02 Sep The Middle East & Africa cyber security market is expected to rise
The Middle East and Africa’s cyber security market size is expected to rise due to increasing cyber-crimes in the countries such as Saudi Arabia, UAE, Kenya, Bahrain, South Africa, and Egypt.
Additionally, the government of above-mentioned countries have well developed and stringent data protection laws and regulations for information security in the form of National Cyber security Strategy, which would be another factor for augmenting the demand for cyber security products and services in forthcoming years. However, sluggish growth is expected in the year 2020 due to suspended economic activities on account of the outbreak of COVID-19 pandemic.
According to this research, the Middle East and Africa (MEA) cyber security market is projected to register a CAGR of 10.4% during 2020-2026.
During the forecast period, Saudi Arabia is anticipated to generate the highest revenues in the overall cyber security market of the Middle East and Africa region owing to the growing adoption of cloud computing, artificial intelligence & IoT across various industries and digital transformation of the economy. This would result in a larger utilization of cyber space, which in turn, would generate new areas of application for cyber security products and services.
Based on deployment, in 2019, on premise-based deployment acquired highest revenue share in overall the Middle East and Africa region owing to benefits available with an aforementioned type such as high level of confidentiality and security which is pre-requisite for data-sensitive industries. Moreover, on-premises deployment offers a high degree of customization as compared to cloud-based deployment. However, lower upfront and ongoing cost of cloud-based deployment of cyber security solutions is making it a popular choice among SMEs. Thus, significant growth is anticipated in cloud-based deployment.