According to a research report "Middle East Cybersecurity Market by Component (Solutions and Services), Security Type (Network Security, Endpoint Security, Cloud Security, ICS Security, and Others), Deployment Mode, Organization Size, Vertical, and Country - Global Forecast to 2025" The Middle East cybersecurity pre-COVID 19 market size is projected to grow from USD 16.1 billion in 2020 to USD 28.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.2%, whereas the post-COVID 19 market size is projected to grow from USD 15.6 billion in 2020 to USD 29.9 billion by 2025, at a CAGR of 13.8% during the forecast period.
The cybersecurity solutions and services help companies to protect their endpoints, network, ICS, and cloud environment from advanced threats such as malware, ransomware, DDoS attacks, and Advanced Persistent Threats (APTs). Moreover, increasing demand from Small and Medium Enterprises (SMEs) operating across diverse industry verticals and countries is expected to drive the market growth during the forecast period.
The network security segment to play a key role in the Middle East cybersecurity market
The network security segment is estimated to have the largest market size during the forecast period in the Post-COVID scenario. With the growth of COVID-19-related adaption in remote working practices, the network of enterprises in the Middle East has been jeopardized. Organizations are adopting measures to combat the situation and are collaborating with security vendors to manage the situation effectively. Increasing vulnerability on the network in the energy and utilities, BFSI, and IT and ITeS industry verticals are triggering the growth of the Middle East cybersecurity market.
The healthcare vertical is expected to grow at the highest CAGR in the Middle East cybersecurity market in Post-COVID scenario
The healthcare industry vertical is expected to contribute the largest market share and expected to grow at the highest CAGR from 2019 to 2025 in the Middle East cybersecurity market due to the technological proliferation of healthcare applications and increased instances of data thefts in the sector. The government and defense sector is expected to grow at the second-highest CAGR from 2019 to 2025 in the Middle East cybersecurity market, due to increasing instances of cyberattacks on the government sector and the government-regulated oil and gas companies. The demand for cybersecurity solutions is rising, as the adoption of these solutions provides advanced protection from cyber threats without affecting the operational efficiency.
Kingdom of Saudi Arabia is expected to contribute the largest market share, whereas Israel is projected to grow at the highest rate in Post-COVID scenario
Kingdom of Saudi Arabia is expected to have the largest market share and dominate the Middle East cybersecurity market from 2019 to 2025, due to the need to safeguard enterprises in various industrial verticals such as BFSI, energy and utilities, government and defense, healthcare, IT and ITeS and others from advanced threats. Israel offers potential growth opportunities in the Middle East cybersecurity market, as there is a wide presence of SMEs that are turning towards cybersecurity 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 (US), Forcepoint LLC (US), IBM Corporation (US), Sophos Ltd (UK), Fireeye (US), Huawei (China), Fortinet (US), Palo alto Networks (US), Kaspersky Lab (Russia), Mcafee (US), and Trend Micro, Inc. (Japan).
Source: ASDReports - Market Research
Date: Jun 26, 2020