Cybersecurity is an approach to safeguard endpoints, networks, applications, cloud, and data from advanced threats and vulnerabilities. Cybersecurity solutions and services can avert security attacks and breaches, which eventually help in cutting down business costs and enhancing the enterprise security infrastructure. The ever-changing threat landscape requires various cybersecurity solutions, which include identity and access management, risk and compliance management, encryption, data loss prevention, unified threat management, firewall, antivirus/antimalware, intrusion detection system/intrusion prevention system, security and vulnerability management, disaster recovery, distributed denial of service mitigation, and web filtering. The rising high-intensity cyber-attacks in enterprises, growing need for stringent compliances and regulatory requirements, increasing demand for cloud-based data protection solutions, and growing adoption of technologies, such as the Internet of Things (IoT) across industry verticals, have opened up a wide range of avenues for the growth of the MEA cybersecurity market.
MarketsandMarkets expects the MEA cybersecurity market size to grow from USD 15.66 billion in 2018 to USD 31.82 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 15.2% during the forecast period. The proliferation of smart cities and digitization projects in the region drives the demand for cybersecurity solutions and services.
Key players in the MEA cybersecurity market include IBM (US) , CA Technologies (US), Check Point (US), Cisco (US), CyberArk (Israel), DarkMatter (UAE), DXC Technology (US), F5 Networks (US), FireEye (US), Forcepoint (US), Fortinet (US), Imperva (US), Kaspersky Lab (Russia), McAfee (US), Micro Focus (UK), Microsoft (US), Oracle (US), Palo Alto Networks (US), Proofpoint (US), Rapid7 (US), Sophos (UK), Splunk (US), Symantec (US), Trend Micro (Japan), and Trustwave (US). These players have adopted various growth strategies, including partnerships, agreements, mergers and acquisitions, and new product developments, to achieve growth in the MEA cybersecurity market.
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The MEA cybersecurity market has witnessed a number of partnerships, agreements, and collaborations by key players from 2016 to 2018. In April 2018, DarkMatter collaborated with Safelayer Secure Communications, a Spain-based security software provider for Public Key Infrastructure (PKI), multi-factor authentication, electronic and cloud signature, and data encryption. The collaboration would enable enterprises to deploy large-scale secured Identity Document (ID) infrastructure featuring the highest levels of security. In December 2017, Symantec partnered with BT to provide the best-in-class endpoint security protection to customers. In June 2016, Imperva partnered with Proofpoint, a leading next-generation cybersecurity company, to provide enterprises collaborative cyber protection.
The key players have also adopted the strategy of mergers and acquisitions to expand their geographic presence and enhance their product portfolio. In June 2018, Fortinet acquired Bradford Networks, a policy-based secure access automation and orchestration solution provider. In April 2018, Palo Alto Networks acquired Secdo, an Israel-based incidence response solution provider. With this acquisition, the company integrated its security operating platform with Secdo’s endpoint detection and response capabilities to offer rapid detection and response services to enterprises for protecting themselves from stealthiest attacks. In February 2018, Oracle acquired Zenedge, a cloud-based cybersecurity solution provider. With this acquisition, Oracle combined its cloud infrastructure with Zenedge’s Web Application Firewall (WAF) and Distributed Denial of Service (DDoS) mitigation products for helping enterprises with enhanced cybersecurity solutions.
The major market players have launched new products and offerings to strengthen their product portfolio. In June 2018, CyberArk launched CyberArk Privilege Cloud, a new service offering for privileged access security, to enable organizations with limited IT resources and security budgets to deploy security system services. In August 2017, IBM launched a new data protection software, IBM Spectrum Protect Plus, to protect data in cloud, virtualized, and data center environments.
MEA Cybersecurity Market by Solution (IAM, Encryption, DLP, UTM, Antivirus/Antimalware, Firewall, IDS/IPS, Disaster Recovery), Service (Professional and Managed), Security Type, Deployment Mode, Organization Size, Vertical, and Country - Forecast to 2023
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