Middle East & Africa Cybersecurity Market Size By Deployment (Cloud-Based, On-Premise), By End-User (Government, IT, And Telecommunications), By Organization Size (Large Enterprises, SME), & Geographic Scope And Forecast

Middle East & Africa Cybersecurity Market and Forecast

Middle East & Africa Cybersecurity Market size is valued at USD 8.75 Billion in 2024 and is anticipated to reach USD 23.26 Billion by 2031, growing at a CAGR of 14.35% from 2024 to 2031.

• The term “cybersecurity” refers to the culmination of the processes, practices, and technologies that are used to protect data, programs, computers, and networks from any unauthorized access, damage, or attack. Cybersecurity is defined as the culmination of these processes, practices, and technologies.
• Facilities and devices related to information technology must be protected against unauthorized access and vandalism. Moreover, individuals who use information technology should be protected against various security threats.
• These threats include identity theft, extortion, asset theft, and cybercriminals causing equipment damage, and compromising business processes. It is necessary to take adequate measures to ensure the safety and security of both the technology and its users.
• Furthermore, the information technology industry places a significant emphasis on cybersecurity. There are a variety of professional certifications available to those who have completed training and demonstrated cybersecurity skills.

Middle East & Africa Cybersecurity Market Dynamics

The key market dynamics that are shaping the Middle East & Africa Cybersecurity Market include

Key Market Drivers

• Rising Cyber threatsMalware, ransomware, phishing scams, and advanced persistent threats (APTs) are just a few of the rising cyber threats that the Middle East and Africa (MEA) region must deal with. To shield enterprises from changing cyber threats, there is a greater need for cybersecurity services and solutions due to the current threat landscape.
• Digital TransformationTo spur innovation and competitiveness, businesses in the MEA region are rapidly embracing digital platforms, cloud computing, mobile technologies, and the Internet of Things (IoT). To secure data protection and protect digital assets, cybersecurity solutions are becoming more and more expensive as a result of digitalization.
• Regulatory ComplianceTo reduce cyber risks, defend vital infrastructure, and preserve citizens’ privacy, governments throughout the Middle East and Africa (MEA) are passing strict data protection laws and cybersecurity regulations. Demand for cybersecurity solutions and services is driven by adherence to laws like the Protection of Personal Information Act (POPIA) in South Africa, the Cybersecurity Law in Saudi Arabia, and the regulations of the National Electronic Security Authority (NESA) in the United Arab Emirates.
• Growing Cybersecurity AwarenessPeople, organizations, and governments in the MEA region are becoming more conscious of the risks associated with cybersecurity. The significance of cybersecurity investments has been brought to light by high-profile cyberattacks and data breaches, which have resulted in higher spending on cybersecurity solutions, education, and awareness campaigns.
• Expansion of Critical InfrastructureMajor investments are being made in smart cities, transportation networks, energy facilities, and telecommunications infrastructure in the MEA region. The need for cybersecurity solutions suited to the requirements of critical infrastructure sectors is fueled by the necessity of safeguarding these vital assets from cyberattacks.

Key Challenges

• Complex CyberthreatsThe Middle East and North Africa (MEA) region is confronted with a growing number of complex cyberthreats, such as ransomware, phishing, malware, and advanced persistent threats (APTs). These threats primarily target the digital assets, critical infrastructure, and sensitive data of organizations, thereby presenting considerable financial and security risks.
• Lack of Knowledge and EducationBusinesses, governments, and individuals in the MEA region lack knowledge about cybersecurity risks, best practices, and compliance requirements, which makes it difficult to adopt effective cybersecurity measures.
• Limited Cybersecurity BudgetsMany MEA region organizations have a limited amount of money set aside for cybersecurity, which makes it difficult for them to hire cybersecurity experts, invest in strong security solutions, and put comprehensive security plans into place. As a result, they are more susceptible to cyberattacks.
• Lack of Skilled ProfessionalsOrganizations’ capacity to effectively address cyber threats and vulnerabilities is hampered by the lack of qualified cybersecurity experts in the MEA region, which exacerbates the talent gap in cybersecurity and makes it difficult for them to hire, develop, and retain these experts.
• Obstacles to Regulation and ComplianceMEA nations frequently lack thorough cybersecurity laws and guidelines, which makes it difficult for businesses operating internationally to comply with regulations and enforce laws consistently. This makes it difficult to build a robust cybersecurity posture and safeguard sensitive data.
• Legacy IT InfrastructureA large number of MEA region organizations rely on antiquated technology systems and legacy IT infrastructure that lack built-in security features. As a result, these systems are more vulnerable to cyberattacks, data breaches, and vulnerability exploitation, requiring modernization and cybersecurity upgrades.

