By Component

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 slightly higher share in the market as compared with the services segment. The solutions segment is projected to grow at a higher CAGR of 15.65% during the forecast period. This can be attributed to the increasing cyber attacks. 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 which in turn has resulted in surging demand for solutions for cybersecurity in the market.

By Connectivity

Based on connectivity, the market is segmented into IoT devices, PCs, mobile/network, connected TV, wearables and connected car, out of which, the segment for PCs is anticipated to hold the leading share in the market as it observed a share of 55.7% in 2018. The PCs segment is predicted to attain a market value of about USD 21.2 billion by end of 2027. However, the segment for IoT devices is predicted to grow at the highest rate over the forecast period on account of rising demand for IoT devices in the coming years. The expansion of Internet of Things (IoT) devices in the market has enhanced the application of network connectivity and web based applications used by the consumers in the Middle Eastern countries. Moreover, increasing penetration of IoT devices in the market further attracts challenges associated with cyber attacks by affecting the privacy of the end user and thereby, increasing demand for various security measures by the end-users. 

By Security

The security segment is further sub-segmented into network, endpoint, data, web & email and vulnerability & security management. Based on this, the segment for network is predicted to lead with a 36% share in the market in 2018 which is anticipated to grow further on account of increasing incidences of online attacks, mitigation of the losses resulting in public awareness across all the sectors. The segment for data is projected to grow at the highest CAGR of 17.76% over the forecast period.

By End User

On the basis of end user, the market is segmented into government, BFSI, energy & utilities, transportation, ICT and others, out of which, the BFSI segment is anticipated to hold the largest share in the market during the forecast period. This can be attributed to the proliferation of smart devices, growing adoption of digital analytics and digital payment platforms among organizations in the BFSI sector. The segment is estimated to grow on account of growing demand for robust security and digital privacy system in financial and banking institutes. In addition to this, adoption of internet banking, online application and cloud is driving the need for cyber security. Moreover, the segment for ICT is estimated to grow at the highest CAGR out of all segments during the given period.