Infoholic Research has published a study titled "Middle East Cyber Security - Market, Trends & Forecast - 2016-2022." Infoholic predicts that cloud security is expected to dominate the Middle East cyber security market followed by wireless security. The research forecasts that the Middle East Cyber Security market is expected to grow at a CAGR of 22.5% during the period 2016-2022.
"Currently, cyber security market is set to be the demanding market in the Middle East and is an attractive space for players to expand their business in various verticals. The cyber security services segment will hold enormous opportunities in the next three to four years due to the increasing demand for various services from the business," said Bhavya H, Research Analyst at Infoholic Research.
Going with this robust growth rate, the cloud security market revenue is expected to reach $20.20 billion by 2022. The rising adoption of the cloud technology from enterprises (small enterprise to larger enterprise) is expected to drive the cloud security market growth in the upcoming years. Wireless security is set to be the second largest market. Along with this, the increase in adoption of mobile applications from government organizations, private organizations, consumers, and emerging digitalization concept are the major drivers expected to drive this market growth.
"Predominantly, the factors driving the growth are positive economic conditions, large-scale investment on ICT, mobile security solutions, infrastructure engineering such as smart cities projects, intelligent transportation, travel & tourism, upcoming Dubai EXPO, and FIFA World Cup in Qatar," said Tariq Shaik from Research Operations of Infoholic Research.
As per the market study, Saudi Arabia, Turkey, and UAE will outperform for cyber security market growth and Saudi Arabia market revenue is expected to reach $11,950 million by 2022. BFSI and Energy & Utilities industries are set to be the major verticals and together they will contribute around 34% of the market share for cyber security market in 2016. The Education & Transportation & Logistics industry is set to be an emerging market.
The report provides an in-depth analysis and forecast covering the following key features:
The market is analyzed by security types, services, solutions, verticals, and countries
Latest trends, market scenario, government initiative, major drivers and opportunities
In depth vertical analysis in terms of cyber security solutions and services
Security types analysis in terms of major countries and verticals
Top vendors analysis in terms of their revenue, business units, geographical reach, SWOT analysis and business strategies