The Middle East Cybersecurity Market size is projected to grow from USD 16.1 billion in 2020 to USD 28.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.2%, whereas the post-COVID 19 market size is projected to grow from USD 15.6 billion in 2020 to USD 29.9 billion by 2025, at a CAGR of 13.8% during the forecast period.Increased instances of cyber-attacks on industry verticals such as BFSI, energy and utilities, government and defense, healthcare, IT and ITeS and others in countries such as Kingdom of Saudi Arabia, UAE, Israel, Qatar, Bahrain, Kuwait, Egypt, Oman and Turkey in the Middle East region backed by deeper penetration of IT services in the region drive the demand for cybersecurity solutions and services.
The network security segment to play a key role in the Middle East cybersecurity market
The network security segment is estimated to have the largest market size during the forecast period in the Post-COVID scenario. With the growth of COVID-19-related adaption in remote working practices, the network of enterprises in the Middle East has been jeopardized. Organizations are adopting measures to combat the situation and are collaborating with security vendors to manage the situation effectively. Increasing vulnerability on the network in the energy and utilities, BFSI, and IT and ITeS industry verticals are triggering the growth of the Middle East cybersecurity market.
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The healthcare vertical is expected to grow at the highest CAGR in the Middle East cybersecurity market in Post-COVID scenario
The healthcare industry vertical is expected to contribute the largest market share and expected to grow at the highest CAGR from 2019 to 2025 in the Middle East cybersecurity market due to the technological proliferation of healthcare applications and increased instances of data thefts in the sector. The government and defense sector is expected to grow at the second-highest CAGR from 2019 to 2025 in the Middle East cybersecurity market, due to increasing instances of cyberattacks on the government sector and the government-regulated oil and gas companies. The demand for cybersecurity solutions is rising, as the adoption of these solutions provides advanced protection from cyber threats without affecting the operational efficiency.
Cyber Security solutions and services help enterprises to safeguard the network, endpoint, ICS, and cloud environment from advanced cybersecurity threats. The ever-changing threat landscape requires various cybersecurity solutions which include identity and access management, risk and compliance management, encryption, Data Loss Prevention (DLP), Unified Threat Management (UTM), firewall, antivirus/antimalware, Intrusion Detection System (IDS)/Intrusion Prevention System (IPS), security and vulnerability management, disaster recovery, Distributed Denial of Service (DDoS) mitigation, and web filtering. The increasing need to mitigate IT security risks and threats such as malware, ransomware, DDoS attacks, viruses, trojans, and Advanced Persistent Threats (APTs) requires strong cybersecurity solutions and services. Furthermore, the globalization of industries and the rise in enterprise endpoint-targeted attacks have challenged business cybersecurity for special protection against threats.
The key players in the Middle East cybersecurity market include Check Point Software Technologies Ltd (Israel), Cisco (US), Forcepoint LLC (US), IBM Corporation (US), Sophos Ltd (UK), Fireeye (US), Huawei (China), Fortinet (US), Palo alto Networks (US), Kaspersky Lab (Russia), Mcafee (US), and Trend Micro, Inc. (Japan). These players have adopted various strategies such as partnerships, agreements, mergers & acquisitions, and new product developments to achieve growth in the Middle East cybersecurity market.
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The Middle East cybersecurity market witnessed a number of partnerships, agreements, and collaborations by key players from 2017 to 2020. In July 2016,
The key players also adopted the strategy of mergers & acquisitions to expand their geographic presence and enhance their product portfolios in untapped markets. In May 2019, FireEye acquired Verodin, a leading provider in validating the effectiveness of cybersecurity controls.
The major players also launched new products and offerings to strengthen their product portfolios and expand their offerings to existing and new clients. In February 2020, Cisco launched a comprehensive security architecture for Industrial IoT (IIoT) in Dubai, UAE.
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