PRNEWSWIRE: According to a new market research report “MEA Cybersecurity Market by Solution (IAM, Encryption, DLP, UTM, Antivirus/Antimalware, Firewall, IDS/IPS, Disaster Recovery), Service (Professional and Managed), Security Type, Deployment Mode, Organization Size, Vertical, and Country – Forecast to 2023” published by MarketsandMarkets, the MEA Cybersecurity Market size is expected to grow from $15.66 billion in 2018 to $31.82 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 15.2 percent during the forecast period.
Cybersecurity solutions and services help enterprises protect their endpoints, networks, applications, and cloud environments from advanced threats, such as malwares, ransomwares, Distributed Denial of Service (DDoS) attacks, and Advanced Persistent Threats (APTs). The increasing demand among Small and Medium-sized Enterprises (SMEs) operating across industry verticals and regions would drive the market growth during the forecast period.
Application security segment to grow at the highest CAGR during the forecast period
The application security segment is expected to grow at the highest CAGR during the forecast period. The proliferation of mobile devices, Bring Your Own Device (BYOD) trend, and workstations has significantly increased the use of application security solutions across enterprises. Increasing attacks on enterprise applications in major industry verticals, such as energy and utilities, Banking, Financial Services, and Insurance (BFSI), and IT and telecom, would drive the demand for application security solutions.
Healthcare vertical to grow at the highest CAGR during the forecast period
The healthcare industry vertical is expected to hold the highest market share and grow at the highest CAGR during the forecast period, due to the technological proliferation of healthcare applications and increased instances of healthcare data thefts and breaches. The adoption of cybersecurity solutions provides advanced protection from threats, without affecting operational efficiency.
Middle East to hold a larger market size, whereas Africa to grow at the highest CAGR during the forecast period
The Middle East is expected to hold the largest market size and dominate the MEA Cybersecurity Market from 2018 to 2023, due to the growing demand for cybersecurity solutions across industry verticals, such as energy and utilities, government and defense, IT and telecom, and healthcare. Owing to the rising adoption of mobile devices and BYOD trend, the cybersecurity solutions in the Middle East would gain traction during the forecast period. The African cybersecurity market is projected to witness substantial growth, as SMEs and large enterprises in the region are rapidly adopting cybersecurity solutions to ensure the security of their endpoints and mobile devices.