Middle East Cybersecurity market worth $29.9 Bn post COVID-19 after having risen a staggering amount from $16.1 billion.
According to a new research, the Middle East cybersecurity pre-COVID-19 market size is estimated to grow from $16.1 billion in 2020 to $28.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.2%, while the post-COVID-19 market size is projected to grow from $15.6 billion in 2020 to $29.9 billion by 2025, at a CAGR of 13.8%. The research report “Middle East Cybersecurity Market” also revealed that the demand for small and medium enterprises (SMEs) in different industry verticals and countries is expected to grow during the forecast period.
Network Security is the Primary Segment
According to the research, the network security sector is estimated to have the largest market size post COVID-19. It is found that the evolving vulnerabilities in the networks of the energy and utilities, BFSI, IT and ITeS industry sectors triggered the growth of the Middle East cybersecurity market.
“With the growth of COVID-19-related adaption in remote working practices, the network of enterprises in the Middle East has been jeopardized. Organizations are adopting measures to combat the situation and are collaborating with security vendors to manage the situation effectively,” the report said.
Health Care to Grow at the Highest CAGR
The research also highlighted that the health care sector is expected to contribute to the largest market share and to grow at the highest CAGR from 2019 to 2025, due to the increased security incidents during the pandemic. It will be followed by the government and defense sector, with second-highest CAGR from 2019 to 2025.
“The demand for cybersecurity solutions is rising, as the adoption of these solutions provides advanced protection from cyber threats without affecting the operational efficiency,” the report added.
Cyberattacks on Enterprises in the Middle East
Recently, security researchers from Cisco Talos discovered a new version of Remote Access Trojan named “JhoneRAT”, which targeted a set of enterprises in several Middle East countries including UAE, Saudi Arabia, and Iraq. The Trojan was developed using Python and attacked the victim’s device via malicious Microsoft Office documents. The researchers advised users to avoid clicking file extensions from unknown sources.