According to new market research report “Middle East Cyber Security Market by Technologies (IAM, DLP, UTM, IDS/IPS, Firewall, Risk & Compliance Management, Antivirus, SVM/SIEM, Disaster Recovery, DDOS Mitigation, Encryption, Web Filtering) & by Services - Market Forecasts and Analysis (2014-2019)”, published by MarketsandMarkets ,segments the Middle East market into various sub-segments with in-depth analysis and forecasting of market size. It also identifies the drivers and restraints for this market with insights into trends, opportunities, and challenges. MarketsandMarkets has segmented the Middle East Cyber Security market by sub markets, by technologies; by types of services: support and maintenance,; by types of verticals: BFSI, government and utilities, healthcare, retail, manufacturing, telecom and IT, and education; by countries in this region.
Browse 88 market data tables and 10 figures spread through 217 Pages and in-depth TOC on"Middle East Cyber Security Market - Market Forecasts and Analysis (2014-2019)"
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The Middle East region is dominated by large industries such as oil and gas and BFSI. Rapid economic development by these large industries in this region has caused it to become a target for hackers and cyber attackers. Cyber attacks to these large industries such as oil and gas sector has caused massive loss of data and damage to the internal network of these organizations.
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Cyber security involves the collective use of variety of technologies such as antivirus, intrusion prevention systems, data encryption, firewalls and DDoS mitigation to prevent advanced persistent cyber security threats. Such technologies also ensure business continuity in the event of an attack by effectively isolating systems to prevent the spread of a virus. The modern business organization relies heavily on the internet to reduce geographical barriers and improve business productivity and cyber security ensures security to an organization’s internal framework from external attacks.
Cyber security is becoming an increasingly competitive market with a diverse mix of small and large vendors. The larger vendors in this region are focusing on growth through strategic mergers and acquisitions of smaller vendors. Other growth strategy for large vendors includes expanding their distributor’s network base.
Major enterprises in this region include energy, utilities, oil and gas which are the major revenue generating industries. These industries are highly dependent on Networks and industrial Control systems. Since from past few years these systems and networks are exposed to internet, making them more vulnerable to cyber attacks. These vulnerabilities are enforcing these industries to adopt latest technological solutions, thereby increasing the growth of cyber security in this region.
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MarketsandMarkets expects that the Middle East Cyber Security market is estimated to be $5.17 billion in 2014 and is expected to grow to $9.56 billion in 2019. This represents an estimated Compound Annual Growth Rate (CAGR) of 13.07%% from 2014 to 2019. In the current scenario, Saudi Arabia is expected to be the largest market on the basis of spending and adoption for cyber security solutions and services.
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