Saudi Arabia, by Country acquired the largest market revenue share in the Middle East Cyber Security Market– 6Wresearch.
In Middle East and Africa, Saudi Arabia cybersecurity market acquired the highest revenue share in the past few years owing to the growing exposure to digital communication networks and IT sector due to government initiative such as Digital Saudi plan 2030 along with rising number of people working remotely increased the need for managed security services in the country. In H1 2020, due to the spread of COVID-19 has forced the government to announce lockdown which has created a halt in services and delay in adoption of new technologies by businesses. However, the market witnessed growth from H2 2020 on account of increasing investments in ICT sector to enhance information technology related services for instance ICT sector had increased from $30.9 Billion in 2020 to $32.1 Billion in 2021 and the sector is expected to reach $49 billion in 2026 which would generate demand for security services to protect their servers and data from cyber threats.
According to 6Wresearch, Middle East and Africa Cyber security market size is projected to grow at a CAGR of 11% during 2022-2028. With the growing adoption of cloud computing, artificial intelligence coupled with Saudi Arabia government’s initiative to launch Vision 2030 and CyberIC to develop the domestic cybersecurity sector the demand for cybersecurity products and services would rise in upcoming years. Also, with rapid digital advancement during pandemic has made cybersecurity important in risk prevention and preparedness for security challenges which would augment the demand for cybersecurity products and services over the coming years.
According to Shubham Deep, Research Analyst, 6Wresearch, “On premises cyber security accounts for the largest revenue share in Middle East and Africa owing to high security concerns as it allows enterprises total control over all data and is managed and handled by their own qualified IT staff. However, the adoption of cloud-based business models to support work-from-anywhere and to improve efficiency in sectors such as banking to strengthen their tools like data encryption, logging, and auditing. IT sector would be expected to assist this transformation with new capabilities like cloud deployment in the coming years.
According to Swati Tomar, Research Associate, 6Wresearch, “Outsourcing, implementation, and hardware support services accounts for the dominant share in Middle East and Africa owing to high accuracy in internal and external scans across the IT network assets, it also reduces the resource need through a structured distributed deployment, thus reducing costs from IT operations. Furthermore, running a 24-hour internal cybersecurity team is challenging and expensive on the other hand, outsourcing cyber security services promises to be accessible all year round for real-time support and ensure organisation protection.
Major company in Middle East and Africa cyber security market is Cisco Systems Inc., Dell Technologies Inc., Kaspersky Lab, Microsoft Corporation, Fortinet Inc., Norton LifeLock Inc., IBM Corporation, Palo Alto Networks, Inc., NEC Corporation, FireEye Inc., Trend Micro, ESET
“Middle East Cyber security market (2022-28)” report provides an in-depth analysis with 192 figures and 68 tables, covered in 319 pages. The report comprehensively covers the market by types, applications, and regions. Middle East Cybersecurity market report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.