According to a research report “MEA Cybersecurity Market by Component (Software, Hardware, and Services), Software (IAM, Encryption and Tokenization, and Other Software), Security Type, Deployment Mode, Organization Size, Vertical and Region – Global Forecast to 2028″ published by MarketsandMarkets, the Middle East and Africa Cybersecurity market size is estimated at USD 22.2 billion in 2023 and is projected to reach USD 36.2 billion by 2028, at a CAGR of 10.2% from 2023 to 2028. Factors such as increasing number of cyber threats and attacks; and digital transformation initiatives are positively driving the growth of Middle East and Africa cybersecurity market. Furthermore, growth of eCommerce and digital payments along with stringent regulations and compliance requirements are also contributing to drive the market growth.
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By Component, Software segment is expected to account for the largest share in 2023
Software solutions offered in the Middle East and Africa market are comprehensive cybersecurity solutions designed to help organizations meet all legal, IT, operational, and risk-related requirements. Some companies offer dedicated cybersecurity solutions, such as Identity and Access Management (IAM), antivirus/antimalware, firewall, log management, SIEM, encryption and tokenization, compliance and policy management, and patch management. These solutions are specifically developed to cater to the specific needs of end users. These solutions are designed to help organizations gain real-time threat-related insights and safeguard the security posture against future instances of these attacks.
By Software, Log Management and SIEM to account for the largest share in 2023
Software tools such as Security Information and Event Management (SIEM) and log management are utilized by IT organizations to keep track of their security status by analyzing log files, detecting and responding to any indications of compromise, and conducting investigations into potential network attacks. Log management involves the continuous collection, storage, processing, synthesis, and analysis of data from various programs and applications to optimize system performance, identify technical issues, manage resources effectively, enhance security, and ensure compliance. A log file is a record created by a computer that documents system activity, including messages, error reports, file requests, and transfers, which are typically predetermined by system administrators.
By Region, Middle East is expected to account for the largest share in 2023
The Middle East is home to many countries with rapidly growing economies and advanced technological infrastructures, making it an attractive target for cybercriminals and state-sponsored hackers. The region faces a variety of cybersecurity threats, including hacking attempts, data breaches, malware attacks, and ransomware. These threats can come from both external and internal sources and can target a range of industries and organizations, including government agencies, financial institutions, and businesses of all sizes. To address these threats, many countries in the Middle East have developed cybersecurity strategies and initiatives, such as establishing national cybersecurity centers, developing legislation to combat cybercrime, and investing in cybersecurity education and training programs.
Major players operating in the Middle East and Africa Cybersecurity are IBM (US), Cisco (US), Palo Alto Networks (US), Check Point (Israel), Trend Micro (Japan), Fortinet (US), Norton LifeLock (US), Sophos (UK), Kaspersky (Russia) and Trellix (US) are some of the market players.
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