Middle East and Africa Cyber Security Market 2018-2023This report helps to analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Middle East and Africa Cyber Security Market.
The Middle East & African Cyber Security Market was valued at USD 14.48 billion in 2017, and it is expected to reach a value of USD 34.6 billion by 2023, at a CAGR of 15.62%, over the forecast period (2018 - 2023). The scope of the report is limited to solutions that include network, application, cloud, and end-point protection solutions.
The Middle East is moving quickly to adopt transformative digital technologies, though the increasing penetration of the internet, adoption of IoT, and cloud, among others to enable economic diversification. Thus, the region has witnessed a healthy adoption of cybersecurity solutions for these digital platforms to avoid an increasingly complex battery of threats.
Network Security to Hold the Largest Market Share
The Middle Eastern society is an ambitious adopter of technology, online entertainment, digital media, and social media. Jordan, in particular, has developed as a regional tech start-up hub, due to an ICT focused education system, low start-up costs, and the business-friendly government. Its growing reputation is attracting international capital to tap into the region's underserved growing online market. At present, many countries recognize the potential of applying ICT to improve both social and economic development. Kuwait, for instance, has taken steps to develop a digital economy, with the development of national-level policies for e-health and e-government. In 2013, Saudi Arabia received recognition from the World Bank, acknowledging the country's efforts in executing business reforms, such as electronic filing and new payment systems.
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Recognizing the potential of ICT in improving both economic and social development, Iran is taking steps to develop a digital economy. However, with the increase in attack frequency and size, there is high demand for secure networks in order to cope with these kind of attacks, and avoid facing constant network disruptions and downtime. Thus, various organizations in the region have adopted network security measures, in order to overcome any disturbances to their infrastructure.
Healthcare Sector to Witness Fastest Growth
The growth of the healthcare industry can be attributed to the aging population and increasing treatment costs. Major players in the region, operating in the healthcare industry, have begun investing for the betterment and advancement of infrastructure, in order to meet the growing demand. Homegrown private-sector players in the United Arab Emirates, which is one of the most successful healthcare markets in the region, are investing in infrastructure development. For instance, NMC Health initiated the NMC Royal Hospital, the largest-ever facility in Abu Dhabi.
The government is also allocating a significant amount to healthcare for developing infrastructure. One of the major projects include the second phase of Dubai Healthcare City, which has been valued between USD 816 million and USD 1.3 billion (DHS 3 billion to DHS 5 billion). All of these hospitals are focused on developing better infrastructure, in order to digitize their business models. The continuing success of digitization initiatives, among the countries of the Middle East, brings with it an added and growing exposure to the risk of cyber-attacks. Cyber threats have become a danger to the infrastructure and business models of hospitals. Even though the region was not majorly affected by the WannaCry attack in the United Kingdom or other countries, the demand for cybersecurity is increasing to ensure a safer environment.
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Increased Penetration of the Internet and Deployment of IoT
The Middle East & African market is witnessing a widespread deployment of mobile technologies. The enterprise mobility is expected to penetrate over 80% of the MEA organizations by 2020. This trend, coupled with technological advancements of the Middle Eastern countries and their rapid adoption of digitization, has presented the region as an attractive target for a wide array of cyber threats. The advent of IoT has led to the major healthcare and government organizations implementing the technology for an efficient and effective work environment, while streamlining the whole business model. However, increasing cyberattacks have led to various organizations enhancing their security measures, by adopting cybersecurity services, which is expected to boost the growth of the cybersecurity market in the region.
Key Developments in the Market
- August 2017 - Cisco acquired Observable Networks; the acquisition was aimed at diversifying Cisco’s security portfolio to cloud security capabilities, and provide security support and compliance for applications deployed on public cloud platforms, such as Amazon Web Services (AMZN) and Microsoft (MSFT) Azure.
- November 2017 - IBM acquired Agile 3 Solutions, a San Francisco-based company, which develops software used by C-Suite and senior executives to better visualize, understand, and manage risks associated with the protection of sensitive data. The acquisition is aimed at complementing the company’s security solutions across the cloud and IoT platforms.
- November 2017- Saudi Arabia aims to set up a new cyber authority, which will be linked to the National Cyber Security Commission, to protect information technology networks, systems, and data, and improve online security for organizations.
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The key vendors profiled in the report include:
NEC Corporation, Cisco Systems Inc., Dell Technologies Inc., Kaspersky Labs, IBM Corporation, Check Point Software Technologies Ltd, Palo Alto Networks Inc., Symantec Corporation, Trend Micro Inc., Fortinet Technologies Inc., FireEye Inc., and Proofpoint Inc.
Reasons to Purchase this Report
- The way growing penetration of the internet in the Middle East & Africa acts as a driver to the cybersecurity scenario in the region.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- The type of security, solution, and type of deployment that is expected to dominate the market.
Customization of the Report
This report can be customized to meet your requirements.
Table of Content:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Global Middle East & Africa (MEA) Cybersecurity Segmentation
6. Competitive Intelligence
7. Investment Analysis
8. Future of MEA Cyber Security Market
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