Report: MEA cybersecurity market to grow by 10%
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The “Middle East and Africa Cybersecurity Market (2020-2026): Market Forecast by Components, by Offerings, by Deployments, by Verticals, and Competitive Landscape” report has been added to ResearchAndMarkets.com’s offering.
The Middle East and Africa’s cybersecurity market size is expected to gain momentum during the forecast period on account of increasing cyber-crimes in countries such as Saudi Arabia, UAE, Kenya, Bahrain, South Africa and Egypt.
Additionally, the governments of the above-mentioned countries have well developed and stringent data protection laws and regulations for information security in the form of National Cybersecurity Strategies, which would be another factor for augmenting the demand for cybersecurity 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 in the region in different domains, particularly manufacturing and retail.
According to this research, the Middle East and Africa (MEA) 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 cybersecurity 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 utilisation of cyber space, which in turn, would generate new areas of application for cybersecurity products and services.
Based on deployment, in 2019, on premise-based deployment acquired the highest revenue share overall across the Middle East and Africa region owing to benefits available with an aforementioned type such as high level of confidentiality and security which is a pre-requisite for data-sensitive industries. Moreover, on-premises deployment offers a high degree of customisation as compared to cloud-based deployment. However, lower upfront and ongoing costs of cloud-based deployment of cybersecurity solutions is making it a popular choice among SMEs. Thus, significant growth is anticipated in cloud-based deployment.