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Middle East Cyber Security Market Report, Trends, Share, and Forecast to 2028
- April 30, 2022
- ID: SR/ICT-157
- Format:Pdf
- Pages:220
The Middle East Cyber Security Market By Component (Solutions and Service), By Services (Professional Services and Managed Services), By Security Type (Network Security, Endpoint Security, Cloud Security, Database Security and Others), By Deployment Modes (On-Premises and Cloud), By Organization (Small and Medium Enterprises and Large Enterprises), By Verticals (BFSI, Government & Defense, Energy & Utilities, Healthcare, IT & ITeS and Others), By Country (UAE, Qatar, Kingdom of Saudi Arabia and others )-Global Forecast to 2028.
Middle East Cybersecurity Market Overview
The Middle East cybersecurity market was valued at USD 19.3 billion in 2021, and it is calculated to reach USD 45.1 billion by 2028, with a growth of 17.1% during the forecast period of 2022-2028. Due to the proliferation of digitalization, the advanced sophistication of cyberattacks across heavy industries to result in financial and reputational failures, stringent government regulations, and cyberattacks are anticipated to be the major market drivers. Adopting the necessary steps to secure the overall security posture and technological advancements in cloud and IoT has bolstered potential use cases across verticals.
What is Cyber Security?
Cyber security is the application or method of technologies, procedures and controls to protect systems, networks, programs, devices and data from cyber-attacks. It desires to decrease the risk of cyber-attacks and protect against the unauthorized exploitation of methods, networks and technologies.
Although cybersecurity professionals work hard to lock security gaps, attackers are always looking for new methods to escape IT notice, evade defense measures, and exploit emerging weaknesses. The latest cybersecurity threats are putting a new spin on “known” threats, taking advantage of work-from-home environments, remote access tools, and new cloud services.
Growth Drivers
Increased complexity of cyberattacks across heavy industries results in financial and reputational losses.
The energy industry has seen an increase in cyber-attacks of late. The most striking example came in May when hackers forced the shutdown of the Colonial Pipeline system, a critical source of oil supply for Middle Eastern countries. US President Joe Biden plans to meet private sector leaders next month to discuss strategies to confront the threat. Being the pillars of the Middle Eastern economy, oil and gas companies are strategically important to the world. Hence, hackers mostly target oil and gas industries and other heavy industries, such as critical infrastructure, telecommunications, and government. Over 10 million Distributed Denial of Service cyber-attacks were registered globally in 2020, including a 183% increase in the UAE alone.
Opportunities
Government endeavors such as smart cities, KSA Vision 2030, and Qatar World Cup 2022
The governments in Middle Eastern countries are taking up various initiatives, such as Dubai Internet City (DIC) and the KSA Vision 2030, to become fully digitally connected right from smart buildings and smart transportation to smart cities. FIFA world cup is also anticipated to be held in Qatar in 2022, demanding cybersecurity solutions and services since cyberattacks could be viable. These endeavors put the Middle East region on the verge of tremendous digital disruption. This digitization will make use of technologies such as IoT and blockchain. The massive use of IoT will make room for many potential cyberattacks, which will require cybersecurity solutions and services. Once digitization gains good ground in the Middle East, the need to protect networks, endpoints, data and other entities, such as automated cars and smart homes, will also require continuous monitoring of potential cyberattacks. Hence, industries such as DIC and KSA 2030 are expected to be lucrative opportunities for Middle East cybersecurity market vendors.
Restraints
Increased costs of the invention and budget constraints
The increase in advanced cyber threats and smarter attack tools require advanced cybersecurity solutions to stop these attacks. Easily available solutions are free of cost, and pirated are incompetent to fully safeguard enterprises from the cloud, network, application, and endpoint-related cyber threats. To develop technologically advanced products, cybersecurity vendors need a huge amount of money, which restraints their adoption among enterprises, specifically Small and Medium-sized Enterprises (SMEs). As the Research and Development (R&D) team expands, Capital Expenditure (CAPEX) also increases for vendors. Vendors have invested heavily in the technologies such as Artificial Intelligence (AI), Machine Learning (ML), and big data analytics to develop cybersecurity products with the amalgamation of these technologies that proactively save clients and customers from advanced threats. The dire necessity for product enhancement persists because if a security vendor is incapable of thoroughly combating cyber dangers, the company’s market reputation is at stake, and if the cyberattack is booming, it could result in tremendous financial losses.
