Middle East cybersecurity market to top $22 billion by 2022, says new report
Cybersecurity providers are increasingly turning their attention to the Middle East, where the market is projected to grow at a compound annual growth rate (CAGR) of 14.2 percent over the next five years.
According to a new report by Research and Markets the Middle East cybersecurity market will grow from $11.38 billion in 2017 to $22.14 billion by 2022.
Drivers and deterrents
This growth comes as Middle Eastern enterprises struggle to mitigate security risks, including malware, ransomware and advanced persistent threats, while also adopting enterprise mobility, moving to cloud-based solutions and complying with increasing government regulations.
Despite the need for better network security solutions, market growth in the region has been limited by the high cost of innovation, organizational budget constraints, a shortage of cybersecurity professionals and the availability of free or pirated software solutions.
Trends and opportunities
To help meet the growing demand for next-generation cybersecurity solutions, international technology providers are rapidly expanding their partnership networks and deploying solutions across the Middle East. As such, the managed services segment is expected to grow at the highest CAGR over the next five years.
The professional services segment will likely capture the largest market share this year. However, the network security segment is expected to have the largest market share during the forecast period. This is due to the increasing use of wireless networks and the vulnerabilities they can create for enterprise networks.
Cybersecurity market growth will also vary by country. Qatar’s market is expected to grow at the highest CAGR during the forecast period, as the country seeks to safeguard smart grid devices and develop IoT-based smart cities. However, the largest market will likely be Saudi Arabia, which needs to secure technology infrastructures for one of the world’s largest petroleum industries.