Middle East and Africa Cybersecurity Market Report and Forecast 2024-2032

Middle East and Africa Cybersecurity Market Report and Forecast 2024-2032

Market Outlook

According to the report the Middle East and Africa cybersecurity market is projected to grow at a CAGR of 7.9% between 2024 and 2032 to reach a value of about USD 4.56 billion by 2032. Aided by the escalating threats of cyberattacks, a growing dependence on digital solutions, and the rapid technological adoption across various sectors, the market is expected to grow significantly by 2032.

Cybersecurity encompasses a set of techniques, processes, and practices designed to safeguard systems, networks, and data from cyber threats. It has become indispensable with the prolific use of digital platforms, internet services, and electronic devices. As businesses and governments in the MEA region increasingly digitise their operations, the necessity for robust cybersecurity measures has never been more profound.

As per the Middle East and Africa cybersecurity market analysis, the surge in cyber threats, including ransomware, phishing attacks, and advanced persistent threats, has galvanised the MEA region into prioritising cybersecurity. Given the strategic importance of the Middle East in global geopolitics, and the African continent's burgeoning digital economy, there's a heightened risk of cyber-espionage and sophisticated cyberattacks.

The robust adoption of Internet of Things (IoT) devices, cloud services, and mobile platforms in the region further accentuates the demand for advanced cybersecurity solutions and contributes to the Middle East and Africa cybersecurity market growth. The proliferation of smart cities, especially in nations like the UAE and Saudi Arabia, coupled with the digital transformation drives across Africa, has exposed a vast array of digital touchpoints that are potential cyberattack vectors.

Moreover, sectors such as finance, oil and gas, and healthcare – all integral to the region's economy have witnessed an exponential rise in cyber threats. With the advent of digital banking, online health records, and connected industrial infrastructures, the sheer volume of critical data online has seen a substantial uptick which further propels the Middle East and Africa cybersecurity market demand.

The drive to strengthen cybersecurity in the region isn't solely enterprise driven. Governments are actively implementing regulations and standards to ensure data protection and network security. For instance, the introduction of cyber laws and regulations in countries like South Africa, Nigeria, and UAE is pushing organisations to enhance their cybersecurity postures to comply with local regulations and further increase the value of the Middle East and Africa cybersecurity market size.

Market Segmentation

The market can be divided based on solution, service, deployment, end use, and region.

Market Breakup by Solution

• Threat Intelligence and Response Management
• Identity and Access Management
• Data Loss Prevention Management
• Security and Vulnerability Management
• Unified Threat Management
• Enterprise Risk and Compliance

Market Breakup by Service

• Managed Services
• Professional Services

Market Breakup by Deployment

• Cloud
• On-premise

Market Breakup by End Use

• Aerospace and Defence
• BFSI
• Healthcare
• Manufacturing
• Retail
• Government
• IT and Telecommunication
• Others

Market Breakup by Region

• Saudi Arabia
• United Arab Emirates
• Israel
• Nigeria
• South Africa
• Others

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Middle East and Africa cybersecurity market. Some of the major players explored in the report are as follows:

• Cisco Systems Inc.
• Dell Inc.
• IBM Corporation
• Broadcom Inc.
• CIPHER, LLC
• Others