According to the new market research report Middle East Cybersecurity Market published by MarketsandMarkets, the Middle East cybersecurity pre-Covid-19 market size is projected to grow from $16.1 billion in 2020 to $28.7 billion by 2025, at a CAGR of 12.2%, whereas the post-Covid-19 market size is projected to grow from $15.6 billion in 2020 to $29.9 billion by 2025, at a CAGR of 13.8% during the forecast period.
The cybersecurity solutions and services help companies to protect their endpoints, network, ICS, and cloud environment from advanced threats such as malware, ransomware, DDoS attacks, and Advanced Persistent Threats. Moreover, increasing demand from SMEs operating across diverse industry verticals and countries is expected to drive the market growth during the forecast period.
The network security segment is estimated to have the largest market size during the forecast period in the Post-Covid scenario. With the growth of Covid-19-related adaption in remote working practices, the network of enterprises in the Middle East has been jeopardised. Organisations are adopting measures to combat the situation and are collaborating with security vendors to manage the situation effectively. Increasing vulnerability on the network in the energy and utilities, BFSI, and IT and ITeS industry verticals are triggering the growth of the Middle East cybersecurity market.
The healthcare industry vertical is expected to contribute the largest market share and expected to grow at the highest CAGR from 2019 to 2025 in the Middle East cybersecurity market due to the technological proliferation of healthcare applications and increased instances of data thefts in the sector.
The government and defence sector is expected to grow at the second-highest CAGR from 2019 to 2025 in the Middle East cybersecurity market, due to increasing instances of cyberattacks on the government sector and the government-regulated oil and gas companies. The demand for cybersecurity solutions is rising, as the adoption of these solutions provides advanced protection from cyber threats without affecting the operational efficiency.
Saudi Arabia is expected to have the largest market share and dominate the Middle East cybersecurity market from 2019 to 2025, due to the need to safeguard enterprises in various industrial verticals such as BFSI, energy and utilities, government and defence, healthcare, IT and ITeS and others from advanced threats. Israel offers potential growth opportunities in the Middle East cybersecurity market, as there is a wide presence of SMEs that are turning towards cybersecurity solutions to efficiently safeguard their business endpoints, network, application, and cloud environment.