MEA Cybersecurity Market on Track to Reach $36.2 Billion by 2028

 

The MEA Cybersecurity Market Share is estimated at USD 22.2 billion in 2023 and is projected to reach USD 36.2 billion by 2028, at a CAGR of 10.2% from 2023 to 2028. Factors such as increasing number of cyber threats and attacks; and digital transformation initiatives are positively driving the growth of Middle East and Africa cybersecurity market. Furthermore, growth of eCommerce and digital payments along with stringent regulations and compliance requirements are also contributing to drive the market growth.

By Organization Size, SMEs segment is expected to grow at a higher CAGR during the forecast period

As SMEs increasingly adopt digitalization, they are exposed to new security risks. This leads the IT teams in SMEs to invest in incorporating improved digital security Middle East and Africa through adopting cybersecurity solutions. Cybercriminals take advantage of the poor security infrastructures of SMEs by using automation techniques to target their networks. SMEs are therefore looking for cybersecurity solutions to save money, time, and resources. Governments are also taking initiatives to protect SMEs in their respective countries. However, key factors, such as budgetary constraints for operational activities, the lack of capital funds, and skilled professionals, are projected to inhibit the market growth among SMEs in developing countries.

By vertical, Aerospace and Defense to account for a larger market size during the forecast period

The aerospace and defense vertical includes civil and military aerospace and defense procurements. Security threats in the aerospace and defense vertical are increasing alarmingly. This vertical is targeted to extract critical sectors' highly confidential and sensitive data, including government, prime contractors, and suppliers. Big data and increased digitalization are present in almost all aspects of the armed forces, which leads to high chances of attacks by cybercriminals. Next-generation firewalls, IPS, antimalware gateways, and endpoint security applications can protect data from known threats. Still, attackers have innovated many techniques to bypass these products and access confidential data. Therefore, protecting data and applications is a top priority for the aerospace and defense vertical, which is scouting for comprehensive security strategies.

By Security Type, the Endpoint and IoT security segment is expected to account for a larger market size during the forecast period

Endpoint security refers to the security provided on endpoints, such as personal computers, laptops, smartphones, tablets, barcode readers, or Point of Sale (PoS) of enterprise networks. The common mode of attacks on the endpoint layer are viruses, hacking, software tampering, and heap overflow. Devices connected to platforms contain financial, organizational, and workforce information that must be protected without data loss or breach. Endpoint security solutions include antivirus, antispyware/malware, personal encryption firewall, IDS/IPS, patch and configuration management, behavioral blocking software, and virtualization security. These solutions provide continuous real-time threat detection, prevention, and response to network devices (endpoints). The increasing number of mobile devices has made networks more vulnerable to cyberattacks and malware. The trend of mobile workers, BYOD, social media, and cloud-synchronizing tools is one of the drivers of the endpoint security segment.

Major players operating in the Middle East and Africa Cybersecurity are IBM (US), Cisco (US), Palo Alto Networks (US), Check Point (Israel), Trend Micro (Japan), Fortinet (US), Norton LifeLock (US), Sophos (UK), Kaspersky (Russia) and Trellix (US) are some of the market players.

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