Pre Covid-19 Impact on Middle East Cyber Security Market
Before the covid-19 period, many local and international banks in the UAE share information to decrease cyberattacks. Gulf banks have financed millions of dollars in promoting cybersecurity systems to combat attacks that banks can experience. For example, in 2017, the UAE Banks Federation partnered with US-based Anomali (IT Security Company) to make the Information Sharing and Analysis Center the first such initiative in the Middle East.
Covid-19 Impact on Middle East Cyber Security Market
During the covid-19 period, cloud computing has been an ally for enterprises with the emergence of remote work and collaboration. The covid-19 situation has shown a surge in demand for threat intelligence solutions. Email phishing crimes have spiked up due to the covid-19. Scammers are using covid-19 as a lure to earn profits. The transformation in remote activities, such as teleworking, has pushed the support of email for communication, thus making the perfect space for email fraud schemes.
Post Covid-19 Impact on Middle East Cyber Security Market
After the covid-19 period, Triggered by the recent low crude oil prices, the governments in the region are growing investments in information and communication technologies. As a result, most of the social infrastructure, the financial sector, government services, schools, and hospitals in the region are increasingly deploying interconnectivity solutions with minimal engagement with the security requirements of these developments.
By Deployment Modes
Based on the deployment model, the Middle East cyber security market is segmented into On-Premises and Cloud. Cloud deployment to be the fastest-growing deployment method during the forecast period. In the case of the Middle East, Small Medium Enterprises have implemented cloud deployment as it allows them to focus on their core competencies rather than support their capital in security infrastructure since they have determined cybersecurity budgets. The increasing usage of cloud-based MSS has even facilitated the adoption of cybersecurity practices for Middle Eastern enterprises.
By Vertical Segmental Analysis
Based on the vertical segmental analysis, the Middle East cyber security market is segmented into BFSI, Government & Defense, Energy & Utilities, Healthcare, IT & ITeS and Others. The healthcare industry vertical is anticipated to donate the largest market share and is expected to increase at the highest CAGR from 2022 to 2028 in the Middle East Cybersecurity Market due to the technological proliferation of healthcare applications and raised instances of data thefts in the sector.
By Country Segmental Analysis
Based on Country, the Middle East cyber security market is segmented into UAE, Qatar, Kingdom of Saudi Arabia and others. Spending on cybersecurity technology has increased greatly in these countries, owing to a recent spurt in the number of complex cyber-attacks. Saudi Arabia is increasingly focusing on strengthening its cybersecurity capabilities by legislating and enforcing cyberspace security by government agencies, especially for critical national infrastructure. The Country is cast to notice high investments to strengthen its cybersecurity framework.
Competitors Analysis
The companies include Check Point, Trend Micro, Fortinet, Kaspersky, DTS Solution, RAS Infotech, Spider Silk, CYBERSEC CONSULTING, AHAD, CodeGreen, and Security Matterz, Infratech and other prominent players in the global middle east cyber security market.
Key Stakeholders
- Market research and consulting firms
- Industry associations
- The Middle East Cyber Security Manufacturing Firms
- Local Governments
- Regulatory bodies
- Suppliers
- Retailers
Recent Developments
- In March 2022-the Egyptian Ministry of Finance (Cairo) declared its collaboration with IBM Consulting and SAP to automate the Egyptian tax system as part of the Egyptian government’s digital transformation strategy.
- In February 2022-Check Point acquired Spectral, an Israeli startup. With this purchase, Check Point will extend its cloud solution, Check Point CloudGuard, with a developer-first security platform. It will also provide the widest cloud application security use cases, including Infrastructure as Code (IaC) scanning hardcoded secrets detection.
