Egypt Cybersecurity Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 220.34 Million |
| Market Size (2029) | USD 395.12 Million |
| CAGR (2024 - 2029) | 12.39 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Egypt Cybersecurity Market Analysis
The Egypt Cybersecurity Market size is estimated at USD 220.34 million in 2024, and is expected to reach USD 395.12 million by 2029, growing at a CAGR of 12.39% during the forecast period (2024-2029).
- Enterprises are facing a growing challenge from malware and phishing, further fueled by the widespread adoption of IoT and the BYOD trend. Moreover, the market is benefiting from a heightened appetite for cloud-based cybersecurity solutions. As businesses increasingly embrace mobile applications, prioritize robust authentication, and witness a metamorphosis in the traditional antivirus sector, the market is expected to witness expansion in the coming years.
- The Egyptian government, with a particular focus on Cairo, the hub of digital activities, is prioritizing cybersecurity. The initiative, called the Egypt National Cybersecurity Strategy, aims to safeguard the nation, its infrastructure, and its citizens from cyber threats.
- The Egyptian Supreme Cybersecurity Council (ESCC), operating under the Egyptian Cabinet, has developed the National Cybersecurity Strategy for 2023-2027. This strategy primarily aims to counter the rising cyber threats from various sources. In addition, it focuses on cultivating skilled professionals and strengthening the domestic cybersecurity industry, with the objective of significantly contributing to the GDP of Egypt.
- The country is witnessing an increase in the emergence of new players in the market to offer competitive cybersecurity offerings. In August 2023, Egypt's cybersecurity startup, Buguard, secured a USD 500,000 seed funding round. The funding was spearheaded by A15, with additional contributions from angel investors. Buguard specializes in offensive security services, encompassing penetration testing, vulnerability assessment, phishing simulation, compromise assessment, threat intelligence, and red teaming.
- However, as technology and internet usage increase, the need for skilled cybersecurity professionals consistently surpasses the workforce supply, resulting in a shortage of experts equipped to combat advancing cyber threats.
Egypt Cybersecurity Market Trends
Digital Transformation Technologies and Rise of Security Intelligence to Hold Significant Growth
- The Egyptian government has been actively promoting entrepreneurship and innovation to strengthen the startup ecosystem, particularly in the IT sector, where Egypt has gained international recognition for outsourcing services like software development and customer support. Aligned with Egypt's Vision 2030, the ICT 2030 strategy outlines key components to transform the nation into a Digital Egypt, including the development of internet infrastructure and services.
- The National Telecommunications Regulatory Authority (NTRA) granted Egypt's state-owned telco, Telecom Egypt, a 15-year license to operate 5G for USD 150 million in January 2023. As a result, Telecom Egypt became the first mobile operator in the country to secure a 5G license.
- The Egyptian government, in collaboration with Airbus Defence and Space and Euro Star, is set to roll out a series of 'TIBA Satellites.' These satellites are designed to provide high-speed broadband internet and bolster telecommunications for a government initiative. The move is pivotal in realizing Egypt's Vision 2030, aimed at meeting Sustainable Development Goals (SDGs) and transitioning to a robust digital economy.
- In 2023, Trend Micro enhanced its cybersecurity measures in Egypt by blocking over 73 million threats, including 18 million email threats and 2 million malicious URL attacks. The company also prevented over 8 million malware attacks, demonstrating its commitment to protecting the Middle East’s digital infrastructure.
Oil, Gas and Energy to Have a Major Share in the Market
- The oil and gas industry relies on complex technological systems to facilitate worldwide operations, making it vulnerable to cyber threats. The consequences of these attacks can be severe, leading to physical damage, production disruptions, environmental disasters, and significant financial losses. Cyber breaches can compromise safety systems, leading to accidents, injuries, and potential environmental disasters.
- The oil and gas sector is witnessing a profound digital overhaul, with promises of bolstered job safety, sustainability, and operational efficiency. Egypt is at the forefront of this shift, spearheading the modernization of its oil and gas industry. Egypt has rolled out a digital platform dedicated to petroleum products and natural gas, marking a pivotal step in its comprehensive digital transformation initiative.
