MEA Cybersecurity Market Outlook & Growth Opportunity Analysis, 2019-2028
$2,380.00 – $4,800.00
MEA cybersecurity market to gain significant growth due to the increased complexity of cyber-attacks and stringent norms by the government
The MEA cybersecurity market was valued at US$ 21 billion in 2021 and is estimated to witness a strong growth rate of nearly 10.5% during the forecast period 2022-2028. The increased complexity of cyber-attacks across big industries resulting in financial and reputational losses, strict government rules and regulations, and cyber-attacks due to the proliferation of digitalization are some of the key factors expected to drive the demand for cybersecurity in MEA.
Rising internet penetration in the region from the last decade is further expected to propel the demand for cybersecurity. According to the research done by RationalStat, over 67% of the MEA population had access to the Internet in 2019 (compared to the global average of 56.5%) – numbers stand in contrast with the region’s awareness. Furthermore, as a result of rising cyber-attacks, Middle East countries have started to identify cybersecurity as a major concern among large organizations in the region, and large oil and gas utilities and banks have been strengthening their cybersecurity capabilities. Many MEA countries have initiated to update of their cybersecurity capabilities to ensure the safety of their national information infrastructure.
South Arabia is anticipated to dominate the Middle East & Africa cybersecurity market on account of the expanding network security solutions in the country
Saudi Arabia is expected to lead the MEA cybersecurity market. The expansion of network security solutions in the area and increased investments in supporting technological development are also factors in the market growth.
- For instance, in the first three months of 2021, Saudi Arabia prevented more than seven million cyberattacks. The region’s market growth is also anticipated to be further accelerated by the expanding digitalization in the region.
- In UAE, developing e-commerce platforms and an enhanced focus of market players on developing internet security solutions based on artificial intelligence platforms are expected to fuel market growth. Beginning in remote working culture and increased cloud services cybersecurity solutions are leading Turkey to experience substantial growth in the MEA cyber security market.
The BFSI segment is expected to dominate the regional cybersecurity market. However, over the coming years, education and transportation logistics segments will likely be the emerging verticals for the MEA Cybersecurity market. Banks in the region are responding to the consumers’ preferences of the digital era by increasing their investments in digital innovations, as well as focusing on enhancing the security of mobile banking and the user experience.
Moreover, demand for cybersecurity is expected to increase in the Africa region, owing to the growth in non-cash volume, fueled by the growing population aged 15-24. This factor is expected to drive the new mobile money and digital payment schemes.
Market Structure and Competition Landscape
There are many companies operating in the MEA cyber security market hence, the market is fragmented in nature. Global Leaders such as IBM, Oracle, and others are contributing significantly in terms of revenue in the MEA cybersecurity market. Some of the players operating in the MEA cybersecurity market include Cisco Systems Inc., Dell Inc., IBM Corp., Broadcom Inc., Cipher LLC, Oracle Systems Ltd, Microsoft Corporation, McAfee, Bosch, LME Services, WebSailors, KPIS Pvt Ltd, Vosco Technologies Pvt Ltd, BitMex, Augmenta Cybersecurity, and Trustcom among others.
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Partnerships and collaborations and the introduction of new technologies are some of the strategies followed by industry players. Some of the key developments in the MEA cybersecurity market include,
- In September 2022, Gulf Business Machines (GBM) announced the acquisition of Coordinates Middle East leading service providers. The reason behind the acquisition is to strengthen the security services offering and skills to customers and draw upon the legacy in the region of helping organizations enhance their cybersecurity capabilities.
- In May 2022, Mimecast Limited (“Mimecast”) announced the completion of its acquisition by funds advised by Permira for approximately $5.8 billion or $80.00 per share in cash.
Key Market Segmentation
RationalStat has segmented the MEA cyber security market on the basis of type, end user, organization type, and region.
