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The Use of Cybersecurity in Industries such as BFSI, Transportation and ICT to Increase by 2027 as Demand for Security Rises

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Research Nester released a report titled Middle East & Africa Cybersecurity Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the cybersecurity market in terms of market segmentation by component, by connectivity, by security, by end user and by country.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

Cybersecurity involves protection of the data stored in various devices, networks and programs from any damage, cyber attacks or authorization access. It comprises of a set of tools, technologies and various risk management approaches along with training for the protection of the data from unauthorized access. The market for cybersecurity in the Middle East & Africa is anticipated to witness a CAGR of 14.96% over the forecast period, i.e., 2019-2027. The market is estimated to attain a substantial market value of USD 48.93 billion during this period. Cybersecurity market in Middle East & Africa is segmented by component, by connectivity, by security, by end user and by country.

On the basis of component, the market is segmented into solutions and services, out of which, the segment for solutions is predicted to hold a higher share in the market as compared to the services segment. Moreover, the solutions segment is projected to grow at a higher CAGR of 15.65% during the forecast period. The high growth rate of this segment can be attributed to the increasing cyber attacks such as malware, ransomware, DDoS attack, APTs, Domain Name System(DNS) injections and trojan, backdoor attack and target infected devices belonging to various enterprises. This is predicted to result in a surging demand for solutions for cybersecurity in the market.

Rising Cyber Crimes to Boost the Market Growth

According to a study conducted by Norton Cyber-Crime, more than 1.5 million people are victims of cybercrime in Africa. Further, it was estimated that 80% of personal computers are infected with viruses and malicious software.

Growing adoption of mobiles, use of social media platforms and cloud based platforms is anticipated to lead to a sudden increase in consumer concerns about the protection of private information and data. This predicted to drive the cybersecurity market in Middle East and Africa. However, the lack of cybersecurity legislation in the region results in a negative impact on business of cybersecurity companies as they do not have effective anti-spam and cybercrime laws and regulations to ensure safe use of the internet for carrying out online transactions. This is estimated to restrict the market growth in future.

This report also provides the existing competitive scenario of some of the key players of the cybersecurity market which includes company profiling of IBM Corporation, Microsoft Corporation, Intel Corporation, Thomas Bravo, NortanLifeLock, Palo Alto Networks and Avast. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the cybersecurity market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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