Dublin, May 25, 2022 (GLOBE NEWSWIRE) — The “Middle East Cybersecurity Market with COVID-19 Analysis, by Component (Solutions and Services), Security Type (Network Security, Endpoint Security, Cloud Security, Database Security), Deployment Mode, Organization Size, Vertical – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The Middle East cybersecurity market size is projected to grow from USD 20.3 billion in 2022 to USD 44.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 17.1%
The increased sophistication of cyberattacks across heavy industries to result in financial and reputational losses, stringent government regulations, and cyberattacks due to the proliferation of digitalization are anticipated to be the major market drivers.
The need to adopt necessary steps in advance for securing the overall security posture and technological advancements in cloud and IoT has bolstered potential use cases across verticals.
By security type, the network security segment is expected to grow at with the largest market size during the forecast period
Cybersecurity is an approach to safeguard endpoints, networks, applications, cloud, and data from advanced threats and vulnerabilities.
This involves a set of security technologies, solutions, tools, policies, security concepts, guidelines, risk management approaches, and professional & managed services, to protect critical enterprise information and infrastructure from cyber-attacks, damages, or unauthorized access. With appropriate cybersecurity solutions in place, an organization can avert security attack and breaches that eventually helps in cutting down business cost and enhance its information security infrastructure.
The public and private organizations across the Middle East countries hold a huge amount of sensitive data that is prone to cyber threats and needs to be secured. Moreover, with the rise in the sophistication level of cyber-attacks, there has been an increase in the demand for comprehensive cybersecurity solutions.
The regional and global security vendors in the region are developing advanced intelligence based on cybersecurity solutions to provide proactive and holistic security to critical business applications. Cloud security helps enterprises in securing their cloud networks. Many organizations in the Middle East are getting oriented towards the usage of advanced technologies. Hence, the network security segment is gaining traction in the region.
By vertical, the healthcare vertical to be the fastest-growing vertical during the forecast period
The health care segment is the fastest-growing vertical during the forecast period. The increase in high-profile attacks on this sector has led to its adoption of cybersecurity.
In the healthcare vertical, cybersecurity solutions such as medical device penetration testing, network segmentation for medical equipment, device inventory and risk analysis, medical device risk assessments, continuous incident response, etc. will play an integral role in securing the entities related to patients as well as hospital data in the healthcare vertical. Moreover, security services also help healthcare organizations comply with stringent HIPAA and PCI DSS compliances.
Kingdom of Saudi Arabia (KSA) to hold the highest market share during the forecast period
Technological advancements like cloud, 5G, and IoT have led to the SMEs and large enterprises in the KSA are drivers to the growth of the market. Also, government regulations, soaring cybersecurity incidents and cloud technology adoption in the country have contributed to market growth.
Key vendors offering Middle East cybersecurity services include IBM (US), Cisco (US), Palo Alto Networks (US), Check Point (Israel), Trend Micro (Japan), Fortinet (US), NortonLifeLock (US), Sophos (UK), Kaspersky (Russia), and Trellix (US).
- Increased Sophistication of Cyberattacks and Stringent Government Regulations to Fuel the Growth of the Market
- Energy and Utilities Segment and KSA to Hold the Largest Market Shares in 2022
- Solutions Segment to Hold a Larger Market Share During the Forecast Period
- On-Premises Segment to Hold a Larger Market Share During the Forecast Period
- Network Security Segment to Hold the Largest Market Share in 2022
- Israel to Emerge as the Best Market for Investments in the Next Five Years
- Increased Sophistication of Cyberattacks Across Heavy Industries Results in Financial and Reputational Losses
- Stringent Government Regulations to Increase Adoption of Cybersecurity Solutions
- Proliferation of Digitalization Has Opened New Gateways for Cyberattacks
- Higher Costs of Innovation and Budget Constraints
- Government Initiatives Such as Smart Cities, KSA Vision 2030, and Qatar World Cup 2022
- Rising Adoption of Cloud Technology and IoT Devices
- Growing Demand for Integrated and Robust Cybersecurity Solutions and Services Among Enterprises
- Lack of Skilled Cybersecurity Experts
Market Dynamics During the COVID-19 Outbreak
- Drivers and Opportunities
- Restraints and Challenges
- General Data Protection Regulation
- Payment Card Industry Data Security Standard
- Health Insurance Portability and Accountability Act
- Gramm-Leach-Bliley Act
- Sarbanes-Oxley Act
- Use Cases
Value Chain Analysis
Middle East Cybersecurity Ecosystem
- User and Entity Behavior Analytics and Cybersecurity Framework
- Tokenization and Cybersecurity Framework
- Internet of Things and Cybersecurity Framework
- Palo Alto Networks
- Check Point
- Trend Micro
- Dts Solution
- Ras Infotech
- Cybersec Consulting
- Safe Decision
- Security Matterz
- Cato Networks
- Help Ag
For more information about this report visit https://www.researchandmarkets.com/r/ivq8a5
- Middle Eastern Cybersecurity Market