Middle East, Africa cybersecurity market to grow at 11% CAGR by 2028
NEW DELHI, INDIA — The Middle East and Africa cybersecurity market is projected to expand at a compound annual growth rate (CAGR) of 11% during 2022-2028.
According to market research firm 6wresearch, this growth would be driven by the increasing adoption of cloud computing, artificial intelligence (AI), and Saudi Arabia’s initiative to launch Vision 2030 and Cyber IC.
Shubham Deep, Research Analyst at 6wresearch, explained that cyber security accounts for the largest revenue share in [the] Middle East and Africa as enterprises want control over their data.
Swati Tomar, Research Associate at 6wresearch, also noted that “outsourcing, implementation, and hardware support services account for the dominant share in the Middle East and Africa due to high accuracy in internal and external scans across the IT network assets…”
“…it also reduces the resource need through a structured distributed deployment, thus reducing costs from IT operations,” Tomar added.
6wresearch report also recorded Saudi Arabia’s cyber security market to have the highest revenue share in the past few years due to the Digital Saudi plan 2030 and the rising number of remote workers in the country.