The Kingdom of Saudi Arabia's Vision 2030 was also found to be a key driver, shaping the region's cyber security market dynamics. As the KSA charts a comprehensive vision, it fuels advancements in digital security. Concurrently, the Middle East witnesses a flourishing startup ecosystem that intricately shapes the trajectory of cyber security solutions. This confluence of factors positions the region at the forefront of cyber security innovation and resilience, according to the research company's latest findings.

Services segment to grow at highest CAGR

The exponential growth of the services segment in the Middle East cyber security market is driven by the multifaceted challenges posed by evolving cyber threats. The region has witnessed a significant surge in cyber threats and attacks, creating a heightened demand for cyber security solutions and services. The expanding landscape of ecommerce and digital payment solutions has intensified the need for robust cyber security measures, fueling the growth of services specialising in digital asset protection. The region's stringent regulations and compliance requirements have mandated comprehensive cyber security services, ensuring adherence and robust data protection practices. Concurrently, the ongoing digital transformation initiatives amplify the demand for cyber security services essential for safeguarding digital assets and infrastructure. Moreover, the rising demand for cyber-insurance contributes significantly to the burgeoning services sector, establishing it as the fastest-growing segment in the Middle East cyber security market.

On-premises deployment is most popular option 

The on-premises segment has the largest market size in the Middle East cyber security market for various reasons, such as the paramount importance placed on data privacy concerns. Organisations, particularly government agencies and critical infrastructure operators, prioritise data sovereignty and control over sensitive information. On-premises solutions offer greater control over data storage and processing, alleviating concerns about cloud-based solutions potentially exposing data to foreign jurisdictions. Additionally, regulatory compliance in the region may restrict or discourage storing certain types of data in the cloud, further emphasising the role of on-premises solutions in ensuring adherence to regulations

Control over policies

Security considerations also play a pivotal role, with on-premises solutions providing customisation, control over security policies, and offline functionality to ensure uninterrupted operations during internet outages. Cost factors, including the preference for predictable costs over recurring subscription fees and the limited cloud infrastructure in some Middle Eastern regions, contribute to the dominance of the on-premises segment. Moreover, existing infrastructure and investments, such as legacy systems and internal expertise in managing on-premises security solutions, further consolidate the on-premises market's stronghold in the region.

Unprecedented growth in Israel

Israel is witnessing an unprecedented growth rate in the Middle East cyber security market, driven by a combination of factors uniquely positioning the nation for rapid expansion. With a robust technological foundation, Israel's vibrant startup ecosystem is pivotal in fostering groundbreaking cyber security technologies. The strong military and intelligence sectors contribute significantly, investing heavily in cyber security development and cultivating a pool of highly skilled professionals. Israel's emphasis on STEM education further ensures a well-educated workforce, creating a robust talent pipeline for the cyber security industry.

Heavy investment in extensive expertise

In the face of constant cyber threats, Israel has developed extensive expertise in defending against sophisticated attacks, resulting in practical solutions for the market. Cyber security is not merely a business concern but a cornerstone of national security, garnering significant government support and investment. Furthermore, the market-specific advantages of niche expertise, adaptability, and cultural proximity to some Middle Eastern countries position Israeli companies as leading players in the region. Foreign investment and regional collaborations further propel Israel's cybersecurity sector, solidifying its status as the fastest-growing player in the Middle East.

Key players

Most of the key players in this field and in this region are also main players on the world stage, and some of those included for the purposes of the report are: IBM, Cisco, Palo Alto Networks, Check Point, Trend Micro, Fortinet, Broadcom, Sophos, Trellix, Edge Group, Secureworks, CPX, MDS UAE, Forescout, Protiviti, Mandiant, Logrhythm, Help AG, Moro Hub, DTS Solution, Ras Infotech, Spidersilk, Cybersec Consulting, Codegreen Systems, Malwarebytes, Safe Decision, Security Matterz, Cato Networks and Cybergate Defense.