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% during the forecast period. Increased instances of cyber-attacks on industry verticals such as BFSI, energy and utilities, government and defense, healthcare, IT and ITeS and others in countries such as Kingdom of Saudi Arabia, UAE, Israel, Qatar, Bahrain, Kuwait, Egypt, Oman and Turkey in the Middle East region backed by deeper penetration of IT services in the region drive the demand for cybersecurity solutions and services.
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The network security segment to play a key role in the Middle East cybersecurity market
The network security segment is estimated to have the largest market size during the forecast period. With the growth of COVID-19-related adaption in remote working practices, the network of enterprises in the Middle East has been jeopardized. Organizations are adopting measures to combat the situation and are collaborating with security vendors to manage the situation effectively. Increasing vulnerability on the network in the energy and utilities, BFSI, and IT and ITeS industry verticals are triggering the growth of the Middle East cybersecurity market.
The healthcare vertical is expected to grow at the highest CAGR in the Middle East cybersecurity market
The healthcare industry vertical is expected to contribute the largest market share and is expected to grow at the highest CAGR from 2022 to 2027 in the Middle East cybersecurity market due to the technological proliferation of healthcare applications and increased instances of data thefts in the sector. The government and defense sector is expected to grow at the second-highest CAGR from 2022 to 2027 in the Middle East cybersecurity market, due to increasing instances of cyberattacks on the government sector and the government-regulated oil and gas companies. The demand for cybersecurity solutions is rising, as the adoption of these solutions provides advanced protection from cyber threats without affecting the operational efficiency.
The key players in the Middle East cybersecurity market 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). These players have adopted various strategies such as partnerships, agreements, mergers & acquisitions, and new product developments to achieve growth in the Middle East cybersecurity market.
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IBM is a computer, technology, and IT consulting corporation. As a creator, developer, and manufacturer of some of the world’s most updated technologies, it is one of the largest technology companies and the second-most valuable company. The company offers various cybersecurity solutions, including IAM, cloud security, application security, network projection, security intelligence and operations, data protection, and endpoint security. It also offers cybersecurity services that include data security services, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance. IBM’s security division offers next-generation security threat intelligence solutions and services in the cybersecurity market. Its security platform caters to many industry use case scenarios, including supply chain, financial services, automotive, real estate, food safety, identity, and international trade. The company offers solutions and services to various industries, including IT and ITeS, healthcare, life sciences, government, telecom, automobile, manufacturing, Fast-Moving Consumer Goods (FMCG), chemicals and petroleum, electronics, energy and power, media and entertainment, mining, retail, BFSI, travel and transportation, and education. It has a presence in UAE, Bahrain, Qatar, Saudi Arabia, Yemen, Oman, Kuwait, Lebanon, Iraq, and Jordan.
Trend Micro is a multinational cybersecurity company specializing in threat intelligence, mobile security, content security, data security, server security, and virtualization security. Trend Micro supplies products such as deep security for cloud and data centers, deep security-as-a-service, and server protection in the cybersecurity market. In the Middle East, Trend Micro has its presence in the KSA, UAE, Oman, Kuwait, Bahrain, Qatar, and Israel. In August 2021, Trend Micro announced the launch of its Middle East and North Africa (MENA) headquarters (HQ) in Riyadh. This makes the organization the first global cyber security company to launch its regional headquarters in Saudi Arabia. The company provides cybersecurity solutions in three major areas: hybrid cloud security, network security, and user protection. It provides solutions for ransomware, compliance, cloud, healthcare, GDPR, and end-of-support systems. The company’s clientele includes more than 500,000 customers. Trend Micro provides cybersecurity solutions in three major areas that are hybrid cloud security, network security, and user protection. It also provides solutions for ransomware, compliance, cloud, healthcare, GDPR, and end-of-support systems. The company has over 6,700 employees spread across 65 countries.
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