Middle East Cybersecurity Market worth $23.4 billion by 2028 – Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 5, 2024 /PRNewswire/ — The Middle East cybersecurity industry will need to incorporate sophisticated technologies like cloud security, IoT security, Zero Trust, and AI/ML, focus on regulatory compliance, and boost investment due to growing cyber threats and government initiatives. The region’s cybersecurity landscape is also being shaped by important trends like tackling the skills deficit in cybersecurity, incident response preparation, and collaborative collaborations.

The Middle East Cybersecurity Market size is projected to grow from USD 14.8 billion in 2023 to USD 23.4 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period, according to a new report by MarketsandMarkets™.  The expansion of the Middle East Cybersecurity Market is propelled by the surge in digital transformation initiatives, driving widespread adoption of cloud technology. Regulatory efforts to counter the evolving threat environment further bolster this growth, emphasizing the critical role of cybersecurity. The Kingdom of Saudi Arabia’s Vision 2030 is also a key driver, shaping the region’s cybersecurity market dynamics. As the KSA charts a comprehensive vision, it fuels advancements in digital security. Concurrently, the Middle East witnesses a flourishing startup ecosystem that intricately shapes the trajectory of cybersecurity solutions. This confluence of factors positions the region at the forefront of cybersecurity innovation and resilience.

Browse in-depth TOC on “Middle East Cybersecurity Market”

403 – Tables
47 – Figures
422 – Pages

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Scope of the Report

Based on the offering, the services segment will grow at the highest CAGR during the forecasted period.

The exponential growth of the services segment in the Middle East Cybersecurity Market is driven by the multifaceted challenges posed by evolving cyber threats. The region has witnessed a significant surge in cyber threats and attacks, creating a heightened demand for cybersecurity solutions and services. The expanding landscape of eCommerce and digital payment solutions has intensified the need for robust cybersecurity measures, fueling the growth of services specializing in digital asset protection. The region’s stringent regulations and compliance requirements have mandated comprehensive cybersecurity services, ensuring adherence and robust data protection practices. Concurrently, the ongoing digital transformation initiatives amplify the demand for cybersecurity services essential for safeguarding digital assets and infrastructure. Moreover, the rising demand for cyber-insurance contributes significantly to the burgeoning services sector, establishing it as the fastest-growing segment in the Middle East Cybersecurity Market.

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By deployment mode, on-premises accounts for the highest market size during the forecast period.

The on-premises segment has the largest market size in the Middle East Cybersecurity Market for various reasons, such as the paramount importance placed on data privacy concerns. Organizations, particularly government agencies and critical infrastructure operators, prioritize data sovereignty and control over sensitive information. On-premises solutions offer greater control over data storage and processing, alleviating concerns about cloud-based solutions potentially exposing data to foreign jurisdictions. Additionally, regulatory compliance in the region may restrict or discourage storing certain types of data in the cloud, further emphasizing the role of on-premises solutions in ensuring adherence to regulations.

Security considerations also play a pivotal role, with on-premises solutions providing customization, control over security policies, and offline functionality to ensure uninterrupted operations during internet outages. Cost factors, including the preference for predictable costs over recurring subscription fees and the limited cloud infrastructure in some Middle Eastern regions, contribute to the dominance of the on-premises segment. Moreover, existing infrastructure and investments, such as legacy systems and internal expertise in managing on-premises security solutions, further consolidate the on-premises market’s stronghold in the region.

By region, Israel is to grow at the highest CAGR during the forecast period.

Israel is witnessing an unprecedented growth rate in the Middle East Cybersecurity Market, driven by a combination of factors uniquely positioning the nation for rapid expansion. With a robust technological foundation, Israel’s vibrant startup ecosystem is pivotal in fostering groundbreaking cybersecurity technologies. The strong military and intelligence sectors contribute significantly, investing heavily in cybersecurity development and cultivating a pool of highly skilled professionals. Israel’s emphasis on STEM education further ensures a well-educated workforce, creating a robust talent pipeline for the cybersecurity industry.

In the face of constant cyber threats, Israel has developed extensive expertise in defending against sophisticated attacks, resulting in practical solutions for the market. Cybersecurity is not merely a business concern but a cornerstone of national security, garnering significant government support and investment. Furthermore, the market-specific advantages of niche expertise, adaptability, and cultural proximity to some Middle Eastern countries position Israeli companies as leading players in the region. Foreign investment and regional collaborations further propel Israel’s cybersecurity sector, solidifying its status as the fastest-growing player in the Middle East.

