MarketsandMarkets expects the MEA cybersecurity market size to grow from USD 15.66 billion in 2018 to USD 31.82 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 15.2%
NEW YORK, August 20, 2018 /PRNewswire/ -- The increasing need to comply with stringent regulations to drive the growth of the MEA cybersecurity market
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MarketsandMarkets expects the MEA cybersecurity market size to grow from USD 15.66 billion in 2018 to USD 31.82 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 15.2% during the forecast period. Major growth factors for the market would be an increasing need to meet with government and regulatory requirements, and a growing sophistication level of cyber-attacks. However, the high cost of innovation for security technologies and budget constraints for Small and Medium-sized Enterprises (SMEs), and easy availability of free and pirated cybersecurity solutions may restrain the growth of the MEA cybersecurity market.
Identity and Access Management (IAM) segment to hold the largest market size during the forecast period
The IAM segment is estimated to hold the largest market size in 2018, as the IAM solution plays a critical role in managing enterprises' electronic or digital identities.The solution helps businesses enhance their security through centralized visibility and control of users' access.
The IAM solution has witnessed significant growth in the recent years, as users can quickly and cost-effectively integrate the IAM solution with IAM policies across on-premises, cloud, and hybrid environments.
Network security segment to hold the largest market size during the forecast period
The network security segment is expected to hold the largest market size during the forecast period, owing to the rising number of network security breaches wherein hackers try to gain the access to sensitive data. As vulnerabilities have become more complex and sophisticated, the demand for network security products would increase for countering threats.
Middle East to hold a higher market share, whereas Africa is expected to grow at a higher CAGR during the forecast period
The African cybersecurity market is expected to witness substantial growth, as SMEs and large enterprises in the region are rapidly adopting cybersecurity solutions to ensure the security of their endpoints and mobile devices.The Middle East is estimated to hold a larger market size and dominate the MEA cybersecurity market in 2018.
The increasing information security challenges, due to network complexities, strict compliance regulations, and employees' productivity, are pushing organizations in the Middle East to adopt cybersecurity solutions.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profiles of the primary participants is as follows:
• By Company: Tier 1 – 55%, Tier 2 – 20%, and Tier 3 – 25%
• By Designation: C-level – 60%,D-Level– 25%, and Others – 15%
Key cybersecurity solution and service vendors include IBM (US) , CA Technologies (US), Check Point (US), Cisco (US), CyberArk (Israel), DarkMatter (UAE), DXC Technology (US), F5 Networks (US), FireEye (US), Forcepoint (US), Fortinet (US), Imperva (US), Kaspersky Lab (Russia), McAfee (US), Micro Focus (UK), Microsoft (US), Oracle (US), Palo Alto Networks (US), Proofpoint (US), Rapid7 (US), Sophos (UK), Splunk (US), Symantec (US), Trend Micro (Japan), and Trustwave (US).
Research Coverage
The research study segments the MEA cybersecurity market based on components, security types, deployment modes, organization size, industry verticals, and regions.It includes the major growth factors for the MEA cybersecurity market, along with the growth opportunities in this market.
It also covers the restraining factors and challenges for the growth of the MEA cybersecurity market. Moreover, it consists of detailed company profiles of the key players offering cybersecurity solutions and services.
The report would help the market leaders/new entrants in the market in the following ways:
1. The report comprehensively segments the MEA cybersecurity market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information about key market drivers, restraints, challenges, and opportunities.
3. The report helps stakeholders understand their competitors better and gain more insights for improving their positions in their businesses. The competitive landscape section includes competitor ecosystems, new product developments, partnerships, and mergers and acquisitions.
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