Middle East Cybersecurity Market Size (2024 - 2029)

Middle East Cybersecurity Market Analysis

The Middle East Cybersecurity Market size is estimated at USD 10.81 billion in 2024, and is expected to reach USD 15.96 billion by 2029, growing at a CAGR of 8.10% during the forecast period (2024-2029).

The key drivers contributing to the increase in the adoption of data-intensive approaches and decisions with the growth include the increase in the number of cyberattacks in the Middle East with the growing digitalization.

• The pandemic boosted digital transformation in the Middle East and increased the demand for cybersecurity solutions to protect remote work environments. Businesses prioritize robust cyber defenses, fueling growth in the cybersecurity market across the region.
• Earlier, the Middle East did not witness a significant target for cyberattacks. Regions such as Europe and North America have always been majorly affected by cyber threats. However, rapid digitalization in countries such as Saudi Arabia and the UAE has recently boosted the number of connected devices, opening new gateways for cyberattacks.
• Governments in the region are also growing their investments in information and communication technology. As a result, the region's social infrastructure, financial sector, government services, schools, and hospitals have been deploying interconnectivity solutions with less attention to these developments' security requirements.
• However, the significant factors driving the threat of cyberattacks in the Middle East are increasing vulnerabilities in digital communications networks and supply chains, rapid development in the user base of online consumers, and, chiefly, the deficient cybersecurity infrastructure.
• Traditional authentication methods, such as passwords, PINs, and security tokens, have been the cornerstone of digital security for many years. Users must remember and provide unique credentials to access their accounts or sensitive data. While these methods are popular, they also have drawbacks, such as weak passwords, reused passwords, and vulnerability to phishing attacks. The high reliance on these traditional authentication methods is posing a challenge to the market's growth.
• As the economy moves toward digital transformation aligned with Saudi Vision 2030, more businesses are adopting cloud solutions and other online application platforms. In addition, the number of accessible components remotely is also rising across industries, providing additional points of vulnerability. These factors contribute to the increased cyber-attack rate, driving the demand for effective cybersecurity measures in the post-COVID-19 Scenario.

Middle East Cybersecurity Industry Segmentation

Cyber security covers all aspects of the protection of an organization and its staff and assets against cyber threats. A wide range of cyber security solutions is needed in order to reduce corporate cyber risks, given the increasing frequency and sophistication of attacks, as well as more complex corporate networks.

The cybersecurity market in the Middle East is segmented by offering (solution [application security, cloud security, data security, identity & access management, network security equipment, infrastructure protection, integrated risk management, consumer security software, application security, and other solutions], services [professional services, managed services]), deployment mode (cloud, on-premise), organization size (SMEs, large enterprises), end-user industry (IT & telecom, BFSI, retail & E-Commerce, government, manufacturing, healthcare, and other end-user industries), country (Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Bahrain, Rest of Middle East). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.