Infoholic Research LLP, a global ICT market research and consulting
organization, 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
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