Middle East’s Cybersecurity market to cross USD 23.4bn by 2028
The cyber security market size in the Middle East, which was recorded at around USD 14.8 billion, is expected to grow annually by 9.6% i.e. up to USD 23.4 billion, as projected in a research conducted by MarketsandMarkets.
The report titled 'Middle East Cyber Security Market Global Forecast to 2028' was published on February 5, 2024. It analysed data based on offerings, solution types, security types, deployment modes (on-premises, cloud, hybrid), organisation sizes (large enterprises, SMEs), verticals, and regions. The reasons highlighted for the surge in the cybersecurity market in the Middle East include:
- Boost in digital transformation initiatives,
- Widespread adoption of cloud technology,
- Regulatory efforts towards cyber threats,
- Saudi Arabia's Vision 2030, and
- Flourishing startup ecosystem in the region
All these factors together put the region at the forefront of cybersecurity innovation and strength. Additionally, the report highlighted that the cyber security market in the Middle East must adopt emerging technologies like cloud security, IoT security, Zero Trust, and AI/ML, to prioritise regulatory compliance and increase investment because of rising cyber threats and government efforts. Key trends shaping the region's cyber security include addressing the skills gap, preparing for incident responses, and fostering collaboration, in addition to following considerations:
1. Advanced cybersecurity services and solutions are needed to protect sensitive data, digital assets, and vital infrastructure.
2. Digital transformation across banking, healthcare, energy, and government sectors necessitates effective cybersecurity solutions to protect digital assets, enable secure cloud adoption, and ensure regulatory compliance.
3. Organisations' investment in cybersecurity awareness programmes, training, and skill development is essential to realise the value of cybersecurity, build a cyber-resilient workforce, and foster a culture of cybersecurity responsibility.
4. Developing robust cybersecurity measures is crucial to protect vital digital infrastructure and maintain confidence in regional economies.
5. Collaboration between governments, businesses, and cybersecurity providers is necessary to address cybersecurity challenges, share threat intelligence, and develop tailored cybersecurity solutions to meet the region's specific needs and challenges.
6. The rising demand for cybersecurity solutions in the Middle East offers investment opportunities for investors, service providers, and cybersecurity vendors.