- In February 2022-Trend Micro highlighted a series of advanced security solutions at the Iraq International Information & Telecommunication Technology Exhibition (Iraq ITEX) 2022 to empower organizations to safeguard their digital agendas in the modern threat landscape.
- In February 2022-Trend Micro announced a strategic agreement with the Ministry of Communications and Information Technology of Saudi Arabia at LEAP 2022 in Riyadh. This industry will maximize investment in hybrid cloud security solutions, endpoint protection, network security, and extended detection and response against security threats, all through the launch of a Trend Microlocal cloud data lake for cybersecurity SaaS solutions in the Kingdom.
- In January 2022-Kaspersky empowers its Digital Footprint Intelligence with a service for taking down malicious domains. The Kaspersky Takedown Service provides end-to-end management of the entire process of taking down malicious and phishing domains.
Scope of the Report
| Report Attribute | Details |
|---|---|
| Revenue in 2021 | USD 19.3 billion |
| The revenue forecast in 2028 | USD 45.1 billion |
| Growth rate | CAGR of 17.1 % from 2022 to 2028. |
| Historical data | 2017 – 2020 |
| Base Year | 2021 |
| Forecast period | 2022 – 2028 |
| Region covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Key companies Profiled | The companies Check Point, Trend Micro, Fortinet, Kaspersky, DTS Solution, RAS Infotech, Spider Silk, CYBERSEC CONSULTING, AHAD, CodeGreen, Security Matterz, etc. Infratech, are the key players. |
Market Modelling
By Component
- Solutions
- Services
By Services
- Professional Services
- Managed Services
By Security Type
- Network Security
- Endpoint Security
- Cloud Security
- Database Security
- Others
By Deployment Modes
- On-Premises
- Cloud
By Organization
- Small and Medium Enterprises
- Large Enterprise
By Verticals
- BFSI
- Government & Defense
- Energy & Utilities
- Healthcare
- IT & ITeS
- Others
By Country
- UAE
- Qatar
- Kingdom of Saudi Arabia
- Other Middle East Countries
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Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Secondary Research
- Primary Research
- Data Triangulation
- Historical Data
- Identification of Segment
- Market Size Calculating
- Research Objective
- Executive Summary
- Market Insights
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Technological Innovation
- Competitors & Product Analysis
- Regulatory Framework for Gaming Peripherals
- Company market share analysis, 2021
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Impact of COVID-19 on The Middle East Cyber Security Market
- Pre-Covid-19 Impact on The Middle East Cyber Security Market
- Covid-19 Impact on The Middle East Cyber Security Market
- Post Covid-19 Impact on The Middle East Cyber Security Market
- Economic Impact study on The Middle East Cyber Security Market
- Economic Factor Analysis
- The Middle East Cyber Security Market Overview
- Market Size & Forecast, 2017-2028
- Demand
- By Value (USD Billion)
- Market Share & Forecast, 2017-2028
- By Component
- Solutions
- Services
- By Services
- Professional Services
- Managed Services
- By Security Type
- Network Security
- Endpoint Security
- Cloud Security
- Database Security
- Others
- By Deployment Modes
- On-Premises
- Cloud
- By Organization
- Small and Medium Enterprises
- Large Enterprise
- By Verticals
- BFSI
- Government & Defense
- Energy & Utilities
- Healthcare
- IT & ITeS
- Others
- By Country
- UAE
- Qatar
- kingdom of Saudi Arabia
- Other Middle East Countries
- By Component
- Demand
- Market Size & Forecast, 2017-2028
- UAE Cyber Security Cyber Security Market Overview
- UAE Cyber Security Market Size & Forecast, 2017-2028
- Demand
- By Value (USD Billion)
- UAE Cyber Security Market Share & Forecast, 2017-2028
- By Component
- Solutions
- Services
- By Services
- Professional Services
- Managed Services
- By Security Type
- Network Security
- Endpoint Security
- Cloud Security
- Database Security
- Others
- By Deployment Modes
- On-Premises
- Cloud
- By Organization
- Small and Medium Enterprises
