(EMAILWIRE.COM, September 30, 2022 ) According to MarketsandMarkets, the global 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. The increased sophistication of cyberattacks across heavy industries to result in financial and reputational losses, stringent government regulations, and cyberattacks due to the proliferation of digitalization are anticipated to be the major market drivers. The need to adopt necessary steps in advance for securing the overall security posture and technological advancements in cloud and IoT has bolstered potential use cases across verticals.
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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.
Kingdom of Saudi Arabia is expected to contribute the largest market share, whereas Israel is projected to grow at the highest rate
Kingdom of Saudi Arabia is expected to have the largest market share and dominate the Middle East Cybersecurity Market from 2022 to 2027, due to the need to safeguard enterprises in various industrial verticals such as BFSI, energy and utilities, government and defense, healthcare, IT and ITeS and others from advanced threats. Israel offers potential growth opportunities in the Middle East Cybersecurity Market, as there is a wide presence of SMEs that are turning towards cybersecurity solutions to efficiently safeguard their business endpoints, network, application, and cloud environment.
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The market players profiled in this report include IBM (US), Cisco (US), Palo Alto Networks (US), Check Point (Israel), Trend Micro (Japan), Fortinet (US), NortonLifeLock (US), Sophos (UK), Kaspersky (Russia), Trellix (US), DTS Solution (UAE), RAS Infotech (UAE), spiderSilk (UAE), CYBERSEC CONSULTING (UAE), AHAD (UAE), CodeGreen (UAE), LogRhythm (US), Malwarebytes (US), Safe Decision (KSA), Security Matterz (KSA), Infratech (KSA), Cato Networks (Israel), Help AG (UAE), Cysiv (Egypt), and CyberGate (UAE). These players offer cybersecurity solutions and services to cater to the demands and needs of customers. Major growth strategies adopted by these players include partnerships, collaborations and agreements, and new product launches/product enhancements.