Cyber security has become a key problem for all types of organizations and they have been increasing their spending on cyber security services/products/solutions to reduce the security issues (e.g. Aerospace & Defense, Retail and BFSI) and to protect data from the hackers.
In this region, government, BFSI, and energy & utilities organizations are under cyber-attacks and are targeted more by cyber-attackers. Due to this, there is a huge demand for better security products. The GCC region has become the center point for cyber-attacks because of the region's strategic and economic significance. In GCC region, government, education, and BFSI industries are the most targeted verticals by cyber attackers.
The increase in cyber threats, digitalization initiatives, and investment in homeland security are driving the market. The Middle East cyber security market is expected to grow at a CAGR of 22.5% during the period 2016-2022.
The Middle East cyber security market is analysed based on five segments - security types, solutions, services, verticals, and countries.
The security types segment is analysed based on cloud security, wireless security, network security, and application security. Cloud security is one of the important factors for organizations (small to larger) and adoption of this security will help enterprises in terms of reducing capital expenditure, increasing the productivity, business agility, ease of adaptation to market, and data protection. The cloud security market revenue is expected to reach $20.20 billion by 2022.
The services segment is analysed based on consulting service, managed security service, and integration services. The services market revenue is expected to reach $34.37 billion by 2022.
The Middle East cyber security market is also analysed by verticals - BFSI, Energy & Utilities, Retail & wholesale distribution, IT & Telecom, Aerospace & Defence, Manufacturing, Healthcare, Transportation & Logistics, Government, Hospitality, Media & Entertainment, and Education. The BFSI and Energy & Utilities industries are going to contribute around 34% of the market share for the Middle East cyber security market in 2016. The Education and Transportation & Logistics verticals are set to be the emerging verticals for the Middle East cyber security market growth in the upcoming years.
The study covers and analyzes Middle East Cyber Security Market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalist in understanding the companies better and take informed decisions.