Posted On: 2020-07-21
Middle East and Africa cyber security market is expected to be dominated outsourcing, implementation and hardware support during the forecast period-6Wresearch
Middle East and Africa cyber security market would be driven by factors such as rising instances of targeted cyber-attacks and threats on various governmental and non-government organizations and stringent data protection regulations for information security in countries such as Saudi Arabia, UAE, Kenya, Bahrain, South Africa, and Egypt in the forthcoming years. Additionally, owing to increasing share of digital economy in overall GDP on the account of growing ICT and IT market spending is another reason for augmenting the demand for cyber security products and services in Middle East and Africa region during the forecast period. However, the spread of COVID across the region is expected to hamper the growth in market revenues, particularly on the account of disruptions in sectors such as manufacturing and retail.
According to 6Wresearch, Middle East and Africa (MEA) Cyber Security Market size is projected to grow at CAGR of 10.4% during 2020-2026. In 2019, Saudi Arabia held the majority of the market revenue share in the overall cyber security market of the Middle East and Africa region on account of improved ranking of competitiveness in the Global Cybersecurity Index 2019 wherein the country was placed 13th globally and 1st regionally. Furthermore, on the account of Vision 2030, there has been growing adoption of cloud computing, artificial intelligence & IoT across various industries that would result in larger utilization of cyber space, which in turn, would generate new areas of application for cyber security products and services in years to come. Alongside, significant growth is anticipated in countries such as UAE, South Africa and Egypt during the forecast period on account of increasing ICT & IT spending, internet penetration and infiltration of digital infrastructure.
According to Kanika Arora, Senior Research Analyst, 6Wresearch, “Based on verticals, government & defence has acquired highest revenue share in 2019 and the same trend is expected to continue in the Middle East & Africa region during the forecast period on account of increasing number of cyber-attacks in various government organizations and websites in form of malware attacks and bots across different nations.”
“However, BFSI is anticipated to grow fastest among other verticals owing to increasing number of transactions through digital payment methods which has increased the vulnerability of cyber-attacks on the respective domain. This in turn, would lead to in-house deployment of cyber security solution in the vertical.” Kanika further added.
According to Apoorva Sawhney, Research Analyst, 6Wresearch, “In 2019, based on deployment, on premise-based deployment acquired highest revenue share in overall Middle East and Africa region owing to several benefits available with aforementioned type such as high level of confidentiality and security which is pre-requisite for data sensitive industries. Moreover, on premises deployment offers a high degree of customization as compared to cloud based deployment.”
“However, cloud base deployment of cyber security solutions is anticipated to grow at a healthier rate in the region over the coming years on accounts of its lower cost and less susceptibility to data breaches as these are professionally manged in data centres as compared on premises deployment.” Apoorva further added.
Some of the major companies in Middle East and Africa cyber security market includes Cisco Systems Inc., Check Point Software Technologies Ltd., Palo Alto Networks Inc., IBM Corporation, etc.
“Middle East and Africa Cyber Security Market (2020-2026)” report provides an in-depth analysis with more than 151 figures and 32 tables covered in more than 225 pages. The report estimates and forecast the overall Middle East and Africa cyber security market by revenues, types, product types, service types, deployment, verticals and countries. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.