Regional cyber security market grows by 22%

In Analyst Corner, News

The demand for security products and solutions has been on rise as Gulf region has become the center point for cyber-attacks because of the region’s strategic and economic significance. Middle East Cyber Security report issued by Market Research Engine provides key insights of the cyber security industry.

The report suggests BFSI and Energy & Utilities industries corner 34% of the market share for the Middle East cyber security market in 2016. And, the increase in cyber threats, digitalization initiatives, and investment in homeland security are driving the market and the Middle East cyber security market is expected to grow at a CAGR of 22.5% during the period 2016–2022.

The cloud security market revenue is expected to reach $20.20 billion by 2022, while the services market is expected to reach $34.37 billion by 2022. The report analysed the services segment based on consulting service, managed security service, and integration services.

 

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