- According to the International Renewable Energy Agency (IRENA), the renewable energy capacity of Egypt hit 6,709 megawatts in 2023, which was a 6.12% increase from the previous year. Today's energy grids heavily lean on digital control systems, making them vulnerable to cyberattacks. A single breach could halt power generation and distribution, leading to extensive blackouts. However, these risks can be mitigated with robust cybersecurity measures implemented across energy sectors.
- In February 2024, Egypt signed seven agreements with global firms to develop green hydrogen and renewable energy projects within the Suez Canal Economic Zone. These ventures are set to attract investments worth USD 40 billion over the next decade. This move aligns with Egypt's goal to position itself as a hub for green energy, supported by the government's recent investment incentive packages.
Egypt Cybersecurity Industry Overview
The Egyptian cybersecurity market is semi-consolidated. Players in the market adopt strategic initiatives such as mergers and acquisitions, partnerships, and new product offerings due to increasing awareness regarding mobility security among enterprises.
- In February 2024, LogRhythm, an IT security firm, partnered with e-finance, a subsidiary of the e-finance Investment Group. The partnership aims to enhance secure digital transformations in Egypt. Equipped with advanced secure computing technologies, their offerings include the latest software, cloud platforms, cybersecurity applications, artificial intelligence (AI), and big data processing capabilities.
- In September 2023, Paymob, the financial services provider in the Middle East, North Africa, and Pakistan (MENA-P), and Buguard, Egypt's cybersecurity start-up, announced their partnership to bolster Paymob's cybersecurity defenses. Through the partnership, the deployment of Buguard's Dark Web Monitoring platform, Dark Atlas, protects against potential data breaches by scanning for compromised.
Egypt Cybersecurity Market Leaders
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IBM Corporation
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Palo Alto Networks, Inc.
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Absega Egypt Technology Services
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Fortinet Inc.
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Cyberteq
*Disclaimer: Major Players sorted in no particular order
Egypt Cybersecurity Market News
- June 2024: GateLock, a cybersecurity solutions provider, entered into a strategic partnership with ESET and Safetica, two prominent players in the information security software arena. This move strengthens GateLock's reputation as a smart solutions provider not just in Egypt but across the broader Middle Eastern region. The alliance was unveiled at GateLock's client conference, where attendees were treated to a firsthand look at the company's latest security offerings.
- April 2024: The National Telecommunication Institute (NTI) of Egypt has partnered with Arab Security Consultants (ASC), a distributor of the EC-Council, to improve collaboration in network security and cybersecurity. This partnership, spanning three years, aims to train around a thousand individuals each year, encompassing all NTI branches in Egypt's diverse governorates. Moreover, the academy will prepare these trainees for the EC-Council's international certifications.
Egypt Cybersecurity Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
-
4.2 Industry Attractiveness - Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Consumers
- 4.2.3 Threat of New Entrants
- 4.2.4 Competitive Rivalry within the Industry
- 4.2.5 Threat of Substitutes
- 4.3 An Assessment of the Impact of Macroeconomic Trends
5. MARKET DYNAMICS
-
5.1 Market Drivers
- 5.1.1 Digital Transformation Technologies and Rise of Security Intelligence
- 5.1.2 High Potential Damages From Attacks On Critical Infrastructure and Increasing Sophistication of Attacks
- 5.1.3 Increase in Adoption of Data-intensive Approach and Decisions
-
5.2 Market Challenges
- 5.2.1 Integration Complexities With Legacy Infrastructure
- 5.3 Key Use Cases
- 5.4 Regulations and Cybersecurity Standards
- 5.5 Analysis of Pricing and Pricing Model
6. MARKET SEGMENTATION
-
6.1 By Offering
- 6.1.1 Solutions
- 6.1.1.1 Application Security
- 6.1.1.2 Cloud Security
- 6.1.1.3 Consumer Security Software
- 6.1.1.4 Data Security
- 6.1.1.5 Identity and Access Management
- 6.1.1.6 Infrastructure Protection
- 6.1.1.7 Integrated Risk Management
- 6.1.1.8 Network Security Equipment
- 6.1.1.9 Other Solutions
- 6.1.2 Services
- 6.1.2.1 Professional Services
- 6.1.2.2 Managed Services
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6.2 By Deployment
- 6.2.1 Cloud
- 6.2.2 On-Premise
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6.3 By End-User Industry
- 6.3.1 IT and Telecom
- 6.3.1.1 Use Cases
- 6.3.2 BFSI
- 6.3.2.1 Use Cases
- 6.3.3 Retail and E-Commerce
- 6.3.3.1 Use Cases
- 6.3.4 Oil Gas and Energy
- 6.3.4.1 Use Cases
- 6.3.5 Manufacturing
- 6.3.5.1 Use Cases
- 6.3.6 Government and Defense
- 6.3.6.1 Use Cases
- 6.3.7 Other End-users
- 6.3.7.1 Use Cases
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles
- 7.1.1 IBM Corporation
- 7.1.2 Palo Alto Networks, Inc.
