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Middle East and Africa Cybersecurity Market to Grow at a CAGR of 7.90% During 2022-2027, Aided by the Rising Incidences of Cyberattacks

According to a new report by EMR titled, ‘Middle East and Africa Cybersecurity Market Report and Forecast 2022-2027’, the Middle East and Africa cybersecurity industry stood at a value of around USD 1.98 billion in 2021. The market is further expected to grow at a CAGR of 7.90% in the forecast period of 2022-2027 to attain a value of USD 3.12 billion by 2027.

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.

Market Breakup by Solution, Service, Deployment, End-Use, and Region:

  • The market is divided on the basis of solutions into threat intelligence and response management, identity and access management, data loss prevention management, security and vulnerability management, unified threat management, enterprise risk, and compliance.
  • On the basis of service, the market can be distributed into managed services and professional services.
  • Based on deployment, the industry is segregated into cloud and on-premise.
  • The industry is segmented on the basis of end-use into aerospace and defence, BFSI, healthcare, manufacturing, retail, government, IT, and telecommunication, among others.
  • The regional markets can be divided into Saudi Arabia, United Arab Emirates, Israel, Nigeria, and South Africa, among others.

Key Findings of the Report:

  • The growth of the industry is being driven by the increasing demand for efficient security mechanisms across industry verticals.
  • The growing digitalisation has significantly contributed to the market expansion.
  • Increased investments in the R&D of cybersecurity technologies are also aiding the industry's growth.
  • The rising incidences of cyberattacks in the region are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the Middle East and Africa market for cybersecurity for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the solutions, services, deployments, end-uses, and regions of cybersecurity.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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