MarketsandMarkets forecasts the Middle East and Africa Cybersecurity market to grow from an estimated USD 22.2 billion in 2023 to USD 36.2 billion by 2028 at a compound annual growth rate (CAGR) of 10.2%. Rising cases of cybercrimes, stringent government regulations, digital transformation initiatives and digital payment solutions are some factors driving the Middle East and Africa Cybersecurity market growth.
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By Component, Software segment is expected to account for the largest share in 2023
Software solutions offered in the Middle East and Africa market are comprehensive cybersecurity solutions designed to help organizations meet all legal, IT, operational, and risk-related requirements. Some companies offer dedicated cybersecurity solutions, such as Identity and Access Management (IAM), antivirus/antimalware, firewall, log management, SIEM, encryption and tokenization, compliance and policy management, and patch management. These solutions are specifically developed to cater to the specific needs of end users. These solutions are designed to help organizations gain real-time threat-related insights and safeguard the security posture against future instances of these attacks.
By Software, Log Management and SIEM to account for the largest share in 2023
Software tools such as Security Information and Event Management (SIEM) and log management are utilized by IT organizations to keep track of their security status by analyzing log files, detecting and responding to any indications of compromise, and conducting investigations into potential network attacks. Log management involves the continuous collection, storage, processing, synthesis, and analysis of data from various programs and applications to optimize system performance, identify technical issues, manage resources effectively, enhance security, and ensure compliance. A log file is a record created by a computer that documents system activity, including messages, error reports, file requests, and transfers, which are typically predetermined by system administrators.
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LogRhythm, a US-based cybersecurity company that provides various security solutions in the Middle East and Africa region. LogRhythm’s platform uses AI and ML algorithms to detect and respond to cyber threats across multiple environments, including networks, the cloud, endpoints, and applications. The platform uses advanced analytics to identify and prioritize threats, enabling security teams to respond quickly and effectively. An example of cloud computing in cybersecurity in the Middle East and Africa region is the cloud-based security solutions offered by companies, such as Palo Alto Networks and Check Point Software Technologies. These solutions use cloud-based analytics and ML algorithms to detect and respond to cyber threats across multiple environments, including the cloud, networks, endpoints, and applications.
IBM is a computer, technology, and IT consulting corporation. As a creator, developer, and manufacturer of some of the world’s most updated technologies, it is one of the largest technology companies and the second-most valuable company. IBM’s product portfolio ranges from computer systems and software to networking systems, storage devices, and microelectronics. It also offers services, such as infrastructure, hosting, and consulting services in areas ranging from mainframe computers to nanotechnology. IBM’s major business segments include software, consulting, and infrastructure. IBM has a strong portfolio of big data, analytics, and security technologies. This vast portfolio helps IBM grab opportunities for inorganic growth strategies, such as partnerships, mergers, and acquisitions. In March 2022, The Egyptian Ministry of Finance announced its collaboration with IBM Consulting and SAP to help automate the Egyptian tax system as part of the Egyptian government’s digital transformation strategy.
Palo Alto Networks is a pioneer provider of network security solutions enabling its clients to safely run applications on their networks and prevent security breaches or targeted cyberattacks. The company’s broad range of solutions provides security across the network, endpoint, and the cloud. Its next-generation security platform consists of three major elements: Next-Generation Firewall (NGFW), advanced endpoint protection, and threat intelligence cloud. The company offers firewalls that identify and control applications, scan content to stop threats, prevent data leakage, and integrate application, user, and content visibility. Palo Alto Networks is continuously innovating new products and expanding business strategies in response to changes in network infrastructure requirements, including the expanding use of cloud computing. For example, organizations are moving portions of their data to be managed by third parties, primarily infrastructure, platform, and application service providers. They may rely on such providers’ internal security measures. In December 2022, Palo Alto Networks announced the successful acquisition of Cider Security, a leader in application security and software supply chain security. This acquisition will enhance Palo Alto Networks’ cybersecurity offerings.
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