Kenneth Research published a report on Middle East and Africa Cybersecurity Market which gives detailed analysis of the present market landscape. The report which is evaluated for the forecast period, i.e., 2022-2031, provides an in-depth analysis of the market, based on size, volume, latest trends, opportunities and challenges associated.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Middle East and Africa Cybersecurity Market Products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Middle East and Africa Cybersecurity Market
With increased internet penetration, cyberattacks are becoming more powerful, allowing hackers greater access to new technology. One such example is the production a malware called ‘Flame’. The Middle East and Africa cybersecurity market is anticipated to grow at an overall compound annual growth rate (CAGR) of 11.7 % and will be worth of USD 13.78 Bn by 2023.
Geographically, the Middle East and Africa generated 5.8% of the revenue in 2016. Also, this region witnessed a number of partnership agreements between key players during the period of 2014 to 2017, hence driving the cybersecurity market.
By countries, the Middle East and Africa (MEA) cybersecurity market is classified into UAE, Saudi Arabia, and other cybersecurity markets. Saudi Arabia is expected to hold the largest market share. UAE is one the fastest growing economies in the MEA region. The United Arab Emirates is the first nation in the Middle East region to implement modern national identity management infrastructure with biometric, smart cards and PKI, hence creating digital identities for the citizens of the country.
By industries, the Middle East and Africa cybersecurity market is categorized into financial services, telecommunication, healthcare, public sector, and others. The healthcare sector is expected to grow fast Governments are making massive investments to improve healthcare infrastructure. Hospitals moving towards the digitized model in their business infrastructure are expected to increase the demand for cybersecurity solutions to protect patient data and information regarding medicine. The government sector is expected to hold most significant market share because the industry faces massive cyberattacks.
Key growth factors:
o The Middle East is moving towards the adoption of digital technologies, increased internet penetration, use of IoT and cloud , and these are the factors contributing to the growth of the cybersecurity market
o The government bodies in this region are also in the process of adopting cybersecurity. The UAE government had set up E-security centers to allow exchange of information among UAE countries
Threats and key players:
o The lack of technical expertise, especially in the Middle East region has restrained the market from growing
o The region is trying to implement cybersecurity strategies across the domain, but effective monitoring has been elusive
o The key players in this market are Fortinet, FireEye, Trend Micro, IBM corporation, and Palo Alto
What’s covered in the report?
o Overview of the Middle East and Africa cybersecurity market
o The current and forecasted market size data for the Middle East and Africa cybersecurity market
o The current and forecasted market size data for the segments of the market, by end user industries – aerospace and defense, financial services, telecommunication, healthcare, government, and others
o The current and forecasted market size data for the segments of the market, by solution – identity and access management, encryption, governance regulation and compliance, unified threat management, and security information and event management
o Market trends in the Middle East and Africa cybersecurity market
o Market drivers and challenges in the Middle East and Africa cybersecurity market
o Current and forecasted countries – UAE, Saudi Arabia, other data for Middle East and Africa cybersecurity market.
o Analysis of company profiles of the major players operating in the market
o Get a broad understanding of the Middle East and Africa cybersecurity market and its segments- by region, by solution, and by end user industries
o Get region-specific drivers and challenges affecting the Middle East and Africa cybersecurity market
o Recognize significant competitors’ business and market dynamics, and respond accordingly
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Middle East and Africa Cybersecurity Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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