Cyber security provides security of computer systems from theft or injure to their software, hardware, or electronic data, as well as from the interruption or misdirection of the services used. It is also called information technology security or computer security. It enables security from attacks for instance hacking, unauthorized access, injection of codes like virus & Trojans and other vulnerabilities.
According to study, “MIDDLE EAST CYBER SECURITY by Security Types (Wireless, Cloud, Network, and Application), Services (Consulting, Managed Security and Integration), Solutions (IAM, IDS, UTM, DLP, DDoS and Others), Verticals, Countries, and Competitive Analysis Market Drivers, Opportunities, Trends, and Forecasts, 2016-2022” some of the major companies that are currently working in the MIDDLE EAST cyber security market are Cisco System, Inc., Booz Allen Hamilton, Inc., Proofpoint, Palo Alto Networks, Four Scout, Checkpoint Software Technology,Splunk, BAE Systems Intelligence and Security,Herjavec Group, Kaspersky Lab Inc., McAfee, Ixtel Technologies, Intel Corp., Dell Root 9B, AVG Technologies, Cap Gemini S.A.,Forcepoint LLC., FireEye Inc., IBM Corp., Computer Science Corporation (CSC), Symantec Corp,Hewlett Packard (HP) Company, Starlink, Imperva Inc., CyberArk Software Ltd., Sophos Ltd., Argus Cyber Security Inc., Accenture Plc.,Space and Security, Trend Micro Inc., Boeing Defense, Microsoft Corp., Fortinet Inc.
Based on the services, the Middle East cyber security market is segmented into managed security service and professional security services. Professional security services include support & maintenance consulting, design & integration, risk & threat assessment and training & education. Based on the security type market is segmented into cloud security, content security, endpoint security, application security, wireless security and network security. Based on the solution market is segmented into Intrusion Detection System/Intrusion Prevention System (IDS/IPS), Distributed Denial of Service(DDoS) mitigation, Identity & Access Management (IAM), business continuity & disaster recovery, risk & vulnerability management, Unified Threat Management (UTM), Support Vector Machine (SVM), firewall, Data Encryption (DE), antivirus/antimalware and Data Loss Prevention (DLP). Based on the verticals market is segmented into transport & logistics, media & entertainment, education, healthcare, government, aerospace & defense, manufacturing, hospitality, retail & wholesale distribution, energy & utilities, information technology (IT) & telecom and BFSI.
The Middle East cyber security market is primarily driven by the digitalization initiatives, need for stringent compliance coupled with upsurge in cyber threats, increase in internet penetration, rise in security breaches targeting enterprises, rise in adoption of cloud-based security solutions and investment in homeland security in region. Some of the major restraint’s aspects increase the usage of free & pirated security solutions and increase in operational cost & budget constraints. However, market is also impacted by some of the major challenges such as lack of awareness on advanced cyber threats and the shortage of cyber security talent etc. In addition, some of new opportunities include business opportunities in wireless security, growing market for mobile & web applications or platforms, leveraging big data analytics for cyber security, managed security services providers and increase demand for cloud security. Moreover, the key trends include cloud computing, the upswing in ransom ware, advancement in security intelligence and internet of things & rise of cyber threats. During the forecast period it is estimated that the market to grow at a rapid pace owing to emergence of risk-based frameworks for cyber security in the region.
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Ankur Gupta, Head Marketing & Communications