- By Type
- Software
- Application Security
- Cloud Security
- Consumer Security Software
- Data Security
- Identity Access Management
- Infrastructure Protection
- Integrated Risk Management
- Network Security Management
- Other Information Security Software
- Hardware (Networking Equipment)
- Services
- Advisory & Consulting
- Implementation Services
- Distribution
- Software
- By End User
- Government/Public
- BFSI
- Securities
- Communications Media and Services
- Manufacturing
- Transportation
- Retail
- Utilities
- Education
- Construction
- Others(Healthcare, etc.)
- By Organization Type
- Small and Medium Enterprises (SMEs)
- Large Organizations/MNCs
- Government
- By Country
- UAE
- Saudi Arabia
- Turkey
- Egypt
- South Africa
- Rest of the Middle East and Africa
Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
Secondary Sources
- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for cyber securities companies, providers, government organizations, market educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The MEA Cybersecurity Market is expected to grow at a CAGR of over 10% during the forecast period 2022-2028.
The MEA Cybersecurity market stood at US$ 21 billion in 2021.
Strict government rules and regulations and cyberattacks due to the proliferation of digitalization are some of the key drivers of the MEA Cybersecurity market.
Saudi Arabia is the leading region in the MEA cybersecurity market.
Major companies operating in the MEA Cybersecurity market include Cisco Systems Inc., Dell Inc., IBM Corp., Broadcom Inc., Cipher LLC, Oracle Systems Ltd, etc.
| REGION | Middle East & Africa |
|---|---|
| RELEASE YEAR | 2022 |
| RESEARCH CODE | RST-SAR-091 |
| ADDITIONAL FEATURE | 24×7 Post sales support and 15% free customization |
| User License | Single User/Team License, Corporate License |
Table of Contents
1. Market Introduction
1.1. Scope of Study
1.2. Problem Statement
1.3. Market Segmentation
2. Assumptions and Acronyms
3. Executive Summary
3.1. MEA Market in 2022
3.2. Analyst Insights & Recommendations
3.3. Growth Opportunities and Key Strategies
3.4. Supply-side and Demand-side Trends
4. Research Methodology
5. Analysis of COVID-19 Impact and Road Ahead
6. Market Indicators and Background
6.1. Macro-Economic Factors
6.1.1. MEA Population Overview and Forecast
6.1.2. MEA Internet User by Region
6.1.3. Per Capita Income by Country
6.1.4. MEA GDP Analysis by State
6.1.5. Spending on Cybersecurity
6.1.6. Mobile Penetration in MEA
6.2. Forecasting Factors
6.2.1. Supply-side
6.2.2. Demand-side
6.2.3. Cost-side
6.2.4. Market Environment
6.2.5. Economic Overview
6.2.6. Income Assessment
Robust assessment of various factors including industrial performance, industry players’ expenditures, and economic conditions, among others
