The cybersecurity market in the Middle East & Africa was valued at USD 7.174 billion in 2019, and it is expected to register a CAGR of 14.97% during the forecast period of 2020-2025. The rapid digitalization in the countries, like the United Arab Emirates and Saudi Arabia, has triggered the number of connected devices by opening new gateways for cyberattacks.
- Triggered by the recent low crude oil prices, 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 cyberattacks in the Middle East & African region 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 organizations in the region, the level of protection against the 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.
Scope of the Report
The Middle East region is moving quickly to adopt transformative digital technologies, through the increasing penetration of the internet, adoption of IoT, and cloud, among others, to enable economic diversification. Thus, the region has witnessed a healthy adoption of cybersecurity solutions for these digital platforms to avoid the increasing complex number of threats.
| By Solution and Services |
| ||Threat Intelligence and Response Management |
| ||Identity and Access Management |
| ||Data Loss Prevention Management |
| ||Security and Vulnerability Management |
| ||Unified Threat Management |
| ||Enterprise Risk and Compliance |
| ||Managed Services |
| ||Professional Services |
| By Deployment |
| ||Cloud |
| ||On-premise |
| By End-user |
| ||Aerospace and Defense |
| ||BFSI |
| ||Healthcare |
| ||Retail |
| ||Government |
| ||IT and Telecommunication |
| ||Other End-users |
| By Country |
| ||Saudi Arabia |
| ||United Arab Emirates |
| ||South Africa |
| ||Rest of Middle East & Africa |
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Key Market Trends
BFSI to Hold Major Share
- Banks in the region are responding to the consumers' preferences of the digital era by increasing their investments in digital innovations, as well as focusing on enhancing the security of mobile banking and the user-experience.
- For instance, Emirates NBD (ENBD), one of the leading banks in the region invested AED 1 billion for digital transformation. Further, the banks, such as Mashreq and Commercial Bank of Dubai (CBD), have been the early adopters of digital transformation.
- The demand for cybersecurity is expected to increase in the African region, owing to the growth in non-cash volume, fueled by the growing population aged 15-24. This factor is expected to drive the new mobile money and digital payment schemes, with Kenya emerging as the regional leader in the implementation and uptake of mobile payment solutions, such as M-Pesa. Augmenting this trend, ABK Egypt, with 39 branches and 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 one of the important adopters of technology, online entertainment, digital media, and social media. Jordan, in particular, has developed itself as a regional tech start-up hub, owing to the factors 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 economical conditions. 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, for the country's efforts in executing business reforms, such as electronic filing and new payment systems.
- By recognizing the potential of ICT in improving both economic and social conditions, Iran is taking steps to develop the 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, as well as to avoid facing constant network disruptions and downtime. Thus, various organizations in the region have adopted network security measures, in order to overcome the disturbances to their infrastructure.
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The cybersecurity market in the Middle East & Africa 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 bases across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market shares and increase their profitability.
- May 2019 - FireEye, announced the acquisition of Verodin. The transaction, valued approximately at USD 250 million in cash and stock, is expected to 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 by empowering organizations to identify the risks in their security controls before a breach occurs, as well as rapidly adapt their defenses to the evolving threats.
- September 2018 - Kaspersky Lab ICS CERT, the Fraunhofer Institute of Optronics, Systems Technologies and Image Exploitation (IOSB), have introduced a new training program designed to increase the ICS cybersecurity's awareness and skills. The courses are aimed, both at IT security specialists (responsible for industrial cyber protection), as well as ICS engineers who need to consider cybersecurity in their works.
- July 2018 - IBM and Nozomi Networks teamed up to address the exploding demand for effective and integrated IT/OT cybersecurity services and solutions. The motto behind the two companies for coming together was to provide the industrial organizations across the world easier access to deep OT network visibility and continuous threat detection.
Table Of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Rapidly Increasing Cyber Security Incidents
4.3.2 Consistent Threats From the Underground Market
4.4 Market Restraints
4.4.1 Lack of Cyber Security Professionals
4.4.2 High Reliance on Traditional Authentication Methods and Low Preparedness
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Technology Snapshot
4.6.1 Security Type
18.104.22.168 Wireless Network
22.214.171.124 Other Security Types
5. MARKET SEGMENTATION
5.1 By Solution and Services
5.1.1 Threat Intelligence and Response Management
5.1.2 Identity and Access Management
5.1.3 Data Loss Prevention Management
5.1.4 Security and Vulnerability Management
5.1.5 Unified Threat Management
5.1.6 Enterprise Risk and Compliance
5.1.7 Managed Services
5.1.8 Professional Services
5.2 By Deployment
5.3 By End-user
5.3.1 Aerospace and Defense
5.3.6 IT and Telecommunication
5.3.7 Other End-users
5.4 By Country
5.4.1 Saudi Arabia
5.4.2 United Arab Emirates
5.4.3 South Africa
5.4.4 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 NEC Corporation
6.1.2 Cisco Systems Inc.
6.1.3 Dell Technologies
6.1.4 Kaspersky Lab
6.1.5 IBM Corporation
6.1.6 Check Point Software Technologies Ltd
6.1.7 Palo Alto Networks Inc.
6.1.8 Broadcom Inc. (Symantec Corporation)
6.1.9 Trend Micro Inc.
6.1.10 Fortinet Technologies
6.1.11 FireEye Inc.
6.1.12 Proofpoint Inc.
6.1.13 Imperva Inc.
*List Not Exhaustive
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS