Rising instances of enterprise targeted cyber-attacks and threats are expected to drive the Middle East cyber security market
In a recent report published by ReportBuyer, a market research agency stated that the rising instances of enterprise targeted cyber-attacks and threats are expected to drive the Middle East cyber security market to grow from USD 11.38 billion in 2017 to USD 22.14 billion by 2022, at an estimated CAGR of 14.2%.
The Middle East cyber security is driven by various factors, such as need to mitigate IT security risks and threats including malwares, ransomwares, and Advanced Persistent Threats (APTs), along with a rising enterprise mobility trend across organizations. However, the high cost of innovation and budget constraints of organizations limit the growth of the market.
The report claimed that the managed services segment is also expected to grow at the highest CAGR during the forecast period. However, the professional services segment is expected to have the largest market size in 2017.
The network security segment is expected to have the largest market share during the forecast period, owing to an increasing use of wireless networks across enterprises and its vulnerability towards threats and attacks on complex network architectures. Moreover, the emergence of state-of-the-art integrated wireless network security solutions has further increased its adoption across organizations.
Qatar is expected to grow at the highest CAGR during the forecast period. This is primarily due to the increasing awareness and adoption of cyber security solutions and services, need to safeguard smart grid devices, and developing IoT-based smart cities.
Meanwhile, Saudi Arabia is expected to have the largest market size in during the forecast period. The country is one of the largest producers and exporters of total petroleum products. Hence, the need to safeguard the associated industrial control systems and infrastructure from cyber-attacks and threats to ensure incessant optimal operations proliferates the demand for advanced cyber security solutions in Saudi Arabia.