- 7.1.3 Absega Egypt Technology Services
- 7.1.4 Fortinet Inc.
- 7.1.5 Cyberteq
- 7.1.6 Trellix
- 7.1.7 Microsoft Corporation
- 7.1.8 Cisco Systems Inc.
- 7.1.9 Secure Misr
- 7.1.10 Quick Heal Technologies Ltd.
- *List Not Exhaustive
8. VENDOR SHARE ANALYSIS
9. RANKING OF VENDORS AT A REGIONAL LEVEL
10. INVESTMENT ANALYSIS
** Subject To AvailablityEgypt Cybersecurity Industry Segmentation
Cybersecurity involves safeguarding a business's data and digital infrastructure against cyber attacks and breaches. Companies offer services aimed at shielding data and services from potential breaches. The specific protection measures employed depend on the organization's internal structure and the technologies it utilizes.
The Egyptian cybersecurity market is segmented by offering (solutions (application security, cloud security, consumer security software, data security, identity and access management, infrastructure protection, integrated risk management, network security equipment, and other solutions), services (professional services, managed services)), by deployment (cloud, on-premise), by end-user industry (IT and telecom, BFSI, retail and e-commerce, oil gas and energy, manufacturing, government and defense, and other end-user industries). The market sizes and forecasts are provided in terms of value in USD for all the above segments.
| By Offering | Solutions | Application Security |
| Cloud Security | ||
| Consumer Security Software | ||
| Data Security | ||
| Identity and Access Management | ||
| Infrastructure Protection | ||
| Integrated Risk Management | ||
| Network Security Equipment | ||
| Other Solutions | ||
| By Offering | Services | Professional Services |
| Managed Services | ||
| By Deployment | Cloud | |
| On-Premise | ||
| By End-User Industry | IT and Telecom | Use Cases |
| By End-User Industry | BFSI | Use Cases |
| By End-User Industry | Retail and E-Commerce | Use Cases |
| By End-User Industry | Oil Gas and Energy | Use Cases |
| By End-User Industry | Manufacturing | Use Cases |
| By End-User Industry | Government and Defense | Use Cases |
| By End-User Industry | Other End-users | Use Cases |
Egypt Cybersecurity Market Research FAQs
How big is the Egypt Cybersecurity Market?
The Egypt Cybersecurity Market size is expected to reach USD 220.34 million in 2024 and grow at a CAGR of 12.39% to reach USD 395.12 million by 2029.
What is the current Egypt Cybersecurity Market size?
In 2024, the Egypt Cybersecurity Market size is expected to reach USD 220.34 million.
Who are the key players in Egypt Cybersecurity Market?
IBM Corporation, Palo Alto Networks, Inc., Absega Egypt Technology Services, Fortinet Inc. and Cyberteq are the major companies operating in the Egypt Cybersecurity Market.
What years does this Egypt Cybersecurity Market cover, and what was the market size in 2023?
In 2023, the Egypt Cybersecurity Market size was estimated at USD 193.04 million. The report covers the Egypt Cybersecurity Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Egypt Cybersecurity Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Egypt Cybersecurity Industry Report
Statistics for the 2024 Egypt Cybersecurity market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Egypt Cybersecurity analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
