Middle East & Africa Cybersecurity Market Size By Deployment (Cloud-Based, On-Premise), By End-User (Government, IT, And Telecommunications), By Organization Size (Large Enterprises, SME), & Geographic Scope And Forecast
Report ID: 28450|No. of Pages: 202
Middle East & Africa Cybersecurity Market Size By Deployment (Cloud-Based, On-Premise), By End-User (Government, IT, And Telecommunications), By Organization Size (Large Enterprises, SME), & Geographic Scope And Forecast
Middle East & Africa Cybersecurity Market and Forecast
Middle East & Africa Cybersecurity Market size is valued at USD 8.75 Billion in 2024 and is anticipated to reach USD 23.26 Billion by 2031, growing at a CAGR of 14.35% from 2024 to 2031.
- The term “cybersecurity” refers to the culmination of the processes, practices, and technologies that are used to protect data, programs, computers, and networks from any unauthorized access, damage, or attack. Cybersecurity is defined as the culmination of these processes, practices, and technologies.
- Facilities and devices related to information technology must be protected against unauthorized access and vandalism. Moreover, individuals who use information technology should be protected against various security threats.
- These threats include identity theft, extortion, asset theft, and cybercriminals causing equipment damage, and compromising business processes. It is necessary to take adequate measures to ensure the safety and security of both the technology and its users.
- Furthermore, the information technology industry places a significant emphasis on cybersecurity. There are a variety of professional certifications available to those who have completed training and demonstrated cybersecurity skills.
Middle East & Africa Cybersecurity Market Dynamics
The key market dynamics that are shaping the Middle East & Africa Cybersecurity Market include:
Key Market Drivers:
- Rising Cyber threats: Malware, ransomware, phishing scams, and advanced persistent threats (APTs) are just a few of the rising cyber threats that the Middle East and Africa (MEA) region must deal with. To shield enterprises from changing cyber threats, there is a greater need for cybersecurity services and solutions due to the current threat landscape.
- Digital Transformation: To spur innovation and competitiveness, businesses in the MEA region are rapidly embracing digital platforms, cloud computing, mobile technologies, and the Internet of Things (IoT). To secure data protection and protect digital assets, cybersecurity solutions are becoming more and more expensive as a result of digitalization.
- Regulatory Compliance: To reduce cyber risks, defend vital infrastructure, and preserve citizens’ privacy, governments throughout the Middle East and Africa (MEA) are passing strict data protection laws and cybersecurity regulations. Demand for cybersecurity solutions and services is driven by adherence to laws like the Protection of Personal Information Act (POPIA) in South Africa, the Cybersecurity Law in Saudi Arabia, and the regulations of the National Electronic Security Authority (NESA) in the United Arab Emirates.
- Growing Cybersecurity Awareness: People, organizations, and governments in the MEA region are becoming more conscious of the risks associated with cybersecurity. The significance of cybersecurity investments has been brought to light by high-profile cyberattacks and data breaches, which have resulted in higher spending on cybersecurity solutions, education, and awareness campaigns.
- Expansion of Critical Infrastructure: Major investments are being made in smart cities, transportation networks, energy facilities, and telecommunications infrastructure in the MEA region. The need for cybersecurity solutions suited to the requirements of critical infrastructure sectors is fueled by the necessity of safeguarding these vital assets from cyberattacks.
Key Challenges:
- Complex Cyberthreats: The Middle East and North Africa (MEA) region is confronted with a growing number of complex cyberthreats, such as ransomware, phishing, malware, and advanced persistent threats (APTs). These threats primarily target the digital assets, critical infrastructure, and sensitive data of organizations, thereby presenting considerable financial and security risks.
- Lack of Knowledge and Education: Businesses, governments, and individuals in the MEA region lack knowledge about cybersecurity risks, best practices, and compliance requirements, which makes it difficult to adopt effective cybersecurity measures.
- Limited Cybersecurity Budgets: Many MEA region organizations have a limited amount of money set aside for cybersecurity, which makes it difficult for them to hire cybersecurity experts, invest in strong security solutions, and put comprehensive security plans into place. As a result, they are more susceptible to cyberattacks.
