Global Executive Search specialists within Physical and Cyber Security Sectors.The latest report from Marketsandmarkets shows that the Middle East and Africa cyber security market size is estimated at USD 22.2 billion in 2023 and is projected to reach USD 36.2 billion by 2028, at a CAGR of 10.2% from 2023 to 2028. Factors such as increasing number of cyber threats and attacks; and digital transformation initiatives are positively driving the growth of Middle East and Africa cyber security market. Furthermore, growth of ecommerce and digital payments along with stringent regulations and compliance requirements are also contributing to drive the market growth.
Software solutions offered in the Middle East and Africa market are comprehensive cyber security solutions designed to help organisations meet all legal, IT, operational, and risk-related requirements. Some companies offer dedicated cyber security solutions, such as Identity and Access Management (IAM), antivirus/antimalware, firewall, log management, SIEM, encryption and tokenisation, compliance and policy management, and patch management. These solutions are specifically developed to cater to the specific needs of end users. These solutions are designed to help organisations gain real-time threat-related insights and safeguard the security posture against future instances of these attacks.
Growth expected in log management
Software tools such as Security Information and Event Management (SIEM) and log management are utilised by IT organisations to keep track of their security status by analysing log files, detecting and responding to any indications of compromise, and conducting investigations into potential network attacks. Log management involves the continuous collection, storage, processing, synthesis, and analysis of data from various programmes and applications to optimise system performance, identify technical issues, manage resources effectively, enhance security, and ensure compliance. A log file is a record created by a computer that documents system activity, including messages, error reports, file requests, and transfers, which are typically predetermined by system administrators.
National cyber security strategy
The Middle East is home to many countries with rapidly growing economies and advanced technological infrastructures, making it an attractive target for cyber criminals and state-sponsored hackers. The region faces a variety of cyber security threats, including hacking attempts, data breaches, malware attacks, and ransomware. These threats can come from both external and internal sources and can target a range of industries and organisations, including government agencies, financial institutions, and businesses of all sizes. To address these threats, many countries in the Middle East have developed cyber security strategies and initiatives, such as establishing national cyber security centres, developing legislation to combat cyber crime, and investing in cyber security education and training programmes.
Major players
Major players operating in the Middle East and Africa cyber security are IBM, Cisco, Palo Alto Networks, Check Point, Trend Micro, Fortinet, Norton Lifelock, Sophos, Kaspersky and Trellix are some of the market players.