Middle East Cyber Security Market Expected To Grow 22.14 Billion USD by 2022

The major growth drivers of the market include the need to mitigate IT security risks, rising instances of enterprise targeted cyber-attacks and threats, and proliferation of smart city and digitization projects in the Middle East region.

(EMAILWIRE.COM, September 13, 2018 ) The Middle East cyber security market size is expected to grow from USD 11.38 Billion in 2017 to USD 22.14 Billion by 2022, at an estimated Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period. The major growth drivers of the market include the need to mitigate IT security risks, rising instances of enterprise targeted cyber-attacks and threats, and proliferation of smart city and digitization projects in the Middle East region.

The Middle East cyber security market is segmented by solutions, services, security types, deployment modes, The application security segment is expected to grow at the highest CAGR during the forecast period. Advanced threats on applications and advancements in mobile computing have led to the growing popularity of the enterprise mobility. Also, the Bring Your Own Device (BYOD) trend in the corporate environments is driving the demand over the forecast period. However, the network security segment holds the largest share in the Middle East cyber security market in 2017, due to the increased instances of threats on complex networks that affect the business operations of the various industry verticals.

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The government and defense industry vertical is expected to contribute the largest market share and expected to grow at the highest CAGR from 2017 to 2022 in the Middle East cyber security market, due to increasing instances of cyberattacks on the government sector and the government-regulated oil and gas companies. The healthcare sector is expected to grow at the second highest CAGR from 2017 to 2022 in the Middle East cyber security market, due to the technological proliferation of healthcare applications and increased instances of data thefts in the sector. The demand for cyber security solutions is increasing, as the adoption of these solutions provides advanced protection from cyber threats without affecting the operational efficiency.

Saudi Arabia is expected to have the largest market share and dominate the Middle East cyber security market from 2017 to 2022, due to the need to safeguard enterprises in various industrial verticals such as energy and utilities, government and defense, IT and telecom, and healthcare from advanced threats. Qatar offers potential growth opportunities in the Middle East cyber security market, as there is a wide presence of SMEs that are turning towards cyber security solutions to efficiently safeguard their business endpoints, network, application, and cloud environment.

The major vendors in the Middle East Cyber Security market include Check Point Software Technologies Ltd (Israel), Cisco Systems, Inc. (U.S.), Computer Sciences Corporation (U.S.), Forcepoint LLC (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Intel Security (U.S.), IBM Corporation (U.S.), Sophos Ltd (U.K.), Symantec Corporation (U.S.), and Trend Micro, Inc. (Japan).

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