Cyber security is predominantly applied to computer networks, smartphones and computers. It is a very vast field analyzing computer-based equipment services and data. This analysis is done in order to avoid the inadvertent and unauthorized access to these components, which may put their security in danger. Various authorities have different cyber security standards that provide advantageous for the enterprises. Growth in information technology application in the Middle Eastern region has triggered the growth in the Middle East cyber security market. The industry is showing strong growth prospects in terms of investments and revenue channels. Advancing technology on global front is also introducing numerous investment avenues for the key players in this market.
Segmentation in Cyber Security Market
The Middle East market is comprised of various sub-markets including security for industrial control system, content, endpoint, application, network, industrial control systems, cloud, and such other components. Apart from the types of security sub-markets, the market is also segmented on the basis of the types of technologies. These technologies include UTM, DLP, intrusion prevention systems, access, identity and vulnerability management, firewall, antimalware, antivirus, business continuity, disaster recovery, web-filtering, distributed denial of service, compliance management and such other technologies. Analysis of all these sub-markets helps the researchers to gather the facts and future prospects about the industry during near future.
Drivers and Future Prospects
According to the experts, the Middle East cyber security market is strongly driven by the rising demand. This demand is triggered by increased vulnerability of networks and rise in the instances and threats of cyber attacks. Rising requirement for security measures is also pushing the governments to pass stringent regulations and security compliances for the enterprises. All these factors are significantly influencing the growth of the industry during the next few years. As per the experts, growth in cheap substitutes for the professional solutions and lack of knowledge amongst the users are the biggest restraining factors for the market in this region. However, growth in mobile and web applications as well as advancements in next-generation cyber security solutions are expected to drive the industry.
Researchers expect the Middle East cyber security market to grow at a steady CAGR of over 13% from 2014 to 2019. At the estimated growth rate, the market is set to become worth $9.56 billion by the end of the year 2019. As of 2014, the industry is set at $5.17 billion. Investment from global leaders and growth demand are expected to be the key driving factors for the industry. Growth in the IT dependency is also expected to create business opportunities for the players in the Middle Eastern market.