- Lack of Skilled Professionals: Organizations’ capacity to effectively address cyber threats and vulnerabilities is hampered by the lack of qualified cybersecurity experts in the MEA region, which exacerbates the talent gap in cybersecurity and makes it difficult for them to hire, develop, and retain these experts.
- Obstacles to Regulation and Compliance: MEA nations frequently lack thorough cybersecurity laws and guidelines, which makes it difficult for businesses operating internationally to comply with regulations and enforce laws consistently. This makes it difficult to build a robust cybersecurity posture and safeguard sensitive data.
- Legacy IT Infrastructure: A large number of MEA region organizations rely on antiquated technology systems and legacy IT infrastructure that lack built-in security features. As a result, these systems are more vulnerable to cyberattacks, data breaches, and vulnerability exploitation, requiring modernization and cybersecurity upgrades.
Key Opportunities
- Increasing Investment: Investment in cybersecurity services and solutions has increased significantly as a result of the growing digital transformation occurring across industries in the Middle East and Africa. Organizations are investing more in cybersecurity initiatives as a result of realizing how important it is to safeguard their sensitive data and digital assets.
- Growing Cyberthreats: The need for strong cybersecurity solutions is highlighted by the growing threats and sophisticated cyberattacks that target Middle Eastern and African enterprises. This gives cybersecurity vendors the chance to assist enterprises in effectively defending against cyber threats by providing advanced threat detection, incident response, and managed security services.
- Cloud security: Due to advantages like cost effectiveness, scalability, and flexibility, cloud computing is becoming more and more popular in the Middle East and Africa. Cloud security services and solutions are becoming more and more necessary as businesses move their workloads and data to the cloud to safeguard cloud-based assets, maintain data privacy, and comply with regulations.
- Digital Transformation: Cybersecurity vendors can now offer customized solutions to protect digital assets, IoT devices, and critical infrastructure against cyber threats thanks to the ongoing digital transformation initiatives across various industries, such as banking, healthcare, government, and oil and gas.
- Cybersecurity Skills Gap: To close the skills gap and develop a strong cybersecurity workforce, cybersecurity training providers and educational institutions can offer cybersecurity training programs, certifications, and workshops. This is made possible by the lack of qualified cybersecurity professionals in the Middle East and Africa.
What's inside a VMR
industry report?
Our reports include actionable data and forward-looking analysis that help you craft pitches, create business plans, build presentations and write proposals.
>>> Ask For Discount @ – https://www.verifiedmarketresearch.com/ask-for-discount/?rid=28450
Middle East & Africa Cybersecurity Market Regional Analysis
Here is a more detailed regional analysis of the Middle East & Africa Cybersecurity Market
Middle East & Africa:
- The MEA region has experienced a considerable surge in cyber threats and attacks, such as phishing, ransomware, and other malware attacks. Governments and corporations are increasing their cybersecurity efforts to protect critical data and infrastructure.
- As countries in the MEA area implement technologies such as IoT, cloud computing, and mobile services, the need for cybersecurity solutions to protect these digital assets has grown.
- Compliance with national and international cybersecurity legislation and standards is becoming increasingly important. This regulatory pressure is compelling firms to implement advanced cybersecurity solutions to avoid penalties and defend their brand.
- Furthermore, the MEA region’s public and commercial sectors are boosting their investments in cybersecurity infrastructure. This includes establishing national cybersecurity centers, implementing modern cybersecurity technology, and educating qualified cybersecurity workers.
Middle East & Africa Cybersecurity Market: Segmentation Analysis
The Middle East & Africa Cybersecurity Market is segmented based on Deployment, End-User, and Organization Size.
Middle East & Africa Cybersecurity Market, By Deployment
- Cloud-Based
- On-Premise
Based on Deployment, the market is segmented into Cloud-based and On-premise. The cloud-based segment is estimated to dominate the market throughout the forecast period. The expansion is attributed to the rising demand for applications that can store and protect data using more advanced security methods. Additionally, market participants are teaming up with other major firms to build innovative cloud-based security solutions.
