Proliferating Use of Smartphones, Internet Banking to Soar Middle East Cyber Security Industry

The signification surge in cyber threats across the heavy industry, snowballing use of mobile, cloud and social media along with growing awareness on the importance of cyber security and burgeoning adoption of disruptive technologies such as AI, IoT, cloud computing is increasing amounts of data, thus proliferating the growth of the Middle East Cyber Security market over the forecast period. Besides this, surging investment by the companies toward IT infrastructure, burgeoning digital adoption, proliferating use of smartphones, internet banking and escalating demand for small and medium enterprises (SMEs) in different industry verticals are the factors fueling the growth of market. 


However, the COVID-19 crisis has an optimistic impact on the market growth on account of adoption of work from home among various companies, thus this propelled the internet traffic and upsurged the risk of cyberattack at a significant rate. UAE witnessed 250% increase in cyberattacks in 2020, with rising incidents of phishing and ransomware incidents. 
 


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Based on Security Type, Cloud Security segment is also anticipated to capture significant market share over the forthcoming timeline during 2021-26F. This is due to rising adoption of cloud-based services among enterprises in order to decrease capital expenditure, propel the productivity and business agility.

Saudi Arabia is projected to attain the largest market share in the Middle East and Africa Cyber Security market over the forecast period during 2021-26. The growth is attributed to rising adoption of advanced technology such as cloud, 5G, and IoT in SMEs and large enterprises, surging inclination towards cloud technology coupled with increasing digitalization and investment made on cyber security.  Moreover, significant surge in the number of SMEs, burgeoning government initiative to empower and encourage women in the cybersecurity sector and government initiative toward modernization and digitized across a variety of sectors are promulgating the market growth.

The key players with a considerable market share in the Middle East Cyber Security market are IBM, Cisco, Fireeye, Huawei, Fortinet, Palo Alto Networks, Check Point Software Technologies, Trend Micro. Sophos, Kaspersky, Mcafee, Forcepoint, Dts Solution, Ras Infotech, Codegreen Systems, AT&T Cybersecurity, Protiviti, Logrhythm, Malwarebytes etc.


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