Cyber security solutions and services help enterprises protect their endpoints, networks, applications, and cloud environments from advanced threats, such as malwares, ransomwares, Distributed Denial of Service (DDoS) attacks, and Advanced Persistent Threats (APTs). The researchers found that increasing demand among SMEs operating across industry verticals and regions would drive the market growth during the forecast period.

The application security segment is expected to grow at the highest CAGR during the forecast period. The proliferation of mobile devices, Bring Your Own Device (BYOD) trend, and workstations has significantly increased the use of application security solutions across enterprises. Increasing attacks on enterprise applications in major industry verticals, such as energy and utilities, banking, financial services, and insurance (BFSI), and IT and telecom, would drive the demand for application security solutions.

The network security segment is expected to hold the highest market share and continue to dominate the market during the forecast period, due to the growing instances of advanced threats on networks.

The healthcare industry vertical is expected to hold the highest market share and grow at the highest CAGR during the forecast period, due to the technological proliferation of healthcare applications and increased instances of healthcare data thefts and breaches. The adoption of cyber security solutions provides advanced protection from threats, without affecting operational efficiency.

The Middle East is predicted to hold the larger market size, whereas Africa is forecast to grow at the highest CAGR during the forecast period. The growing demand for cyber security solutions across industry verticals in the Middle East is being driven by energy and utilities, government and defence, IT and telecom, and healthcare. Owing to the rising adoption of mobile devices and the BYOD trend, cyber security solutions in the Middle East should gain traction during the forecast period. The African cyber security market is projected to witness substantial growth, as SMEs and large enterprises in the region are rapidly adopting cyber security solutions to ensure the security of their endpoints and mobile devices.

Major vendors cited in the report as active in the MEA cyber security market include IBM, CA Technologies, Check Point, Cisco, Cyberark, Darkmatter, DXC Technology, F5 Networks, Fireeye, Forcepoint, Fortinet, Imperva, Kaspersky Lab, McAfee, Micro Focus, Microsoft, Oracle, Palo Alto Networks, Proofpoint, Rapid7, Sophos, Splunk, Symantec, Trend Micro, and Trustwave.