“According to a new market research report “Middle East Cybersecurity” (…) the Middle East Cybersecurity Market size is projected to grow from USD 20.3 billion in 2022 to USD 44.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period.“, according to MarketsandMarkets™ INC. in it’s most recent press release. In other words, within 5 years the market size will double.
Saudi Arabia largest market share, Israel highest growth rate
According to the study by MarketsandMarktes, the Kingdom of Saudi Arabia is expected to contribute the largest market share, whereas Israel is projected to grow at the highest rate
Kingdom of Saudi Arabia is expected to have the largest market share and dominate the Middle East Cybersecurity Market from 2022 to 2027, due to the need to safeguard enterprises in various industrial verticals such as BFSI, energy and utilities, government and defense, 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, concludes the press release.
“The biggest challenge faced by Middle Eastern organizations and others is the lack of individuals with appropriate cybersecurity skills, which is projected to hamper the organizations’ ability to meet ever-evolving IT security needs. According to a study by Cisco, in the Middle East, 94% of companies admitted that they have suffered a cyberattack in the past year. The same study also stated that 25% of organizations in the Middle East region lack security personnel, which is one of the biggest obstacles in the maintenance of cybersecurity.” according to the study of MarketsandMarkets™ INC.
Source/Sender: MarketsandMarkets™ INC. Selected, shortend, regrouped by VonNaftali.