New York, NY, March 04, 2024 (GLOBE NEWSWIRE) -- The latest research report [115+] pages with 360-degree visibility, titled “Middle East Cybersecurity Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions, Services); By Deployment Mode; By Organization Size; By Security Type; By Solution; By End-User; By Country; Segment Forecast, 2024 - 2032" published by Polaris Market.
The Middle East Cybersecurity Market size and share are currently valued at USD 13.98 billion in 2023. It is anticipated to generate an estimated revenue of USD 32.39 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 9.8% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Market Definition
- What is Cyber Security? How Big is the Middle East Cyber Security Market Size & Share?
The process of protecting networks, servers, computers, electronic systems, mobile devices, and data from malicious attacks is known as cyber security. It is usually referred to as electronic information security or information technology security. Individuals and businesses use it to guard against unauthorized access to other computerized systems and data centers.
Moreover, the Middle East is witnessing a sharp rise in cyber security due to the growing need for advanced security measures to safeguard vital infrastructure, governmental organizations, and commercial enterprises against virtual attacks. Strong cybersecurity measures are now more important than ever due to the region's growing smart city and digital transformation projects. As a result, the Middle East cybersecurity market demand is expanding.
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Middle East Cybersecurity Market Key Companies
- Broadcom
- Check Point Software Technologies Ltd.
- Cisco Systems, Inc.
- CPX
- DTS Solutions, LLC
- Help AG
- IBM Corporation
- Palo Alto Networks
- Secureworks, Inc.
- Sophos Ltd.
- Trellix
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Key Highlights
- The industry is expanding as a result of government investments, growing startup ecosystems, regulatory activities, changing threat environments, and broad adoption of cloud technology.
- The Middle East cybersecurity market segmentation is primarily based on deployment mode, component, security type, organization size, end-user, solution, and country.
- The UAE dominated the market in 2023.
Market Developments
Growth Drivers:
- Adoption of Digital Technologies: Businesses and organizations in the region are more susceptible to cyberattacks as more embrace digital technologies. Cybercriminals are taking advantage of these weaknesses to interfere with business operations, steal confidential data, and result in losses of money. As a result, the need for cybersecurity services and solutions that can aid in preventing these threats has increased.
- The Increasing Number of Cyber Attacks: There is a great need in the region for cybersecurity services and solutions due to the rise in cyberattacks and the growing uptake of digital technology. Tight government rules, the rising use of mobile devices, and the expanding trend of remote work are some of the other factors propelling this expansion. Because of this, businesses in the Middle East are making significant investments in cybersecurity services and solutions to safeguard their assets, data, and networks against online attacks. All of these factors are contributing to the Middle East cybersecurity market growth.
Industry Trends:
- Digital Transformation and Smart City Initiatives: Numerous governments in the Middle East are supporting heavily in modernizing their infrastructure and embracing new technologies to enhance efficiency and improve citizen services. These initiatives also present new security threats, making it important for organizations to execute robust cybersecurity measures to safeguard their networks and systems, which is expanding the Middle East cybersecurity market size.
Restraints:
- The Complexity of Integrating Cybersecurity Solutions: One major issue faced by the Middle East cybersecurity market is the difficulties of integrating cybersecurity solutions with current systems. Integrating current cybersecurity solutions is challenging since many firms in the region have systems that need to be created with security in mind. Compatibility problems, data fragmentation, and higher operating costs result from this.
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Segmentation Overview
- The On-Premise Sector Holds the Largest Market Share
Due to the region's preference for on-premise cybersecurity solutions over cloud-based services, the on-premise category held the greatest Middle East cybersecurity market share. This is a result of their commitment to upholding control over their security and data infrastructure and making sure that private data is never kept outside of their internal networks.
Moreover, more customization and flexibility are available with on-premise installations, enabling businesses to modify cybersecurity solutions to suit their business requirements.
- The Healthcare sector Drives Significant Growth
With the growing use of digital technologies and electronic health records (EHRs) by healthcare organizations, which are now susceptible to cyberattacks, data breaches, and other security risks, it is projected that the healthcare sector will propel the market's growth over the coming years. Consequently, safeguarding patient data and sensitive information from unauthorized access or harmful assaults is an increasing concern for healthcare providers.
Furthermore, the necessity for strong cybersecurity measures in the healthcare sector has increased due to the pandemic. Telemedicine and remote consultations have grown in popularity and opened up new attack avenues for cybercriminals. Healthcare companies are making significant investments in advanced cybersecurity solutions, including risk management, threat intelligence, and incident response services, in order to address these worries.
Middle East Cybersecurity Market: Report Scope & Dynamics
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 32.39 Billion |
| Market size value in 2024 | USD 15.31 Billion |
| Expected CAGR Growth | 9.8% from 2024 – 2032 |
| Base Year | 2023 |
| Forecast Year | 2024 – 2032 |
| Top Market Players |
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| Segments Covered | By Component, By Deployment Mode, By Organization Size, By Security Type, By Solution, By End-User, By Country |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Regional Insights
UAE: Through a number of initiatives and laws, including the Dubai Cyber Security Strategy and the National Cyber Security Strategy, the UAE government has been actively pushing cybersecurity adoption and awareness. The nation has forged alliances with top international cybersecurity companies, promoting creativity and information exchange. Also, due to its advantageous position halfway between East and West, the UAE is a popular destination for foreign businesses wishing to increase the scope of their cybersecurity services in the Middle East.
Browse the Detail Report “Middle East Cybersecurity Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions, Services); By Deployment Mode; By Organization Size; By Security Type; By Solution; By End-User; By Country; Segment Forecast, 2024 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/middle-east-cybersecurity-market
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Key Questions Addressed in the Report:
- How much is the worth of the Middle East cybersecurity market?
Ans: The global market size and share are currently valued at USD 13.98 billion in 2023 and are anticipated to generate an estimated revenue of USD 32.39 billion by 2032.
- What are the key factors of the market growth?
Ans: The industry is expanding as a result of government investments, growing startup ecosystems, regulatory activities, changing threat environments, and broad adoption of cloud technology.
- Who are the key players operating in the market?
Ans: Some of the major Middle East cyber security market key players operating in the industry are Broadcom Check Point Software Technologies Ltd., DTS Solutions, LLC, Palo Alto Networks, Trellix, and Cisco Systems, Inc.
- What is the expected growth rate of the market during the forecast period?
Ans: The report notes that the market exhibits a robust 9.8% CAGR over the forecasted timeframe, 2024-2032.
Polaris Market Research has segmented the Middle East cybersecurity market report based on component, deployment mode, organization size, security type, solution, end-user, and country:
By Component Outlook
- Solutions
- Services
By Deployment Mode Outlook
- On-Premise
- Cloud-Based
By Organization Size Outlook
- Large Enterprises
- Small and Medium Businesses
By Security Type Outlook
- Enterprise Security
- Network Security
- Application Security
- Endpoint Security
- Others
By Solution Outlook
- Encryption
- Unified Threat Management
- Identity and Access Management
- Data Loss Prevention
- Antivirus/Anti-Malware
- Risk and Compliance Management
- Disaster Recovery
- Others
By End-User Outlook
- BFSI
- Defence and Government
- Healthcare
- IT & Telecom
- Retail
- Travel and Hospitality
- Others
By Country Outlook
- UAE
- Saudi Arabia
- Israel
- Egypt
- Rest of the Middle East
About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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