Middle East Cyber Security Market Growing at CAGR of 14.2% | Key Players Cisco, Forcepoint, IBM, Intel Security, Symantec

Middle East Cyber Security Market Growing at CAGR of 14.2% | Key Players Cisco, Forcepoint, IBM, Intel Security, Symantec

“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)”
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%. Cyber security solutions and services help enterprises to be protected from advanced threats such as malware, ransomware, trojans, viruses, Distributed Denial of Service (DDoS) attacks, and advanced persistent threats (APTs). Technological innovations in cyber security solutions with the help of machine learning detection, big data behavioral analytics, and artificial intelligence help enterprises to safeguard their cyber infrastructure from advanced cyber-attacks.

The ever-changing threat landscape requires various cyber security solutions which Include Identity And Access Management (IAM), risk and compliance management, encryption, Data Loss Prevention (DLP), Unified Threat Management (UTM), firewall, antivirus/antimalware, Intrusion Detection System (IDS)/Intrusion Prevention System (IPS), security and vulnerability management, disaster recovery, DDoS mitigation, and web filtering. Such solutions offer threat detection and remediation across network, endpoint, databases, and cloud environment. An increasing demand from large enterprises and Small and Medium Enterprises (SMEs) across various industry verticals has boosted the demand for cyber security solutions and services.

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Cyber security solutions segmentations by security type include network security, application security, cloud security, and endpoint security. The network security segment is expected to grow at the highest CAGR during the forecast period. Increased network security breaches, rise in the penetration of Internet of Things (IoT) technologies and Bring Your Own Device (BYOD) trend are major reasons for the rise in the network security segment. The application security segment is estimated to hold a major share of the Middle East cyber security market in 2017, owing to the wide-scale threats targeted to application layer across various industry verticals. Moreover, companies are offering solutions that are tailored specifically to the organization’s requirements, further proliferating the demand for cyber security solutions and services.

The services segment is estimated to grow at the highest CAGR during the forecast period. The Middle East cyber security services market is segmented into two major types: professional services and managed services. These services allow easy implementation of cyber security solutions across the enterprise. Moreover, services such as training and education, along with maintenance and support, allow for seamless operation of cyber security solutions. The consulting services segment is expected to grow at the highest CAGR, and also holds a major share of the Middle East cyber security services market in 2017.

Large-scale adoption of cyber security solutions and services is helping organizations to achieve high availability, confidentiality, and integrity of data in endpoints, network layer, application layer, and cloud environment, along with high impact response time of business operations. The on-premises deployment mode holds a major share of the market in 2017, while the hybrid deployment is expected to grow at the highest CAGR over the forecast period as it keeps the critical enterprise data in the enterprise itself and shifts the non-critical data to the cloud environment, thereby reducing threats.

Large enterprises across various industry verticals hold a major share of the market, in terms of adoption of cyber security solutions in Middle East. However, an increased adoption of BYOD and mobile devices for business operations along with proliferation of advanced threats on endpoints, network, application, and cloud environment has led to a surge in the adoption of cyber security solutions and services across SMEs in Middle East, driving its growth at a higher CAGR over the forecast period.

The Middle East cyber security market is expected to witness a rapid growth in various countries across the Middle East region. Qatar is expected to grow at the highest CAGR during the forecast period, due to the increasing need for internet security, network security, and application security. Saudi Arabia is expected to contribute the largest market share in the overall Middle East cyber security market, due to the growing need of cyber security solutions for safeguarding against malwares, ransomwares, and APTs in industry verticals such as energy and power, government and public sector, IT and telecom, and others.

The adoption of cyber security solutions in Middle East is rising exponentially, due to the intensifying competition among market participants across various industry verticals. Check Point Software Technologies Ltd (Israel), Cisco Systems, Inc. (U.S.), Computer Sciences Corporation (U.S.), Forcepoint LLC (U.S.), Hewlett Packard Enterprise (HPE) 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) are the key vendors offering cyber security solutions across the Middle East region.

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The key players 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 (HPE) 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). These players have adopted various strategies such as partnerships, agreements, mergers & acquisitions, and new product developments to achieve growth in the Middle East cyber security market.

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