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The Middle East and Africa cybersecurity industry is being driven by the rising incidences of cyberattacks in the region, especially in Saudi Arabia and the UAE. This can be associated with the heightened digitalisation in the region, in the organisations across industry verticals. The increased investments in the cybersecurity sector to mitigate the threat of data breach and leak is also predicted to bolster the market growth in the coming years. The demand for improved security facilities in enterprises across industries is also expected to aid the market growth. The rising penetration of smartphones in the region is predicted to significantly impact the market growth in the forecast period.
The rising demand for safety and security from any cyber threats is driving leading market players to invest in the development of digital skills and providing real-time security services to the consumers, which is expected to positively impact the industry growth in the forecast period. In September 2021, Cisco Systems Inc. (NASDAQ: CSCO) announced the partnership with the Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP) to aid in developing the digital skills of trainers in the fields of cybersecurity and programming with the use of Cisco Networking Academy (NetAcad). In addition, another leading cybersecurity vendor, IBM Corporation (NYSE: IBM), in a press release dated December 2020, announced the opening of its first security operations centre in Saudi Arabia, which is built to provide security services, especially responding to cybersecurity incidents to private and government sector consumers. These developments are expected to significantly impact the growth of the cybersecurity industry in the forecast period.
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The major players in the Middle East and Africa cybersecurity market are Cisco Systems Inc., Dell Inc., IBM Corporation, Broadcom Inc., and CIPHER LLC, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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