Middle East and Africa Cyber Security Market Size, Share & COVID-19 Impact Analysis, By Security Type (Network Security, Cloud Application Security, End-point Security, Secure Web Gateway, Application Security, and Others (Internet Security)), By Enterprise Size (Small & Medium-sized Enterprises and Large Enterprises), By Industry (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities, and Others), and Regional Forecast, 2023-2030

The Middle East and Africa is the second-largest region in the global cyber security market. The Middle East and Africa market is projected to grow at a CAGR of 16.2% during the forecast period. The global market size is projected to grow from USD 153.65 billion in 2022 to USD 424.97 billion by 2030.

Cyber security has become an important topic with rapid technological advances in Saudi Arabia. The country has increased its investment in cyber security for years to safeguard the safety and security of its citizens. The government placed strong legal frameworks to protect data and works from updating the government's cyber security system continually.

Additionally, the increasing use of technology in Saudi Arabia surges the demand for cyber security solutions. These factors are contributing to the increased rate of cyber-attacks. The governments are investing in new solutions to identify and protect cyber-attacks for businesses. For instance, according to the IDC report, 45% of Saudi organizations have implemented advanced security measures and 48% are in development. Cyber security will continue to be a strategic priority for Saudi Arabia and for businesses to avoid costly breaches financially and reputational.

Additionally, the Saudi government has formed several regulatory frameworks and laws to protect businesses from cyber threats. The Kingdom of Saudi Arabia is identifying the need for robust cyber security measures focusing on security objectives. For instance, the Kingdom of Saudi Arabia has introduced the CyberIC initiative to support the nation's cyber security position. This program will provide a platform for 40 start-ups specializing in this field and increase the growth of 20 new companies through the cyber security challenge.

Our report on the Middle East and Africa market covers the following countries/regions – Turkey, Israel, GCC, North Africa, South Africa, and Rest of Middle East and Africa.

LATEST TRENDS

Rapid Digitalization and Growing Concerns Regarding Cyberattacks to Act as a Key Trend

The increased smartphone penetration and growing technological requirement are expected to increase the market growth. Also, increased digitalization through industry verticals is predicted to propel the demand for cyber security across organizations. Various organizations observe an increase in the incidences of cyberattacks, thus driving the market growth across the region.

DRIVING FACTORS

Rise in Demand for Cyber Insurance Fuels the Market Growth

Businesses consider the risk management processes to mitigate and respond to cyber risks; these are increasingly considered as the benefits of cyber insurance. During the COVID-19 pandemic, an increase in cyber-attacks across all sectors increased the focus of legislators and regulators across the region, thus creating an interest in cyber-insurance products. Increased growth in the number of insurers entering the cyber insurance market is expected to increase the interest in cyber-insurance.

RESTRAINING FACTORS

Inadequate Budget for Installing Cyber Security Software Hinders the Market Growth

Cyber security software solutions are less comprehensive and have no proper alignment regarding business objectives and security protocols. Moreover, cyber security systems emphasize protecting external threats more than internal ones. Various reasons, such as lack of experts and professionals in emerging and evolving security solutions, are key detaining factors. The high cost of applying and updating internet security solutions and services hampers the adoption of Small & Medium Enterprises (SMEs).

KEY INDUSTRY PLAYERS

In terms of the competitive landscape, LoopTech, CEBR, Digital Security Company (DigiSec), Clever Solutions, and EMTECH are the key players in the Middle East and Africa market, focused on strengthening their product portfolio. Active involvement and distribution network through strategic collaboration and partnerships for the acceleration of product launches increase the Middle East and Africa cyber security market share.

LIST OF KEY COMPANIES PROFILED:

• LoopTech (Saudi Arabia)


• CEBR (Saudi Arabia)


• Digital Security Company (DigiSec) (Saudi Arabia)


• Clever Solutions (Saudi Arabia)


• EMTECH (UAE)

KEY INDUSTRY DEVELOPMENTS:

• March 2023: CYMAR Management Ltd. partnered with Saiber Innovation Technologies, a Smart Port technology company, to increase cyber insurance needs for the UAE's global maritime and logistics sector. This partnership will address the demanding cyber insurance needs of the sector that will be vulnerable to cyber-attack.


• February 2023: EMTECH announced a partnership agreement with KnowBe4, the security awareness training provider and simulated phishing platform. This partnership will allow EMTECH to integrate with KnowBe4's security awareness training and simulated phishing platform expertise and safeguard their IT network from human errors in the UAE market.


• February 2023: du, an Emirates Integrated Telecommunications Company (EITC), announced a Memorandum of Understanding (MoU) with Cisco to develop the digital transformation of the company, to transform from a service provider to a leading digital telco. This partnership will enhance du's network performance, strengthen managed services and secure quantum-ready network, AI, and automation across the UAE with telco's digital transformation.

REPORT COVERAGE

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The Middle East and Africa cyber security market research report provides qualitative and quantitative insights into the market and a detailed analysis of the Middle East and Africa market size & growth rate for all possible segments in the market. The research report elaborates on the market dynamics and competitive landscape along with the market forecast. Various key insights presented in the report are an overview of the adoption of technology, an overview of price analysis, an overview of the regulatory scenario by key countries, new product launches, and key industry developments – mergers, acquisitions & partnerships.

Report Scope & Segmentation