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
- 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)
- Advisory & Consulting
- Implementation Services
- By End User
- Communications Media and Services
- Others(Healthcare, etc.)
- By Organization Type
- Small and Medium Enterprises (SMEs)
- Large Organizations/MNCs
- By Country
- Saudi Arabia
- South Africa
- Rest of the Middle East and Africa
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.
- 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.