22 Mar Middle East and Africa cybersecurity market to reach US$36.2 bn
The Middle East and Africa cybersecurity market is estimated to reach a value of US$36.2 bn by 2028, according to a new report by MarketsandMarkets.
Factors such as an increasing number of cyber attacks, the transformation of the digital landscape and initiatives furthering online business and transactions throughout the Middle East and Africa are the main contributors to the predicted value.
The Middle East is home to many countries with rapidly growing economies and advanced technological infrastructures, which makes it an attractive target for cyber criminals from across the world. The region faces a wide variety of attacks including hacking attempts, data breaches, malware attacks and ransomware attacks. The new report identifies the region as being the one likely to account for the largest share of those attacks this year.
In response, larger and larger investment is being made into growing existing cybersecurity businesses and establishing new ones, alongside new education programmes and courses which teach the younger, tech-savvy generation how to combat threats within the digital landscape.
Security Information and Event Management (SIEM) systems are expected to account for the largest software market share in 2023 and the coming years, alongside log management technologies.
SIEM software analyses and detects unauthorised events taking place within networks, then generating reports and conducting investigations into the vulnerabilities in the network, and what took place during a potential network attack.
Log management involves the continuous collection, storage, and processing of data from various programmes running in a network. The software then displays ways in which a network can be optimised to run better and ways in which security can be enhanced. Log management also automates a number of tasks, which are traditionally time-consuming for system administrators, freeing them up to manage other aspects of the network.