Middle East & Africa Cybersecurity Market, By End-user
- Government
- IT and Telecommunications
- Banking, Financial Services, and Insurance (BFSI)
- Retail
- Healthcare
- Aerospace and Defense
- Manufacturing
- Others
Based on End-User, the market is segmented into Government, IT and Telecommunications, Banking, Financial Services, and Insurance (BFSI), Retail, Healthcare, Aerospace and Defense, Manufacturing, and Others. In comparison to other industries, it is anticipated that the BFSI sector will grow at the fastest CAGR throughout the period in question. This expansion might be attributed to the growing demand for reliable security and digital privacy protection systems among banking, insurance, and financial organizations. Cloud application security solutions assist financial institutions, such as banks and insurance companies, in defending themselves against persistent cyberattacks and securing highly secret data that is integrated with real-time information.
Middle East & Africa Cybersecurity Market, Organization Size
- Large Enterprises
- SME
Based on organization size, the market is segmented into large enterprises and SMEs. The large enterprise segment is estimated to hold the largest market share during the forecast period. Big businesses dominate the industry due to their dedication to streamlining the administration and maintenance. The segment’s expansion is primarily attributable to major organizations’ need for higher-quality goods and an efficient development process. More spending on R&D also contributes to higher company productivity.
Key Players
The “Middle East & Africa Cybersecurity Market” study report will provide valuable insight emphasizing the market. The major players in the market are Thermo Fisher Scientific, Alfa Scientific Designs, Alere, Quest Diagnostics, LabCorp, and American Bio Medica Corporation.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.
Middle East & Africa Cybersecurity Market Recent Developments
- In November 2023, Cisco integrated new business metrics into Cloud Observability, enhancing the platform’s ability to provide business context for modern applications on Amazon Web Services. This update includes AWS services integration, application performance monitoring (APM) correlation, and comprehensive visibility into cloud-native applications.
- In November 2023, Palo Alto Networks introduced Strata Cloud Manager, a groundbreaking Al-driven Zero Trust management solution. Boasting over 4,400 machine learning models, this innovation underscores Palo Alto Networks’ dedication to merging Al and Zero Trust for optimal customer protection.
- In January 2023, Trend Micro established a new subsidiary, CTOne, which aims to enhance 5G network security. CTOne has been created as a standalone business, drawing upon the intellectual capital and leadership of Trend Micro’s innovative culture, and is the latest incubation project to be launched in this way.
- In March 2022, IBM introduced a new cloud service for managing and protecting critical data in hybrid and multi-cloud environments. This service enables businesses to utilize IBM’s security features for their data, no matter where it is stored, be it on other clouds, on-premises, or in IBM’s cloud. The service aims to reduce the risk of cyberattacks and insider threats to sensitive information.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Thermo Fisher Scientific, Alfa Scientific Designs, Alere, Quest Diagnostics, LabCorp, and American Bio Medica Corporation |
| SEGMENTS COVERED | By Deployment, By End-User, By Organization Size, And Geographic. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our sales team at Verified Market Research.
Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Frequently Asked Questions
1. Introduction
• Market Definition
• Market Segmentation
• Research Methodology
2. Executive Summary
• Key Findings
• Market Overview
• Market Highlights
3. Market Overview
• Market Size and Growth Potential
• Market Trends
• Market Drivers
• Market Restraints
• Market Opportunities
• Porter’s Five Forces Analysis
4. Middle East & Africa Cybersecurity Market, By Security Solution Type
• Network Security
• Endpoint Security
• Cloud Security
• Application Security
• Data Security
• Identity and Access Management (IAM)
5. Middle East & Africa Cybersecurity Market, By Security Service Type
• Managed Security Services (MSS)
• Professional Security Services
• Integration and Deployment Services
• Training and Education Services
6. Middle East & Africa Cybersecurity Market, By Organization Size
• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)
7. Regional Analysis
• Middle East and Africa
• South Africa
• Saudi Arabia
• UAE
8. Market Dynamics
• Market Drivers
• Market Restraints
• Market Opportunities
• Impact of COVID-19 on the Market
9. Competitive Landscape
• Key Players
• Market Share Analysis
10. Company Profiles
• Cisco
• Palo Alto Networks
• Check Point
• Trend Micro
• Fortinet
• IBM
11. Market Outlook and Opportunities
• Emerging Technologies
• Future Market Trends
• Investment Opportunities
12. Appendix
• List of Abbreviations
• Sources and References
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
|
|
| Demand side |
|
|
Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
| Qualitative analysis | Quantitative analysis |
|---|---|
|
|
