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Middle East and Africa Cybersecurity Market Size, Share, Types of Security, Trends, Growth, Outlook with Industry Analysis and Forecast to 2024

This report helps to analyze competitive developments such as Joint Ventures, Strategic Alliances, Mergers and Acquisitions, New Product Developments, And Research and Developments in the “Middle East and Africa Cybersecurity Market”.

What does this “Middle East and Africa Cybersecurity Market “report offers:
– The market estimate (ME) sheet in Excel format
– Report customization as per the client’s requirements
– 3 months of analyst support

Market Overview

The Middle East & Africa Cybersecurity Market was valued at USD 6.24 billion in 2018, and it is expected to register a CAGR of 14.97% during the forecast period, (2019-2024). In recent times, rapid digitalization in countries, like the United Arab Emirates, Saudi Arabia has triggered the number of connected devices, opening new gateways for cyber attacks.

– Triggered by the recent low crude oil price scenario, the governments in the region are increasing investments in information and communication technologies. As a result, most of the social infrastructure, the financial sector, government services, schools, and hospitals in the region are increasingly deploying interconnectivity solutions with minimal attention to the security needs of these developments.

– The major factors driving the threat of cyber attacks in the Middle East & Africa are the growing vulnerabilities in digital communications networks and supply chains, growth in the user base of online consumers, and most of all, the deficient cybersecurity infrastructure.

– In most of the corporate sector organizations in the region, the level of protection against external attackers was assessed to be extremely low. In fact, more than 43% of the companies lacked proper cybersecurity infrastructure, according to a report released by Kaspersky Lab, based in Moscow. The report also revealed that 73% of successful perimeter breaches in the sector were achieved by penetrating vulnerable web applications.

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Scope of the Report

The Middle East region is moving quickly to adopt transformative digital technologies, though the increasing penetration of the internet, adoption of IoT, and cloud, among others to enable the economic diversification. Thus, the region has witnessed a healthy adoption of cybersecurity solutions for these digital platforms to avoid an increasingly complex battery of threats.

Key Market Trends

BFSI to Hold Major Share

– Banks in the region are responding to the consumer preferences of the digital era by stepping up their investment in digital innovations, focusing on enhancing their mobile banking security and user experience.

– For instance, Emirates NBD (ENBD), one of the leading banks in the region has committed AED 1 billion for digital transformation. Further, banks, such as Mashreq and Commercial Bank of Dubai (CBD) too have been early adopters of digital transformation.

– The demand for cyber security is expected to grow in the African region owing to the growth in non cash volume growth fueled by a growing population aged 15-24, which will drive new mobile money and digital payment schemes, with Kenya as emerging as a regional leader in implementation and uptake of mobile payment solutions, such as M-Pesa. Augmenting this trend, ABK Egypt with 39 branches, 85 ATMs across the country has employed Cisco’s cybersecurity solution to stay at par with the country’s digital transformation.

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Network Security to Hold the Largest Market Share

– The Middle Eastern society is an ambitious adopter of technology, online entertainment, digital media, and social media. Jordan, in particular, has developed as a regional tech start-up hub, due to an ICT focused education system, low start-up costs, and the business-friendly government. Its growing reputation is attracting international capital to tap into the region’s underserved growing online market.

– At present, many countries recognize the potential of applying ICT to improve both social and economic development. Kuwait, for instance, has taken steps to develop a digital economy, with the development of national-level policies for e-health and e-government. Saudi Arabia received recognition from the World Bank, acknowledging the country’s efforts in executing business reforms, such as electronic filing and new payment systems.

– Recognizing the potential of ICT in improving both economic and social development, Iran is taking steps to develop a digital economy. However, with the increase in attack frequency and size, there is a high demand for secure networks in order to cope with these kinds of attacks, and avoid facing constant network disruptions and downtime. Thus, various organizations in the region have adopted network security measures, in order to overcome any disturbances to their infrastructure.

Competitive Landscape

The Middle East and Africa Cybersecurity market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.

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– May 2019 – FireEye, announced the acquisition of Verodin. The transaction, valued at approximately USD 250 million in cash and stock, significantly enhance the FireEye portfolio by identifying gaps in security effectiveness arising due to equipment misconfiguration, changes in the IT environment, evolving attacker tactics, and more. Equipped with FireEye frontline intelligence, the Verodin platform will measure and test security environments against both known and newly discovered threats, empowering organizations to identify risks in their security controls before a breach occurs, and rapidly adapt their defenses to the evolving threat landscape.

– September 2018 – Kaspersky Lab ICS CERT, and the Fraunhofer Institute of Optronics, Systems Technologies and Image Exploitation (IOSB), have introduced a new training program designed to raise ICS cybersecurity awareness and skills. The courses are aimed, both at IT security specialists responsible for industrial cyber protection and ICS engineers who need to consider cybersecurity in their work.

– July 2018 – IBM and Nozomi Networks teamed up to address the exploding demand for effective, integrated IT/OT cybersecurity services and solutions. The motto behind the two companies for coming together was to provide industrial organizations across the world with easier access to deep OT network visibility and continuous threat detection.

Major Point of TOC:        

Chapter One: INTRODUCTION

Chapter Two: RESEARCH METHODOLOGY

Chapter Three: EXECUTIVE SUMMARY

Chapter Four: MARKET DYNAMICS

Chapter Five: MARKET SEGMENTATION

Chapter Six: COMPETITIVE LANDSCAPE

Chapter Seven: INVESTMENT ANALYSIS

Chapter Eight: MARKET OPPORTUNITIES AND FUTURE TRENDS

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