SecurityWorldMarket

20/04/2022

ME cyber security market could reach $44B by 2027

Northbrook, Il (USA)

The cyber security market in the Middle East is projected to grow from USD 20.3 billion in 2022 to USD 44.7 billion by 2027, at a compound annual growth rate of 17.1% during the forecast period, according to new findings from research company, Marketsandmarkets. The increased sophistication of cyber attacks across heavy industries to result in financial and reputational losses, stringent government regulations, and cyber attacks due to the proliferation of digitalisation 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.

Network security plays a key role

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 jeopardised. Organisations 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 cyber security market.

The healthcare vertical looks strong

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 cyber security market due to the technological proliferation of healthcare applications and increased instances of data thefts in the sector. The government and defence sector is expected to grow at the second-highest CAGR from 2022 to 2027 in the Middle East cyber security market, due to increasing instances of cyber attacks on the government sector and the government-regulated oil and gas companies. The demand for cyber security solutions is rising, as the adoption of these solutions provides advanced protection from cyber threats without affecting the operational efficiency.

Dominant market share in the Kingdom of Saudi Arabia 

The Kingdom of Saudi Arabia is expected to have the largest market share and dominate the Middle East cyber security 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 cyber security market, as there is a wide presence of SMEs that are turning towards cyber security solutions to efficiently safeguard their business endpoints, network, application, and cloud environment.


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