Middle East and Africa Cybersecurity Market worth $36.2 billion by 2028, growing at a CAGR of 10.2%: Report by MarketsandMarkets™
Chicago, Nov. 22, 2023 (GLOBE NEWSWIRE) -- *MarketsandMarkets forecasts the **Middle East and Africa Cybersecurity Market** to grow from an estimated USD 22.2 Billion in 2023 to USD 36.2 Billion by 2028 at a Compound Annual Growth Rate (CAGR) of 10.2% from 2023 to 2028, according to a new report by MarketsandMarkets™.* The market is expected to witness substantial growth in the upcoming years due to adherence to strict regulatory compliances and guidelines; and rising adoption of customized cloud solutions and IoT devices.
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392 - Pages*
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*Middle East and Africa Cybersecurity Market **Dynamics:*
*Drivers:*
1. Increased cyber threats and attacks
2. Growth of eCommerce and digital payment solutions
3. Stringent regulations and compliance requirements
4. Digital transformation initiatives
*Restraints:*
1. Lack of awareness and understanding
2. Inadequate infrastructure and lack of skilled professionals
3. Rapidly evolving threat landscape
*Opportunities:*
1. Cross-sector collaboration
2. International cooperation
*List of Key Players in *Middle East and Africa Cybersecurity Market*:*
· IBM (US)
· Cisco (US)
· Palo Alto Networks (US)
· Check Point (Israel)
· Trend Micro (Japan)
· Fortinet (US)
· Norton LifeLock (US)
· Sophos (UK)
· Kaspersky (Russia)
· Trellix (US)
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*By Organization Size, SMEs segment is expected to grow at a higher CAGR during the forecast period*
As SMEs increasingly adopt digitalization, they are exposed to new security risks. This leads the IT teams in SMEs to invest in incorporating improved digital security Middle East and Africa through adopting cybersecurity solutions. Cybercriminals take advantage of the poor security infrastructures of SMEs by using automation techniques to target their networks. SMEs are therefore looking for cybersecurity solutions to save money, time, and resources. Governments are also taking initiatives to protect SMEs in their respective countries. However, key factors, such as budgetary constraints for operational activities, the lack of capital funds, and skilled professionals, are projected to inhibit the market growth among SMEs in developing countries.
*By vertical, Aerospace and Defense to account for a larger market size during the forecast period*
The aerospace and defense vertical includes civil and military aerospace and defense procurements. Security threats in the aerospace and defense vertical are increasing alarmingly. This vertical is targeted to extract critical sectors' highly confidential and sensitive data, including government, prime contractors, and suppliers. Big data and increased digitalization are present in almost all aspects of the armed forces, which leads to high chances of attacks by cybercriminals. Next-generation firewalls, IPS, antimalware gateways, and endpoint security applications can protect data from known threats. Still, attackers have innovated many techniques to bypass these products and access confidential data. Therefore, protecting data and applications is a top priority for the aerospace and defense vertical, which is scouting for comprehensive security strategies.
*By Security Type, the Endpoint and IoT security segment is expected to account for a larger market size** during the forecast period*
Endpoint security refers to the security provided on endpoints, such as personal computers, laptops, smartphones, tablets, barcode readers, or Point of Sale (PoS) of enterprise networks. The common mode of attacks on the endpoint layer are viruses, hacking, software tampering, and heap overflow. Devices connected to platforms contain financial, organizational, and workforce information that must be protected without data loss or breach. Endpoint security solutions include antivirus, antispyware/malware, personal encryption firewall, IDS/IPS, patch and configuration management, behavioral blocking software, and virtualization security. These solutions provide continuous real-time threat detection, prevention, and response to network devices (endpoints). The increasing number of mobile devices has made networks more vulnerable to cyberattacks and malware. The trend of mobile workers, BYOD, social media, and cloud-synchronizing tools is one of the drivers of the endpoint security segment.
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*By Deployment Mode, the On-premises segment is expected to account for a larger market size** during the forecast period*
The on-premises deployment of cybersecurity solutions is a traditional method to install solutions locally in the security infrastructure of enterprises, such as in-house data centers. As data centers are accommodated on-site, the on-premises deployment of cybersecurity solutions provides more flexible customization of IT security for various organizations. On-premises security tools offer improved security and control over the data that can be managed by dedicated IT staff in organizations. Furthermore, with the help of on-premises cybersecurity solutions, security administrators focus on providing secure access to various on-premises tools to enterprises’ users and third parties for accessing on-premises web applications. Moreover, on-premises cybersecurity solutions enable system administrators to formulate and enforce security policies for remote access. These policies enable users to access relevant data through a single dashboard with the help of a Single-Sign-On (SSO). Organizations with highly sensitive information and databases, such as banks, the Department of Defense (DoD), and other government and military organizations, usually opt for on-premises-based cybersecurity solutions.
International companies have been playing a role in the Middle East and Africa region's cybersecurity market by partnering with local organizations and governments. For instance, in 2021, Microsoft announced its plan to establish its first data center in the Middle East and Africa region, which will offer Microsoft Azure cloud services and enhance its cybersecurity capabilities. Additionally, Cisco has been collaborating with regional governments and organizations to develop cybersecurity strategies and solutions and has established a cybersecurity center in Dubai to help organizations respond to cyber threats. These international partnerships and collaborations are expected to continue in the coming years to address the growing cybersecurity challenges in the Middle East and Africa region.
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