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Middle East Cyber Security Market – Technological Growth in Different Region
Over a period of time Middle East has become the center point of cyber attacks. Energy and utilities is the sector which is targeted the most. Malware attack on Saudi Aramco and Ras Gas are amongst the events which have set an example to show the severity of losses caused by the cyber attacks. Organizations are suffering from huge financial losses and thus facing unforeseen challenges.
The growing political instability lack of government framework and awareness towards cyber attacks among enterprises as well as consumers is what driving the cybersecurity market in Middle East. Increase in vulnerability towards cyber attacks in growing energy, power and utilities industries is making cyber terrorists and foreign governments groups to penetrate and target IT systems for their own benefits. The rising DDoS attacks, phishing, security breaches in SCADA systems have been a common cyber trend of Middle Eastern countries in last few years.
The growing sophistication of threats has forced businesses, government agencies and critical infrastructure operators to transform their business strategies and implement policies around cyber security in order to mitigate the threat impacts and lower down the expenses. This change in strategies has open new areas of market growth in terms of both technologies and adoption across various industries, in Middle East. Companies such as Booz Allen Hamilton, Cassidian, Checkpoint, Cisco, CSC, IBM, Kaspersky, McAfee, Symantec and Trend Micro are few of the vendor’s active in Middle East cyber security market.
The growth of cyber security solutions varies across the diverse geographies. Over the period of time Saudi Arabia has increased its defense spending. Moreover the country is currently spending to secure its energy systems and e-commerce space. The government has acknowledged the need of information security as well as spreading the awareness towards security threats. Companies such as Microsoft, Symantec, IBM, FireEye and various others are well established in the country and it is estimated that this market is offering great opportunity as compared to the other countries. Countries like Jordan, Kuwait, Oman, Qatar, Turkey and UAE has been identified as a high growth market for cyber security solutions in the near future.
MarketsandMarkets expects the Middle East market to have the highest revenue growth from Saudi Arabia and Egypt, followed by Israel and other countries, during the forecast period.MarketsandMarkets forecasts the Middle East Cyber Security market to grow from $5.17 billion in 2014 to $9.56 billion in 2019 at a Compound Annual Growth Rate (CAGR) of 13.07% from 2014 to 2019.
Middle East Cyber Security Market by Technologies (IAM, DLP, UTM, IDS/IPS, Firewall, Risk & Compliance Management, Antivirus, SVM/SIEM, Disaster Recovery, DDOS Mitigation, Encryption, Web Filtering) & by Services - Market Forecasts and Analysis (2014-2019)
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