The cybersecurity market in the Middle East is expanding rapidly.

• The Middle East is experiencing a high growth rate in the cybersecurity business, expected to hit a market size of $23.4 billion by 2028.
• The increased demand has prompted major flagship companies to develop features, assisting businesses manage their cybersecurity systems while enhancing their security and improving their quality of use.
• Cybersecurity is making its way into sectors with a critical need for enhanced security such as banking, energy, healthcare and governmental services.

The Middle East Cybersecurity Market has been growing over the last few years hitting its peak growth rate, expected to reach $23.4 billion by 2028 at an Annual Growth Rate of 9.6%.

A report by MarketsandMarkets has shown that this growth rate has been assisted by the increase in digital transformation initiatives and the adoption of cloud technology.

It was also noted that the Middle East has a growing startup scene with an increasing demand for cybersecurity due to the surge in cyber threats the region has been seeing.

Countries in the Middle East have also implemented heavy-mandated cybersecurity measures.

The digitalization (digital transformation) that companies in the Middle East have been incorporating and are open to, amplified the need for additional cybersecurity and cyber-insurance, establishing it as the fastest-growing section of the Cybersecurity market in the Middle East.

The rising demand for this market has led to recent developments such as:

• Cisco incorporated new business metrics into Cloud Observability on Amazon Web Services, enhancing the platform’s ability to provide business context.
• Trend Micro launched and deployed CTOne, a standalone business that aims to enhance 5G network security.
• IBM has launched a new cloud service that provides data management and protection for hybrid and multi-cloud environments.

In the ongoing digital transformation projects of sectors such as banking, healthcare, energy, and government services, robust cybersecurity solutions are necessary to safeguard digital assets, enable the adoption of secure clouds, and ensure regulatory compliance. The increasing demand for cybersecurity goods and services has emerged as a result.

MarketsandMarkets is an intelligence and market research platform that was recognized by Forbes as America’s best management consulting firms in 2023.