The Middle East and Africa cyber security market was estimated at USD 15.51 billion in 2015 and is projected to reach USD 31.17 billion by 2020, at a CAGR of 14.99% over the forecast period. Many of the critical infrastructure components are completely dependent on IT systems as it provides the foundation for information exchange for sectors like voice, data, video, and internet connectivity. As such, IT systems are a part of other key security and emergency preparedness resources and are an important component of the overall national critical infrastructure. Cyber-infrastructure protection and security are impending matters in the international security environment.
With technological advancements exponentially rising in the IT industry, new security challenges are required to be addressed. After Edward Snowden exposed the snooping activities of global communication channels, many nations were jolted over their security situation and raised concerns over the USA’s act of massive surveillance. Information warfare, which is the competitive use of information in survival contests, has been a pervasive feature of conflict since the beginning of recorded history.
The advent of digital technologies for collection, storage, analysis, and distribution of information has created a world of insecurity, providing numerous new opportunities in the Middle East & Africa cyber security market. According to recent white paper reports, data breaches significantly impact consumer confidence. In the case of one major breach, for example, most of the cloud-based companies saw a 46% drop in profit in the quarter after the breach occurred. Cyber threat has become a major challenge for startups and e-commerce companies, which are completely based on cloud systems. Heavy reliance on IT infrastructure and lack of contingency and mitigation of cyber policies in place are the major drawbacks of this market.
The Middle East & Africa cyber security market is segmented by security type (network, cloud, end-point, application, wireless network, etc.); by industry (aerospace, defense, intelligence, banking, financial services and insurance sector, healthcare, retail, manufacturing, etc.); by solution (IAM, DLP, SVM, IPS, UTM, enterprise risk and compliance, managed security services, etc.) and regionally (Saudi Arabia, UAE, and others).
The report includes competitive assessment of market players, profiles, products and services, business strategies, recent developments and innovation, market landscape, future trends and forecasts, and mergers & acquisitions. The major companies dominating this market for their products, services, and continuous product developments are:
Key Deliverables in the Study