6.3. Supply Chain & Value Chain Analysis
6.4. Industry SWOT Analysis
6.5. PESTLE Analysis
6.6. Porter’s Five Forces Analysis
7. Government Laws and Industry Regulations
8. Cybersecurity Spend as a Percentage of Overall IT Spend
9. Digital Revolution in MEA
10. Key Technology Enablers
10.1. Networking and Communications
10.2. Open Data
10.3. Urban Operating System
11. IoT Market in MEA
11.1. Installed Based
11.2. By Sector
11.2.1. Consumer Electronics
11.2.2. IT & Telecommunications
11.2.3. Industrial
11.2.4. Healthcare & Medical
11.2.5. Automotive
11.2.6. Others (Military and Aerospace, etc.)
12. MEA Cloud Computing Market
13. Trends and Threats
13.1.1. Cyber Risks in MEA
13.1.2. Cyber Attacks
13.1.3. Impact on Industries
13.1.4. Per Capita Loss
14. MEA Cybersecurity Index 2019, 2020, and 2021
15. Regional Market Dynamics
15.1. Drivers
15.2. Restraints
15.3. Trends
15.4. Opportunities
16. MEA Cybersecurity Market: Key Investment Analysis
16.1. By Companies
16.2. By Solution/Product Providers
16.3. By Region
16.4. By End User
16.5. M&A Activities by Sector
16.5.1. Network Security
16.5.2. Endpoint Security
16.5.3. Application Security
16.5.4. Web Security
16.5.5. Identity & Access Management
16.5.6. Data Security & Loss Prevention
16.5.7. Cloud Security
16.5.8. Security Operations & Incident Response
Robust assessment of major investments made by various industry players in the areas ranging from the application, technology, key end users, etc.
17. Average Spending on Cybersecurity by State
18. Pricing Analysis
18.1. By Type
18.1.1. Software
18.1.2. Services
18.1.3. Hardware
18.2. By Country
18.2.1. UAE
18.2.2. Saudi Arabia
18.2.3. Turkey
18.2.4. Egypt
18.2.5. South Africa
18.2.6. Rest of the Middle East and Africa
19. Parent Market Overview: MEA ICT Market Overview
20. Segmental Analysis
20.1. MEA Cyber Security Market by Type
20.1.1. Software
20.1.1.1. Application Security
20.1.1.2. Cloud Security
20.1.1.3. Consumer Security Software
20.1.1.4. Data Security
20.1.1.5. Identity Access Management
20.1.1.6. Infrastructure Protection
20.1.1.7. Integrated Risk Management
20.1.1.8. Network Security Management
20.1.1.9. Other Information Security Software
20.1.2. Hardware (Networking Equipment)
20.1.3. Services
20.1.3.1. Advisory & Consulting
20.1.3.2. Implementation Services
20.1.3.3. Distribution
20.2. MEA Cyber Security Market by End User
20.2.1. Government/Public
20.2.2. BFSI
20.2.3. Securities
20.2.4. Communications Media and Services
20.2.5. Manufacturing
20.2.6. Transportation
20.2.7. Retail
20.2.8. Utilities
20.2.9. Education
20.2.10. Construction
20.2.11. Healthcare and Others
20.3. MEA Cyber Security Market by Organization Type
20.3.1. Small and Medium Enterprises (SMEs)
20.3.2. Large Organizations/MNCs
20.3.3. Government
20.4. MEA Cyber Security Market by Region
20.4.1. GCC
20.4.2. Turkey
20.4.3. Egypt
20.4.4. South Africa
20.4.5. Rest of the MEA
21. Regional Analysis
21.1. GCC Cyber Security Market Analysis and Forecast 2019-2028
21.1.1. Regional Market Overview and Key Takeaways
21.1.2. GCC Cyber Security Market by Type
21.1.3. GCC Cyber Security Market by End User
21.1.4. GCC Cyber Security Market by Organization Type
21.1.5. GCC Cyber Security Market by Country
21.1.5.1. UAE
21.1.5.2. Saudi Arabia
21.1.5.3. Qatar
21.1.5.4. Bahrain
21.1.5.5. Oman
21.1.5.6. Kuwait
21.2. Turkey Cyber Security Market Analysis and Forecast 2019-2028
21.2.1. Regional Market Overview and Key Takeaways
21.2.2. Turkey Cyber Security Market by Type
21.2.3. Turkey Cyber Security Market by End User
21.2.4. Turkey Cyber Security Market by Organization Type
21.3. Egypt Cyber Security Market Analysis and Forecast 2019-2028
21.3.1. Regional Market Overview and Key Takeaways
21.3.2. Egypt Cyber Security Market by Type
21.3.3. Egypt Cyber Security Market by End User
21.3.4. Egypt Cyber Security Market by Organization Type
21.4. South Africa Security Market Analysis and Forecast 2019-2028
21.4.1. Regional Market Overview and Key Takeaways
21.4.2. South Africa Cyber Security Market by Type
21.4.3. South Africa Cyber Security Market by End User
21.4.4. South Africa Cyber Security Market by Organization Type
21.5. Rest of MEA Cyber Security Market Analysis and Forecast 2019-2028
21.5.1. Regional Market Overview and Key Takeaways
21.5.2. Rest of MEA Cyber Security Market by Type
21.5.3. Rest of MEA Cyber Security Market by End User
21.5.4. Rest of MEA Cyber Security Market by Organization Type
22. Competitive Landscape
22.1. Competition Dashboard
22.1.1. MEA and Regional Market Share Analysis
22.1.2. Market Structure
22.2. Competitive Benchmarking
22.3. Key Strategy Analysis
22.4. Company Profiles
22.4.1. IBM Corp.
22.4.1.1. Company Overview
22.4.1.2. Product/Service Offerings
22.4.1.3. Financials
22.4.1.4. Recent Developments
22.4.2. Oracle Corp.
22.4.2.1. Company Overview
22.4.2.2. Product/Service Offerings
22.4.2.3. Key Financials
22.4.2.4. Recent Developments
22.4.3. Cisco Systems Inc.
22.4.3.1. Company Overview
22.4.3.2. Product/Service Offerings
22.4.3.3. Key Financials
22.4.3.4. Recent Developments
22.4.4. Microsoft Corp.
22.4.4.1. Company Overview
22.4.4.2. Product/Service Offerings
22.4.4.3. Financials
22.4.4.4. Recent Developments
22.4.5. Dell Inc.
22.4.5.1. Company Overview
22.4.5.2. Product/Service Offerings
22.4.5.3. Financials
22.4.5.4. Recent Developments
22.4.6. Broadcom Inc
22.4.6.1. Company Overview
22.4.6.2. Product/Service Offerings
22.4.6.3. Financials
22.4.6.4. Recent Developments
22.4.7. Cipher LLC
22.4.7.1. Company Overview
22.4.7.2. Product/Service Offerings
22.4.7.3. Financials
22.4.7.4. Recent Developments
22.4.8. McAfee
22.4.8.1. Company Overview
22.4.8.2. Product/Service Offerings
22.4.8.3. Financials
22.4.8.4. Recent Developments
22.4.9. Bosch
22.4.9.1. Company Overview
22.4.9.2. Product/Service Offerings
22.4.9.3. Financials
22.4.9.4. Recent Developments
22.4.10. LME Services
22.4.10.1. Company Overview
22.4.10.2. Product/Service Offerings
22.4.10.3. Financials
22.4.10.4. Recent Developments
22.4.11. WebSailors
22.4.11.1. Company Overview
22.4.11.2. Product/Service Offerings
22.4.11.3. Financials
22.4.11.4. Recent Developments
22.4.12. KPIS Pvt Ltd
22.4.12.1. Company Overview
22.4.12.2. Product/Service Offerings
22.4.12.3. Financials
22.4.12.4. Recent Developments
22.4.13. Vosco Technologies Pvt Ltd
22.4.13.1. Company Overview
22.4.13.2. Product/Service Offerings
22.4.13.3. Financials
22.4.13.4. Recent Developments
22.4.14. BitMex
22.4.14.1. Company Overview
22.4.14.2. Product/Service Offerings
22.4.14.3. Financials
22.4.14.4. Recent Developments
22.4.15. Augmenta Cyber Security
22.4.15.1. Company Overview
22.4.15.2. Product/Service Offerings
22.4.15.3. Financials
22.4.15.4. Recent Developments
22.4.16. Trustcom
22.4.16.1. Company Overview
22.4.16.2. Product/Service Offerings
22.4.16.3. Financials
22.4.16.4. Recent Developments
* The list is not exhaustive we can provide more players operating in the MEA cyber security market as per the client requirement.
23. Disclaimer
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Research Methodology
Complete Table of Contents, List of Charts and Tables
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