Companies such as Booz Allen Hamilton, Cassidian, Checkpoint, Cisco, CSC, IBM, Kaspersky, McAfee, Symantec and Trend Micro are active in Middle East cyber security market.
(PRWEB) November 05, 2014
The report “Middle East Cyber Security Market by Technologies (IAM, DLP, UTM, IDS/IPS, Firewall, Risk & Compliance Management, Antivirus, SVM/SIEM, Disaster Recovery, DDOS Mitigation, Encryption, Web Filtering) & by Services - Market Forecasts and Analysis (2014-2019)” segments the Middle East market into various sub-segments with in-depth analysis and forecasting of market size. It also identifies the drivers and restraints for this market with insights into trends, opportunities, and challenges.
Browse 88 market data tables and 10 figures spread through 217 Pages and in-depth TOC on"Middle East Cyber Security Market by Technologies (IAM, DLP, UTM, IDS/IPS, Firewall, Risk & Compliance Management, Antivirus, SVM/SIEM, Disaster Recovery, DDOS Mitigation, Encryption, Web Filtering) & by Services - Market Forecasts and Analysis (2014-2019)"
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The Middle East region over the years has been primarily dominated by oil and gas producing companies. These industries feed the demand of oil and gas globally. The energy industry in itself is a volatile market and differences in demand and supply of oil and gas cause the prices to fluctuate rapidly. The Middle East region has also faced rapid economic development due to the energy sector in this region.
In the past two years this region has also witnessed the increase in cyber security attacks, particularly in energy, utilities and oil and gas. Attackers have targeted both business organizations and personal users. Saudi Aramco, is one of the region’s biggest oil producers faced a massive virus attack in 2012. This caused massive loss of data and the company had to replace the hard drives of many systems within the organization. From the past few years, it has been witnessed that majority of enterprises are under the threat of hackitivists, anticipating the growth of cyber security market.
Threat of advanced cyber attacks has caused the growth of cyber security products and services in the Middle East. Cyber security involves the use of technologies such as antivirus, intrusion prevention systems, firewalls, data encryption and protection effectively to detect and mitigate cyber attacks to a system. As threats have advanced, cyber security technologies have also been developed to prevent the most complicated threats. UTM and DDoS Mitigation are two such cyber security technologies that have evolved rapidly and are currently being deployed in many industrial organizations in the Middle East. Similarly, other industry verticals such as BFSI and defense have taken a proactive approach in deploying cyber security technologies and services in their IT infrastructure. In Middle East, BFSI sector is spending heavily on cyber security solutions, since this industry is an urgent need of replacing their traditional solutions. The traditional BFSI cyber security solutions are highly susceptible towards cyber attacks.
The government and other agencies have been active in enforcing regulations such as PCIDSS that make the use of cyber security systems compulsory for an organization. Collective efforts of the countries in this region has led to the formation of Computer Emergency Response Team (CERT), a group of cyber security experts that help to mitigate advanced threats. This team is highly active in few gulf countries including UAE, Saudi Arabia, Kuwait and Turkey.
MarketsandMarkets expects that the Middle East Cyber Security market is estimated to be $5.17 billion in 2014 and is expected to grow to $9.56 billion in 2019. This represents an estimated Compound Annual Growth Rate (CAGR) of 13.07% from 2014 to 2019. In the current scenario, Saudi Arabia is expected to be the largest market on the basis of spending and adoption for cyber security solutions and services.
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