- Large Enterprise
- By Verticals
- BFSI
- Government & Defense
- Energy & Utilities
- Healthcare
- IT & ITeS
- Others
- By Component
- Demand
- UAE Cyber Security Market Size & Forecast, 2017-2028
- Qatar Market Cyber Security Overview
- Qatar Cyber Security Market Size & Forecast, 2017-2028
- Demand
- By Value (USD Billion)
- Qatar Cyber Security Market Share & Forecast, 2017-2028
- By Component
- Solutions
- Services
- By Services
- Professional Services
- Managsed Services
- By Security Type
- Network Security
- Endpoint Security
- Cloud Security
- Database Security
- Others
- By Deployment Modes
- On-Premises
- Cloud
- By Organization
- Small and Medium Enterprises
- Large Enterprise
- By Verticals
- BFSI
- Government & Defense
- Energy & Utilities
- Healthcare
- IT & ITeS
- Others
- By Component
- Demand
- Qatar Cyber Security Market Size & Forecast, 2017-2028
- Kingdom of Saudi Arabia Cyber Security Market Overview
- Kingdom of Saudi Arabia Cyber Security Market Size & Forecast, 2017-2028
- Demand
- By Value (USD Billion)
- Kingdom of Saudi Arabia Cyber Security Market Share & Forecast, 2017-2028
- By Component
- Solutions
- Services
- By Services
- Professional Services
- Managed Services
- By Security Type
- Network Security
- Endpoint Security
- Cloud Security
- Database Security
- Others
- By Deployment Modes
- On-Premises
- Cloud
- By Organization
- Small and Medium Enterprises
- Large Enterprise
- By Verticals
- BFSI
- Government & Defense
- Energy & Utilities
- Healthcare
- IT & ITeS
- Others
- By Component
- Demand
- Kingdom of Saudi Arabia Cyber Security Market Size & Forecast, 2017-2028
- Other Middle East Countries Cyber Security Market Overview
- Other Middle East Countries Cyber Security Market Size & Forecast, 2017-2028
- Demand
- By Value (USD Billion)
- Other Middle East Countries Cyber Security Market Share & Forecast, 2017-2028
- By Component
- Solutions
- Services
- By Services
- Professional Services
- Managed Services
- By Security Type
- Network Security
- Endpoint Security
- Cloud Security
- Database Security
- Others
- By Deployment Modes
- On-Premises
- Cloud
- By Organization
- Small and Medium Enterprises
- Large Enterprise
- By Verticals
- BFSI
- Government & Defense
- Energy & Utilities
- Healthcare
- IT & ITeS
- By Component
- Demand
- Other Middle East Countries Cyber Security Market Size & Forecast, 2017-2028
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- Check Point
- Trend Micro
- Frtinet
- Kaspersky
- DTS Solution
- RAS Infotech
- Spider Silk’CYBERSEC CONSULTING
- AHAD
- CodeGreen
- Security Matterz
- Infratech
- Other Prominent Players
Frequently Asked Questions (FAQ):
The Middle East cybersecurity market was valued at USD 19.3 billion in 2021, and it is calculated to reach USD 45.1 billion by 2028, with a growth of 17.1% during the forecast period of 2022-2028.
Cyber security is the application or method of technologies, procedures and controls to protect systems, networks, programs, devices and data from cyber-attacks. It desires to decrease the risk of cyber-attacks and protect against the unauthorized exploitation of methods, networks and technologies.
The proliferation of digitalization, the advanced sophistication of cyberattacks across heavy industries to result in financial and reputational failures, stringent government regulations, and cyberattacks are anticipated to be the major market drivers.
The increase in advanced cyber threats and smarter attack tools require advanced cybersecurity solutions to stop these attacks. Easily available solutions are free of cost, and pirated are incompetent to fully safeguard enterprises from the cloud, network, application, and endpoint-related cyber threats. Cybersecurity vendors need a huge amount of money to develop technologically advanced products, which restraints their adoption among enterprises.
The companies Check Point, Trend Micro, Fortinet, Kaspersky, DTS Solution, RAS Infotech, Spider Silk, CYBERSEC CONSULTING, AHAD, CodeGreen, Security Matterz, etc. Infratech, are the key player in the Middle East cyber security market.
