The Middle East cyber security
market size is expected to grow from USD 11.38 Billion in 2017 to USD 22.14
Billion by 2022, at an estimated Compound Annual Growth Rate (CAGR) of 14.2%
during the forecast period. The major growth drivers of the market include the
need to mitigate IT security risks, rising instances of enterprise targeted
cyber-attacks and threats, and proliferation of smart city and digitization
projects in the Middle East region.
The
Middle East cyber security market is segmented by solutions, services, security
types, deployment modes, The application security segment is expected to grow
at the highest CAGR during the forecast period. Advanced threats on
applications and advancements in mobile computing have led to the growing
popularity of the enterprise mobility. Also, the Bring Your Own Device (BYOD)
trend in the corporate environments is driving the demand over the forecast
period. However, the network security segment holds the largest share in the
Middle East cyber security market in 2017, due to the increased instances of
threats on complex networks that affect the business operations of the various
industry verticals.
The government
and defense industry vertical is expected to contribute the largest market
share and expected to grow at the highest CAGR from 2017 to 2022 in the Middle
East cyber security market, due to increasing instances of cyberattacks on the
government sector and the government-regulated oil and gas companies. The
healthcare sector is expected to grow at the second highest CAGR from 2017 to
2022 in the Middle East cyber security market, due to the technological
proliferation of healthcare applications and increased instances of data thefts
in the sector. The demand for cyber security solutions is increasing, as the
adoption of these solutions provides advanced protection from cyber threats
without affecting the operational efficiency.
Saudi Arabia is expected to have
the largest market share and dominate the Middle East cyber security market
from 2017 to 2022, due to the need to safeguard enterprises in various
industrial verticals such as energy and utilities, government and defense, IT
and telecom, and healthcare from advanced threats. Qatar offers potential
growth opportunities in the Middle East cyber security market, as there is a
wide presence of SMEs that are turning towards cyber security solutions to
efficiently safeguard their business endpoints, network, application, and cloud
environment.
The
major vendors in the Middle East Cyber Security market include Check Point
Software Technologies Ltd (Israel), Cisco Systems, Inc. (U.S.), Computer
Sciences Corporation (U.S.), Forcepoint LLC (U.S.), Hewlett Packard Enterprise
Development LP (U.S.), Intel Security (U.S.), IBM Corporation (U.S.), Sophos
Ltd (U.K.), Symantec Corporation (U.S.), and Trend Micro, Inc. (Japan).
Know More @ https://www.marketsandmarkets.com/Market-Reports/middle-east-cyber-security-market-121119697.html
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