Key Opportunities

• Increasing InvestmentInvestment in cybersecurity services and solutions has increased significantly as a result of the growing digital transformation occurring across industries in the Middle East and Africa. Organizations are investing more in cybersecurity initiatives as a result of realizing how important it is to safeguard their sensitive data and digital assets.
• Growing CyberthreatsThe need for strong cybersecurity solutions is highlighted by the growing threats and sophisticated cyberattacks that target Middle Eastern and African enterprises. This gives cybersecurity vendors the chance to assist enterprises in effectively defending against cyber threats by providing advanced threat detection, incident response, and managed security services.
• Cloud securityDue to advantages like cost effectiveness, scalability, and flexibility, cloud computing is becoming more and more popular in the Middle East and Africa. Cloud security services and solutions are becoming more and more necessary as businesses move their workloads and data to the cloud to safeguard cloud-based assets, maintain data privacy, and comply with regulations.
• Digital TransformationCybersecurity vendors can now offer customized solutions to protect digital assets, IoT devices, and critical infrastructure against cyber threats thanks to the ongoing digital transformation initiatives across various industries, such as banking, healthcare, government, and oil and gas.
• Cybersecurity Skills GapTo close the skills gap and develop a strong cybersecurity workforce, cybersecurity training providers and educational institutions can offer cybersecurity training programs, certifications, and workshops. This is made possible by the lack of qualified cybersecurity professionals in the Middle East and Africa.

Middle East & Africa Cybersecurity Market Regional Analysis

Here is a more detailed regional analysis of the Middle East & Africa Cybersecurity Market

Middle East & Africa

• The MEA region has experienced a considerable surge in cyber threats and attacks, such as phishing, ransomware, and other malware attacks. Governments and corporations are increasing their cybersecurity efforts to protect critical data and infrastructure.
• As countries in the MEA area implement technologies such as IoT, cloud computing, and mobile services, the need for cybersecurity solutions to protect these digital assets has grown.
• Compliance with national and international cybersecurity legislation and standards is becoming increasingly important. This regulatory pressure is compelling firms to implement advanced cybersecurity solutions to avoid penalties and defend their brand.
• Furthermore, the MEA region’s public and commercial sectors are boosting their investments in cybersecurity infrastructure. This includes establishing national cybersecurity centers, implementing modern cybersecurity technology, and educating qualified cybersecurity workers.

Middle East & Africa Cybersecurity MarketSegmentation Analysis

The Middle East & Africa Cybersecurity Market is segmented based on Deployment, End-User, and Organization Size.

Middle East & Africa Cybersecurity Market, By Deployment

• Cloud-Based
• On-Premise

Based on Deployment, the market is segmented into Cloud-based and On-premise. The cloud-based segment is estimated to dominate the market throughout the forecast period. The expansion is attributed to the rising demand for applications that can store and protect data using more advanced security methods. Additionally, market participants are teaming up with other major firms to build innovative cloud-based security solutions.

Middle East & Africa Cybersecurity Market, By End-user

• Government
• IT and Telecommunications
• Banking, Financial Services, and Insurance (BFSI)
• Retail
• Healthcare
• Aerospace and Defense
• Manufacturing
• Others

Based on End-User, the market is segmented into Government, IT and Telecommunications, Banking, Financial Services, and Insurance (BFSI), Retail, Healthcare, Aerospace and Defense, Manufacturing, and Others. In comparison to other industries, it is anticipated that the BFSI sector will grow at the fastest CAGR throughout the period in question. This expansion might be attributed to the growing demand for reliable security and digital privacy protection systems among banking, insurance, and financial organizations. Cloud application security solutions assist financial institutions, such as banks and insurance companies, in defending themselves against persistent cyberattacks and securing highly secret data that is integrated with real-time information.

Middle East & Africa Cybersecurity Market, Organization Size

• Large Enterprises
• SME

Based on organization size, the market is segmented into large enterprises and SMEs. The large enterprise segment is estimated to hold the largest market share during the forecast period. Big businesses dominate the industry due to their dedication to streamlining the administration and maintenance. The segment’s expansion is primarily attributable to major organizations’ need for higher-quality goods and an efficient development process. More spending on R&D also contributes to higher company productivity.

Key Players

The “Middle East & Africa Cybersecurity Market” study report will provide valuable insight emphasizing the market. The major players in the market are Thermo Fisher Scientific, Alfa Scientific Designs, Alere, Quest Diagnostics, LabCorp, and American Bio Medica Corporation.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.

Middle East & Africa Cybersecurity Market Recent Developments

• In November 2023, Cisco integrated new business metrics into Cloud Observability, enhancing the platform’s ability to provide business context for modern applications on Amazon Web Services. This update includes AWS services integration, application performance monitoring (APM) correlation, and comprehensive visibility into cloud-native applications.
• In November 2023, Palo Alto Networks introduced Strata Cloud Manager, a groundbreaking Al-driven Zero Trust management solution. Boasting over 4,400 machine learning models, this innovation underscores Palo Alto Networks’ dedication to merging Al and Zero Trust for optimal customer protection.
• In January 2023, Trend Micro established a new subsidiary, CTOne, which aims to enhance 5G network security. CTOne has been created as a standalone business, drawing upon the intellectual capital and leadership of Trend Micro’s innovative culture, and is the latest incubation project to be launched in this way.
• In March 2022, IBM introduced a new cloud service for managing and protecting critical data in hybrid and multi-cloud environments. This service enables businesses to utilize IBM’s security features for their data, no matter where it is stored, be it on other clouds, on-premises, or in IBM’s cloud. The service aims to reduce the risk of cyberattacks and insider threats to sensitive information.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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