Middle East Cyber Security
Market - In-depth Evaluation on Growth, Share, Size and Trends
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
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.
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The
managed services segment is expected to grow at the highest CAGR during the
forecast period, while the professional services segment is estimated to hold
the largest market size in 2017. In addition, the consulting subsegment in the
professional services segment is expected to grow at the highest CAGR during
the forecast period, and is estimated to hold a major share of the Middle East
cyber security professional services market in 2017.
The Middle East cyber security
market faces challenges, such as issues pertaining to the complexity of
advanced threats and dynamicity of organizations and IT infrastructure and
cloud environment. Moreover, factors such as increased operational costs and
the lack of awareness regarding the internal and external threats, limit the
growth of the market.
Major vendors that offer cyber
security solutions and services across Middle East are 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). These
companies have implemented different types of organic and inorganic growth
strategies, such as innovative product launches, mergers & acquisitions,
and partnerships & collaborations to expand their offerings in the Middle
East cyber security market.
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
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