This report presents a profound evaluation of basic elements of Cybersecurity industry such as production scale and profit generation. Market driving factors, newly adopted technologies, latest business methodologies have been discussed in this report. The report also forecasts the potential of the market and reviews thorough analysis of vital segments and regional markets.
The cybersecurity market in the Middle East & Africa was valued at USD 7.174 billion in 2019, and it is expected to register a CAGR of 14.97% during the forecast period of 2020-2025.
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In recent times, rapid digitalization in countries, like the United Arab Emirates, Saudi Arabia has triggered the number of connected devices, opening new gateways for cyber attacks.
– Triggered by the recent low crude oil price scenario, the governments in the region are increasing investments in information and communication technologies. As a result, most of the social infrastructure, the financial sector, government services, schools, and hospitals in the region are increasingly deploying interconnectivity solutions with minimal attention to the security needs of these developments.
– The major factors driving the threat of cyber attacks in the Middle East & Africa are the growing vulnerabilities in digital communications networks and supply chains, growth in the user base of online consumers, and most of all, the deficient cybersecurity infrastructure.
– In most of the corporate sector organizations in the region, the level of protection against external attackers was assessed to be extremely low. In fact, more than 43% of the companies lacked proper cybersecurity infrastructure, according to a report released by Kaspersky Lab, based in Moscow. The report also revealed that 73% of successful perimeter breaches in the sector were achieved by penetrating vulnerable web applications.
The Middle East and Africa Cybersecurity market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.
– May 2019 – FireEye, announced the acquisition of Verodin. The transaction, valued at approximately USD 250 million in cash and stock, significantly enhance the FireEye portfolio by identifying gaps in security effectiveness arising due to equipment misconfiguration, changes in the IT environment, evolving attacker tactics, and more. Equipped with FireEye frontline intelligence, the Verodin platform will measure and test security environments against both known and newly discovered threats, empowering organizations to identify risks in their security controls before a breach occurs, and rapidly adapt their defenses to the evolving threat landscape.
– September 2018 – Kaspersky Lab ICS CERT, and the Fraunhofer Institute of Optronics, Systems Technologies and Image Exploitation (IOSB), have introduced a new training program designed to raise ICS cybersecurity awareness and skills. The courses are aimed, both at IT security specialists responsible for industrial cyber protection and ICS engineers who need to consider cybersecurity in their work.
Scope of the Report
The Middle East region is moving quickly to adopt transformative digital technologies, though the increasing penetration of the internet, adoption of IoT, and cloud, among others to enable the economic diversification. Thus, the region has witnessed a healthy adoption of cybersecurity solutions for these digital platforms to avoid an increasingly complex battery of threats.
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MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides Middle East And Africa and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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