Top Key Companies in Middle East Cybersecurity Market:

IBM (US), Cisco (US), Palo Alto Networks (US), Check Point (US), Trend Micro (Japan), Fortinet (US), Broadcom (US), Sophos (UK), Trellix (US), EDGE Group (UAE), SecureWorks (US), CPX (UAE), MDS UAE (UAE), Forescout (US), Protiviti (US), Mandiant (US), LogRhythm (US), Help AG (UAE), Moro Hub (UAE), DTS Solution (UAE), Ras Infotech (UAE), spiderSilk (UAE), CyberSec Consulting (US), CodeGreen Systems (UAE), Malwarebytes (US), Safe Decision (KSA), Security Matterz (KSA), Cato Networks (Israel), CyberGate Defense (UAE) are the key players and other players in the Middle East Cybersecurity Market.

Recent Developments

In November 2023, Cisco integrated new business metrics into Cloud Observability, enhancing the platform’s ability to provide business context for modern applications on Amazon Web Services. This update includes AWS services integration, application performance monitoring (APM) correlation, and comprehensive visibility into cloud-native applications. It enables teams to prioritize tasks based on business impact by offering insights into the relationship between application performance and critical business key performance indicators (KPIs). Cisco Cloud Observability also facilitates easy identification of business transactions configured with metrics and advanced KPI visualization.In November 2023, Palo Alto Networks introduced Strata Cloud Manager, a groundbreaking AI-driven Zero Trust management solution. Boasting over 4,400 machine learning models, this innovation underscores Palo Alto Networks’ dedication to merging AI and Zero Trust for optimal customer protection. Strata Cloud Manager enhances network security by predicting disruptions, fortifying with AI analysis, and streamlining efficiency across diverse form factors, reinforcing Palo Alto Networks’ leadership in modern enterprise security.October 2023 Check Point’s Horizon Playblocks is a security collaboration platform streamlining network operations. A vital component of the Horizon suite alongside MDR/MPR SOC service and XDR/XPR SOC platform. Playblocks revolutionize team collaboration. It automates preventive measures, deploys swiftly, and consolidates defenses, ensuring a robust, unified response against cyber threats.In January 2023, Trend Micro established a new subsidiary, CTOne, which aims to enhance 5G network security. CTOne has been created as a standalone business, drawing upon the intellectual capital and leadership of Trend Micro’s innovative culture, and is the latest incubation project to be launched in this way.In March 2022, IBM introduced a new cloud service for managing and protecting critical data in hybrid and multi-cloud environments. This service enables businesses to utilize IBM’s security features for their data, no matter where it is stored, be it on other clouds, on-premises, or in IBM’s cloud. The service aims to reduce the risk of cyberattacks and insider threats to sensitive information.

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Middle East Cybersecurity Market Advantages:

Advanced cybersecurity services and solutions are needed to safeguard sensitive data, digital assets, and vital infrastructure in the region as a result of growing digitalization and connectivity.Strong cybersecurity solutions are needed for the region’s ongoing digital transformation projects in sectors like banking, healthcare, energy, and government services in order to protect digital assets, facilitate the adoption of secure clouds, and guarantee regulatory compliance. This is creating a demand for cybersecurity goods and services.By investing in cybersecurity awareness programmes, training, and skill development, Middle Eastern organisations are progressively realising the value of cybersecurity and developing a workforce that is cyber-resilient and promoting a culture of cybersecurity responsibility.Because of its advantageous geographic position as a hub for global trade and commerce, the Middle East is frequently the target of cyberattacks. As a result, strong cybersecurity measures are required to safeguard vital digital infrastructure and preserve confidence in the regional economies.Middle Eastern governments, businesses, and cybersecurity providers are teaming up to tackle cybersecurity issues collaboratively, exchange threat intelligence, and create cutting-edge cybersecurity solutions suited to the region’s requirements and obstacles.Investors, service providers, and cybersecurity vendors wishing to take advantage of the region’s potential for cybersecurity market growth and meet changing cybersecurity needs will find great investment opportunities in the Middle East due to the growing need for cybersecurity solutions.

Report Objectives

To describe and forecast the Middle East Cybersecurity Market by offering, solution type, security type, deployment mode, organization size, vertical, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect market growthTo analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall marketTo provide detailed information regarding major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the marketTo analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for the major playersTo profile the key market players; provide a comparative analysis based on the business overviews, regional presence, product offerings, business strategies, and critical financials; and illustrate the market’s competitive landscape.To track and analyze the competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and research development (R&D) activities, in the market.

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