Some of the players operating in the MEA cybersecurity market include Cisco Systems Inc., Dell Inc., IBM Corp., Broadcom Inc., Cipher LLC, Oracle Corp., Microsoft Corp., McAfee, Bosch, LME Services, WebSailors, KPIS Pvt. Ltd., Vosco Technologies Pvt. Ltd., BitMex, Augmenta Cyber Security, and Trustcom among others.
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Partnerships and collaborations, and the introduction of new technologies are some of the strategies followed by industry players. Some of the key developments in the MEA cybersecurity market include,
- In September 2022, Gulf Business Machines (GBM) announced the acquisition of Coordinates Middle East leading service providers. The reason behind the acquisition is to strengthen the security services offering and skills to customers and draw upon the legacy in the region of helping organizations enhance their cybersecurity capabilities.
- In May 2022, Mimecast Limited (“Mimecast”) announced the completion of its acquisition by funds advised by Permira for approximately $5.8 billion or $80.00 per share in cash.
RationalStat has segmented the MEA cybersecurity market on the basis of type, end user, organization type, and country.
- By Type
- Software
- Application Security
- Cloud Security
- Consumer Security Software
- Data Security
- Identity Access Management
- Infrastructure Protection
- Integrated Risk Management
- Network Security Management
- Other Information Security Software
- Hardware (Networking Equipment)
- Services
- Advisory & Consulting
- Implementation Services
- Distribution
- Software
- By End User
- Government/Public
- BFSI
- Securities
- Communications Media and Services
- Manufacturing
- Transportation
- Retail
- Utilities
- Education
- Construction
- Others(Healthcare, etc.)
- By Organization Type
- Small and Medium Enterprises (SMEs)
- Large Organizations/MNCs
- Government
- By Country
- UAE
- Saudi Arabia
- Turkey
- Egypt
- South Africa
- Rest of the Middle East and Africa
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