Middle East Cyber Security Market

Middle East Cyber Security Market Trends set to witness Explosive growth by 2030

0 Comment September 23, 2024 Uncategorized

Middle East Cyber Security Market Overview:

According to MarkNtel Advisors study the Middle East Cyber Security Market size is valued at USD14.6 billion in 2023 & is predicted to reach USD 29.7 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 9.8% during the forecast period, i.e., 2024-30. The industry growth is attributed to the increasing digitalization in the Middle Eastern countries across various sectors such as finance, healthcare, government, etc., creating the demand for cybersecurity solutions to prevent threats & cyber attacks on the data. Furthermore, the rising number of cyberattacks across the region in various sectors is further leading the regional companies to adopt cyber security measures in their organizations, which is increasing the growth of the market.

Key Findings of the Study: Middle East Cyber Security market

The Middle East Cyber Security Market Challenge:

Unavailability of Skilled Professionals to Manage Cyber Security Solutions –  The increasing number of cyber security issues and threat cases across the region are leading to the surging demand for technologically advanced cyber security solutions, including software as well as hardware components. The integration of various technically advanced algorithms and regular maintenance and bug detection requires skilled professionals to efficiently manage these issues. However, the lack of skilled individuals in the region poses a significant drawback in the overall regional market growth.

The limited education programs and training particularly designed for IT technicians in Middle Eastern countries is a significant restraining factor in the market. With limited access to education, individuals are not skilled enough to handle complex processes. Moreover, the stringent competition and better pay scales for cybersecurity technicians in another barrier to the Cybersecurity Market of the Middle East.

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Scope of the Middle East Cyber Security Market Report Segmentation

-By Component

  • Solutions
  • Services
  • Managed Services- Market Size & Forecast 2019-2030 (USD Million)

-By Security Type

  • Network Security- Market Size & Forecast 2019-2030 (USD Million)
  • End Point Security- Market Size & Forecast 2019-2030 (USD Million)
  • App Security- Market Size & Forecast 2019-2030 (USD Million)
  • Cloud Security- Market Size & Forecast 2019-2030 (USD Million)
  • Content Security- Market Size & Forecast 2019-2030 (USD Million)
  • Industrial Control System Security- Market Size & Forecast 2019-2030 (USD Million)

-By Deployment

  • Cloud- Market Size & Forecast 2019-2030 (USD Million)
  • On-Premise- Market Size & Forecast 2019-2030 (USD Million)
  • Hybrid- Market Size & Forecast 2019-2030 (USD Million)

-By End Users

  • Oil & Gas- Market Size & Forecast 2019-2030 (USD Million)
  • BFSI- Market Size & Forecast 2019-2030 (USD Million)
  • Healthcare- Market Size & Forecast 2019-2030 (USD Million)
  • Utilities- Market Size & Forecast 2019-2030 (USD Million)
  • IT & Telecom- Market Size & Forecast 2019-2030 (USD Million)
  • Others- Market Size & Forecast 2019-2030 (USD Million)

-By Enterprise Size

  • Large- Market Size & Forecast 2019-2030 (USD Million)
  • Mid-size- Market Size & Forecast 2019-2030 (USD Million)
  • Small- Market Size & Forecast 2019-2030 (USD Million)

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Geographical analysis:

-By Countries

  • The UAE
  • Saudi Arabia
  • Qatar
  • Turkey
  • Israel
  • Kuwait
  • Bahrain
  • Oman
  • Egypt
  • Rest of the Middle East

The UAE is anticipated to dominate the market with the largest share during the forecast period. It owes principally to the swiftly expanding BFSI sector and its increasing shift toward online platforms to deliver facilities like quicker services & transactions to customers. Moreover, the rising FDI in the country is further propelling many commercial greenfield projects in the country. It, in turn, is driving the demand for cyber security solutions to secure customer data from cyber threats & attacks, driving the market across the UAE.

The Middle East Cyber Security Industry Recent Development:

  • 2024: Cisco announced to launch new local cloud data centre in the UAE for its Duo multifactor authentication (MFA) and secure access solution to support cybersecurity readiness.
  • 2023: Sophos launched its its advanced cybersecurity solutions and services including Sophos Managed Detection and Response (MDR) at GITEX Global 2023 held at Dubai, the UAE.

Current Landscape of Middle East Cyber Security Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Middle East Cyber Security market. The research report profiles major players, including

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  • IBM
  • Cisco
  • Optiv Security Inc.
  • Huawei
  • Fortinet
  • Palo Alto Networks
  • Check Point Software Technologies
  • Trend Micro
  • Sophos
  • Kaspersky
  • Mcafee
  • Forcepoint
  • Dts Solution
  • Ras Infotech
  • Codegreen Systems
  • Others

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