KSA Emerges as a Key Player
With a projected CAGR of 11% between 2022 and 2028, according to 6wresearch, the Middle East and Africa cyber security market is set to experience significant growth.
Factors driving this growth include the increasing adoption of cloud computing, artificial intelligence, and initiatives such as Saudi Arabia’s Vision 2030 and Cyber IC.
Saudi Arabia has emerged as a key player in the cyber security market due to its digital transformation initiatives and the rise in remote work.
Despite the initial impact of the COVID-19 pandemic, the market rebounded in the second half of 2020, driven by investments in the ICT sector. The rapid digital advancement during the pandemic has highlighted the importance of cyber security in risk prevention, further boosting the demand for cyber security products and services.
The report also highlights the dominance of on-premises cyber security solutions and the increasing adoption of cloud-based business models. Outsourcing, implementation, and hardware support services are also significant segments in the market. Key players in the Middle East and Africa cyber security market include Cisco Systems, Dell Technologies, Kaspersky Lab, Microsoft Corporation, Fortinet, Norton Lifelock, IBM Corporation, Palo Alto Networks, NEC Corporation, Fireeye, Trend Micro, and Eset.